Having held the CEO position since June 2007, Stumpf turned in his resignation after his poor handling of a scandal regarding more than 2 million customer accounts that were opened by Wells Fargo.
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.
At that point, Wells Fargo will contact the Chapter 7 trustee to determine whether the funds are exempt or should be turned over to the trustee. If the trustee tells wells fargo that the funds are exempt then the pledge is released. Until then, however, the funds are locked up and the person filing for bankruptcy has no access to the money.
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 Middle District of Florida, Tampa Division, upheld Wells Fargo’s practice of freezing bank accounts of Chapter 7 bankruptcy debtors. In re Young, 439 – March 15, 2011 Free Consultation*: (813) 258-2808 Tap Here To Call Us
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While it is unclear whether or not other banks will follow Wells Fargo’s "freezing approach," the Bankruptcy Appellate Panel for the Ninth Circuit decided in 2010 that Wells Fargo violated the automatic stay when it froze the bank account of a debtor who had filed for Chapter 7. However, other circuits may interpret the issue differently.
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Thank you for this wonderful and hilarious post. Wells Fargo should be focusing on their core mission, banking, not being a sheriff. By the time one files for chapter 7 bankruptcy, they are out and down, and for Wells Fargo to make life even harder for them, is heartless.
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