Wells Fargo is closing our accounts

My wife and I have received three notifications from Wells Fargo stating that we didn’t have a physical address on file. Each time, I confirmed online that both our physical and mailing addresses were correct.

On 11/22, I visited a branch to make a deposit and was informed that there was still a flag on our accounts, which were scheduled to be closed. Since no bank representatives were available, I called customer service. After a 20-minute call, they assured me the issue was resolved.

However, on 11/27, we received two letters stating our accounts would be closed by 12/4. I went to the bank, but no representatives were available to discuss the issue. My wife and I then spent another 40 minutes on a conference call with customer service, who said the issue was related to my wife’s online profile, even though she doesn’t have one and our accounts are under a trust. The customer service representative couldn’t help. We went to the bank to close our accounts and request a check, but we were told our accounts were locked and we needed to speak with the branch manager later.

We also have a Wells Fargo Advisors account, and I expect our advisor will be unhappy when we move our assets elsewhere.

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Your Wells Fargo advisor is generally unconcerned until you have invested more than a million dollars.

Just a heads up: in an effort to cut costs, a lot of banks and credit unions are currently operating with skeleton staffs. If you need to talk about something urgently, I would suggest scheduling an appointment and staying until the issue is resolved. You can schedule an appointment online.