Wells Fargo now makes unexpected savings account closures in its latest scandal according to a new customer report published Monday.
A Wells Fargo client is confused over an account closure that’s left them in the hole financially, reports The-Sun.
The customer claims that Wells Fargo closed their savings account without warning.
The client took to a banking thread on Reddit to tell their story and ask for advice.
They said they’ve been trying to build up their savings account through Wells Fargo.
The customer claimed they had a regular savings account with the bank as well as a “1 dollar a day savings.”
Wells Fargo will automatically transfer $1 from a user’s linked Wells Fargo checking account to their Way2Save Savings account every time they perform certain transactions, according to the website.
They claimed they received an email without warning saying that both accounts were closed with a balance of zero dollars.
“Apparently I was under some limit? But I was never informed my account would be closed. My money is just gone then? There was no point in trying to build up savings?” they questioned.
The user described their year as “weird” financially and explained that they had “iffy jobs” and an uninsured medical emergency.
“I really put effort into saving and could have used the money elsewhere, so this is really frustrating,” they wrote.
Redditors took to the comments with their questions and advice for the user.
“When you called the bank and asked about what may have happened, what did they say?” one person asked.
Another user assured the original poster that they would be mailed a check.
“Open a bank account with a local or online credit union. They are much more forgiving of small and variable balances,” they suggested.
Another user claimed that the bank doesn’t keep money but rather dumps the account and sends the user a check in the mail.
Several people chimed in to echo a similar sentiment.
They also advised the user not to call the bank, claiming they’ll get a “generic answer.”
The user did not provide updates on the status of the account.
Should banks advise customers or at the very least advise of why their bank accounts might get terminated? Leave your thoughts below.
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Other Banking News Today
A massive US bank is now cutting 20,000 jobs to save as much as $2.5 billion to boost the Wall Street giant’s lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said, without clarifying the exact timeframe.
In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser’s broader overhaul of the bank.
Costs for the year should be in the range of $53.5 billion to $53.8 billion — a decrease from the $56.4 billion the firm spent in 2023.
“The fourth quarter was very disappointing,” Fraser said in the statement.
“Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point.”
Fraser in September initiated the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.
She has said the moves will allow the bank to eliminate bureaucracy, slimming it down from 13 management layers to just eight.
Fraser has also said the overhaul would help her boost a key measure of profitability known as return on tangible common equity to at least 11% by 2027 at the latest.
She reiterated that medium-term guidance on Friday.
The 20,000 roles that Citigroup will eliminate include jobs cut as part of the restructuring as well as dismissals that would have occurred anyway, reports Bloomberg.
This comes as a major blow to employees at the bank.
Massive bank layoffs have also been occurring within Wells Fargo, JPMorgan, PNC, and others.
The continued coverage of bank layoffs in 2024 is a developing story — for more news and updates like this, opt-in for push notifications.
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