Start remembering if you have any bank account at Wells Fargo that you haven’t touched for a long time because, spoiler alert: it’s about to disappear and you’re about to lose your money.
That’s right, one of the main banks in the United States has surprised its customers after announcing that it will proceed to close bank accounts that have been inactive for more than 16 consecutive months.
Yes, those who have inactive accounts need to be careful because, if the deadline arrives and the account remains inactive, they will lose the money. Here’s everything you need to know so it doesn’t happen to you!
What’s going on?
We’ll sum it up in case you miss any information: Wells Fargo is cleaning up inactive accounts, and those that have had no activity for 16 months will be closed.
Sure, this news has scared many people, but it’s especially aimed at those who have an account open for occasional use or for emergency savings, for example. If you have this kind of account, it’s best to access it and make a small transaction or purchase. We’ll explain later how to avoid this.
What is considered an inactive account?
Wells Fargo will consider accounts inactive if there hasn’t been any record of activity, no banking movement, no deposits, no payments, and no purchases for 16 months. So, if you opened an account and haven’t used it since 2023, you would be at risk of losing it.
How can I know if my account is at risk of being deleted?
Although they’re not required to notify, Wells Fargo is sending notices to affected users before deleting them.
How do I prevent my account from being deleted?
Easy, use it. Show that your account is alive and hasn’t been collecting dust for months. Something as simple as making a transaction between accounts, withdrawing or depositing money, or paying for something with this bank account will get your account off the unused list (and give you 16 more months to leave it still).
What happens if I don’t do it?
Well, Wells Fargo has the power to delete it if after the warning period you don’t make any changes to your account. And if it turns out that the deleted account has money, that money will go to the state, according to the state’s escheatment laws; basically, your money would now belong to the state, and we don’t want to give the state free money, right? Also, getting it back will be a tough task, so better safe than sorry…
When will they start closing accounts?
This April is when they will begin sending notifications and later close the accounts they consider inactive.
Will there be exceptions?
Yes, likely, some accounts related to investment products or loans may be subject to different policies, but for that, it’s essential to contact Wells Fargo directly to confirm the current status of your account and have peace of mind.
Why are they doing this?
The main reason behind this drastic closure is that reducing the number of inactive accounts will help lower operational costs, since banks are required to locate the holders of inactive accounts (which takes time and resources, of course).
And they’re not the only ones reorganizing their bank accounts, so even if you’re not with Wells Fargo, check all your bank accounts well so this doesn’t happen with any of them!
