This ‘Mistake’ Could Cost You Your Bank Account—Major US Bank Announces Closures

Wells Fargo, one of the top banks in the US, made a significant revelation regarding bank accounts that haven’t been used in a long time.

According to Union Rayo, the bank declared that it will terminate bank accounts that have not been used for more than 16 months in a row.

Customers in this circumstance will forfeit their money when this occurs.

Accounts that have not had any activity, banking transactions, deposits, payments, or purchases for 16 months are deemed inactive by Wells Fargo.

According to state escheatment regulations, if you do not activate the account at the conclusion of the warning period and it contains money, it will be turned over to the state.

Avoiding this predicament is the best course of action because recovering from it will not be simple.

Do not worry if you are unsure if you fall under this category; the bank notifies impacted users before removing them, but they are not required to.

How to keep your account from being closed by Wells Fargo?

Users of Wells Fargo may be really concerned by this announcement, but it is not as terrible as it may appear.

First off, people who have an account established for emergency savings or for sporadic use are the target audience for this letter.

You only need to utilize it and demonstrate that the account is active in order to keep it from being closed.

You can do this by transferring funds between accounts, making a withdrawal or deposit, or using this bank account to make a purchase in order to get it taken off the list of inactive accounts.

About the dates for account deletion Wells Fargo will start notifying customers in April and thereafter delete accounts it determines are no longer active.

Furthermore, it claims that Wells Fargo made this choice in order to save operating expenses because banks must expend time and energy identifying the owners of inactive accounts.

You should speak with Wells Fargo directly to find out whether there are any exceptions to this account closure policy.

It’s possible that certain accounts connected to loan or investment products apply and are governed by other rules.

This information has been sourced from Marca.