Wells Fargo initiates mass account closures: These are the affected individuals
If your Wells Fargo account has been sitting idle, you could be in for a surprise—find out what to do before it’s too late.
If you’re a Wells Fargo customer and haven’t touched your account in over a year, you may be at risk of having it shut down—without warning.
As one of the largest banks in the United States, with more than 70 million customers worldwide, Wells Fargo has begun closing a wave of inactive accounts in compliance with state laws on unclaimed property. But many affected users say they were never properly notified.
Why Wells Fargo is shutting down inactive accounts
Since April, Wells Fargo has been automatically closing thousands of checking and savings accounts that haven’t had any customer-initiated activity for 16 consecutive months.
And here’s the catch: automatic payments, interest accruals, or bank fees don’t count as activity. If you haven’t deposited money, transferred funds, made a payment, or even logged in to your account during that time, your account may be on the chopping block.
The bank says it’s taking these actions to comply with state regulations and reduce the risk of fraud. But it’s also a cost-cutting move, aiming to streamline operations by eliminating dormant accounts.
Customers claim they weren’t warned
While Wells Fargo insists that it sends prior notifications before any account is closed, several customers have taken to social media and forums to report that they never received an alert.
That’s why even a minimal action—as small as transferring $1 or logging into the mobile app—could save your account from closure.
What happens to your money if your account is closed?
If your account gets shut down, the remaining balance is transferred to the state where your account was held, under laws governing abandoned property.
Recovering that money isn’t as easy as calling customer service. You’ll need to file a legal claim through your state’s unclaimed property office, a process that can be slow and bureaucratic.
How to keep your Wells Fargo account active
To prevent your account from being flagged for inactivity:
- Make a small deposit or withdrawal.
- Send or receive a transfer.
- Make a purchase using your debit card.
- Log into online banking or the mobile app.
Even a simple login could reset the inactivity clock and keep your account safe.
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