If their account holders have over a certain amount cumulative in their account Wells Fargo will place a "temporary administrative pledge" on these accounts, effectively freezing the account holder from using these accounts. Wells Fargo then forwarded a letter to the Chapter 7 trustee requesting instructions on how to proceed with the funds.
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wells fargo freezing accounts?. a concern for me because i don’t want my grandparents finding out about my bankruptcy but they added me to one of their accounts at wells fargo about 3 years ago so that if there was an emergency i would have access to it. none of my money ever goes in their.
Other constraints are the typical retail IRA account restrictions which preclude the use of. and UBS ETRACS 2xLeveraged Long Wells Fargo Business Development Company ETN (BDCL) as diversifiers and.
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The learn about what you can do about high credit card debt, read below. I like to think of bankruptcy as a last resort. For some, it’s the right option. In a Chapter 7 bankruptcy your. with banks.
Our experience with regard to the freezing of bank accounts by banks has been that Wells Fargo Bank will freeze a debtor’s bank account upon the filing of a Chapter 7 case and write to the Trustee asking the Trustee if the Trustee wants the money forwarded to him/her.
If you are considering bankruptcy, I would advise you to close any bank accounts you have with Wells Fargo.
The Middle District of Florida, Tampa Division, upheld Wells Fargo’s practice of freezing bank accounts of Chapter 7 bankruptcy debtors. In re Young, 439 B.R. 211 (Bankr. M.D. Fla. 2010). In ruling that the administrative freeze was not a violation of the stay, the court denied sanctions against Wells Fargo.
I understand that Wells Fargo will freeze bank accounts of chapter 7 filers. Is that only for people with $5000 or more? What about joint accounts where only one person filed chapter 7? If I have $.
The freezing of deposit accounts was not mandated by the Bankruptcy Code, ordered by the Court, or requested by the chapter 7 trustee. Wells Fargo simply decided to place a freeze on property of the estate and unilaterally determined who was allowed to access it.