Wells Fargo still freezing checking accounts?

[lss177]

Anyone have recent experience with WF freezing checking accounts due to BK filing? I don't owe WF any dough, but concerned about their reputation for freezing accounts. I'll open new accounts with another bank if necessary.

Thanx!

[Peeps]

My lawyer told me last week that WF is still very much aligned with freezing accounts when a BK is filed.

[brobeau21]

WF did not freeze our accounts. Our creditor meeting was Jan 4th so we are just waiting for our case to be discharged in March. Our accounts were Wachovia originally so I am not sure if that made a difference. We had no credit accounts with them.

[discouraged]

I guess it depends on how much you have. I had an account with WF - well, still do but only have 11.00 in there. I opened up an account at a small neighborhood bank and moved my money there. Actually, even there I am only leaving in enough to pay the bills. The rest I certainly disclosed to my lawyer. He was surprised but I told him I'd read too many horror stories and being unemployed, I can't afford to lose any money.

[allisontx]

Our attorney told us that he went to a seminar or something actually hosted by WF, and they told him, specifically, that they only freeze accounts with more than $5K in them. We have several accounts with them, but all much less than that amount in them, and haven't had any difficulties. We also included a WF debt, in our filing, so....

[maffy]

Good question lss177 - I have a checking account with WF and filed earlier this month. They haven't frozen my account as of yet, but I have to admit I've been concerned about it happening too. I currently don't have much money in there, but will be depositing some checks for jobs completed in the next month or so. I'm hoping to have enough money banked so I can pay the IRS in April... (for taxes from last year). If they haven't frozen the accounts yet, could they possibly do it later? - I don't owe WF any money and they aren't on my list of creditors that I filed with my BR?

[daleintampa]

I wouldn't take a chance. If you have money in a WF bank or it's Affiliate and are going to bankrupt a Credit card or Loan with them, They will Keep your money. I would go open an account with a Credit Union.

[jsofaz]

We filed a Chapter 7 last year. Discharge was July 2010. We did have a Wells Fargo credit card which, of course, was included in the bankruptcy. Wells Fargo did not freeze our checking account. We had $114 in the account on the day we filed. My husband's paychecks are direct deposit. We have had no problems with WF before or after the filing. We did pay the minimum payment on the credit card until we actually filed.

[helpmeout]

I wouldn't take a chance. If you have money in a WF bank or it's Affiliate and are going to bankrupt a Credit card or Loan with them, They will Keep your money. I would go open an account with a Credit Union.

FYI, credit unions are also ones who automatically freeze bank accounts when BK is filed.

[daleintampa]

FYI, credit unions are also ones who automatically freeze bank accounts when BK is filed.

I would think "ANY" Bank or Credit Union you bankrupt would freeze your money if you had it in thier accounts. To me, Its not worth losing a paycheck or even a few bucks to find out. Its too easy to open new accounts at a place where you are not Bankrupting them.
We were advised by our Attorney to change Banks. It was hard for us cause we just about owed everyone. But we found a place and are happy with them.

[Freddy03]

FYI, credit unions are also ones who automatically freeze bank accounts when BK is filed.

Not all credit unions. There have been many members here who did not have their account frozen due to BK.

[HHM]

Yes, this issue is still a risk with Wells Fargo. Over casual conversation recently, a colleague mentioned that Wells Fargo recently froze the account of the debtors mother (we didn't discuss the particulars, but I think the debtor was "on" the account).

Best practice, if you bank at an institution where you also have a lending relationship, change banks and avoid the hassle.

[JEM]

Not all credit unions. There have been many members here who did not have their account frozen due to BK.

We did not. I was very worried about this...even though we weren't including any debt owed to the CU in the bankruptcy. (We have a current auto loan that we intend to keep). They did lock us out of online access for a few days until they received a letter from our attorney stating it was ok to reinstate. But we had full access to our money--could still withdrawal, use debit card, call CS for balances etc....

However, if I owed the CU money that was included in BK, I would have found another financial institution before filing.

[msm859]

Don't know about Wells Fargo, however neither Bank of America nor Golden One Credit Union touched my checking accounts and they were both included in my BK.

[iv65536]

When I filed, I only had a car loan through WF which was just a few months from payoff - I exempted the car and finished paying off the car about the time I got my discharge. WF simply stopped the statements and disabled the online access. A call had to be made to reinstate online access when I opened a checking account at WF about a year after discharge. The banker did ask if I filed BK, I answered honestly and had no problems.