A massive bank now closes a customer account with $130K in life savings after claiming the money was ‘inactive’.
Terry Johnston, of Utah, claimed Wells Fargo said the money was inactive, but she had deliberately set it aside.
She revealed that the money came from the sale of a home in California.
Johnston had four accounts with the banking chain but had received notices that one was inactive.
Months after receiving the first warning, she was told her account had been shut and the money sent away. The funds were later returned.
Johnston was stunned when the representative said the funds were considered “unclaimed property.”
“How can you call it unclaimed property? This is our account,” she said.
Johnston searched online to see if she could find the money but was unsuccessful, reports The-Sun.
“She then called investigators at the Utah Unclaimed Property Division to see if they could help.”
David Damschen, the State Treasurer, told KSL: “The money never made it to their office.”
The case was investigated further and the money was found in an account that was being prepared to be sent to the Unclaimed Property Division.
A Wells Fargo spokesperson told KSL that the bank takes steps to send money to the state treasurer if they cannot get in touch with an account holder for 23 months.
But Johnston is not the only Wells Fargo customer who has spoken out about funds disappearing.
Ken Pischke, of Atlanta, claimed that $14,000 was wiped from his account relating to payments for a Mercedes car – even though he didn’t buy nor own one.
Wells Fargo said the transactions had been authorized and Pischke and his wife could not get the money back.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
Wells Fargo will now close a surprising 35 branches soon which has left customers bewildered over their future banking.
“Wells Fargo is closing more than 35 bank locations within months – and customers are fuming,” reports The-Sun.
The bank has announced it will be shutting up shop at two more branches, one in Chicago, Illinois, and the other in Forest Hills, New York.
In September, the institution closed 25 locations, while another 15 shut down in October.
As of November 18, they have closed an additional 21 branches and are expected to carry out four more shutdowns next month.
Many took to X, formerly Twitter, to voice their concern over the string of closures.
“Damn. They closing the Wells Fargo on Grace Street,” one user said.
“That’s kinda crazy to me.”
Another weighed in: “I have been a Wells Fargo customer for twenty years.
“I will be closing all of my accounts now.”
The bank closed the shutters on its store in Richmond, Virginia, on October 28 and its Charlottesville and Sheboygan, Wisconsin branches on November 1.
It comes after around 1,000 Wells Fargo branches closed in 2022, according to the Wells Fargo 2022 annual report.
“The raft of closures was part of a $10 billion expense-reduction program that has seen almost 50,000 workers lose their jobs and a 6 percent reduction of branches.”
Along with branch closures, there have been scores of bank failures across the States.
The U.S. Sun recently reported that Georgia, Florida, and Illinois are the three states with the highest number of failures between 2000 and 2023.
Illinois has had 69 closures and Florida has had 76 in that time, according to a report from MyeListingcom.
Georgia topped the list with 93 bank failures since the start of the millennium.
Banks are increasingly investing more in their online platforms, as more customers are opting for online banking.
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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