Detroit, MI asked in Banking for Michigan

Q: what terms can a suspend then close an account with funds in it and how long do they have before despurse funds?

After transferring funds from my Wells Fargo account to chase, they suspended account with $6,000 in it on 3/22/19. They did not reach out about receding any information from me until 4/15. Then finally sent check for funds 5/7. Also I was not notified by any other methods, such as hone or email when account was suspended and this prevented me from purchasing house which is documented. I placed a small claim and they offered $500 to settle, should I take settlement or go for more?!

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Business Law Lawyer
  • Tallahassee, FL

A: Accept the $500 settlement and move on. P.S. By move on I mean move completely away from both Wells Fargo Bank and Chase Bank, unless you like this kind of bad behavior from your bank. Choose a small local bank of credit union that is grateful for your business--and does not engage in questionable banking practices.

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