Wells Fargo closing inactive accounts

AndySoCal · ‎04-07-2025

Here a link to the article

https://www.msn.com/en-us/money/personalfinance/wells-fargo-will-close-all-accounts-that-don-t-meet-...

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dukembams · ‎04-07-2025

Probably closing out all the fraudulently opened accounts and this is their excuse for it. LOL. I joke..kind of.

AndySoCal · ‎04-07-2025

Wells Fargo is under so much regulatory scrutiny at the moment from several sources. Because of the regulatory orders that the bank is under at the moment they very limited on what they can do. The fraudulent accounts have been closed long ago. There have been way to many regulatory eyes for that not have happened. To use a sports analogy for what Wells Fargo is under. It almost the equivalent of trying to run a sports franchise where you cannot make trades or sign free agents and the line ups and roster is dictated by the league office.

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SilentTraveler · ‎04-07-2025

It makes sense for them to close inactive accounts and transfer the money to the state. As they mention in the article, this reduces the ongoing expense of keeping the accounts open. I had a friend who dealt with those old postcard size checks for rebates that would be mailed and "hopefully" lost. The company was able to keep the funds in their acccounts for the lost checks and then would void the uncashed checks after about 2 years and then transfer the money to the state.

I recently obtained a check for about $250 from a state that I hadn't lived in for more than 25 years ago. I had lived there before I moved to Germany for work. I did a search on each state's unclaimed property website for my previous states. They showed $250 for a telephone bill from 25 years ago in Germany. Of course it was a lot of hassle to prove my identity. But I was able to find my old passport with my work and residence permits, an old business card, and work id to show that I was working in Germany back then. The only document that I had to prove the German mailing address was mine was one of those return address labels (I still had 3!). Anyway, all that with a copy of my new state's drivers license and they ended up sending me the $250. I am guessing that it was turned over to the state since it was my residence before moving to Germany.