Q: Rollover IRA checks mailed to the wrong PO BOX by OneAmerica and were electronically deposited by someone else.
Back in October, I started a rollover IRA with my previous employer’s retirement services company, OneAmerica. Unfortunately, OneAmerica sent the checks (payable to Fidelity FBO w my name on them) to an incorrect PO BOX (1 number off). These checks were electronically deposited by the owner of the PO Box into their Wells Fargo bank account. All OneAmerica has done so far was sent out a letter to the owner of that PO Box asking for them to return the fund to Wells Fargo so the money can be reissued back to OneAmerica. OneAmerica said they have not heard back from the owner of that PO Box. The endorsement stated “ There were two checks issued- one pre tax and one post tax totaling to around $43k. The endorsement stated
“credit to the acct of the named payee w/o prejudice Wells Fargo Bank N.A. Denver, CO 80203 Electronically Deposited (date)”
You may have more trouble getting your rollover IRA money back than you had hoped. Why?
Because it was deposited electronically (without prejudice) and credited to some unknown person's account at Wells Fargo Bank, N.A., which is notorious for holding onto money not supposed to be deposited with them.
You might want to consider hiring a very experienced business and banking lawyer to send Wells Fargo's general counsel a strong demand letter informing them that further legal action might be forthcoming immediately unless they return the money and quit playing the shell game with it.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.