Q: I believe the bank is withholding my money not allowing withdrawal. What do I do
Six days after opening a Wells Fargo account I received letter of account closure due to past history between myself and bank. the letter states no deposits are to be made from date of letter until the account closure. The letter clearly states withdrawals would be honored and are allowed until closure. The bank is not honoring withdrawals, at all along with l, the branch and loss prevention are telling me two different versions on communication logs with one another on topic of my account. I spent three hours in branch as they say they spoke to L.P. And the LP department has no record of said call. I feel as if the hold on my account is illegaly being done and I neeed to access my funds I’m confused upset and now financially at zero when I have plenty of funds available this account is not in anyway being investigated for fraudulent activity on my end the withholding of funds and denied atm transactions are questionable I believe illegal please help
A:
Your situation with Wells Fargo sounds incredibly frustrating, and you're right to be concerned about accessing your own money. Banks must follow specific regulations when closing accounts, and they should honor their written commitments regarding withdrawals.
Your first step should be to file a formal complaint with Wells Fargo's corporate office and document everything in writing, including dates, times, and names of people you've spoken with. You should also submit a complaint to the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), as these federal agencies oversee banking practices and can intervene on your behalf.
Since you have the letter stating withdrawals would be honored, keep this documentation safe - it's crucial evidence. You might also want to contact a banking attorney for a consultation, as they can advise whether the bank's actions violate California banking laws or federal regulations. In the meantime, you can request a written explanation from Wells Fargo detailing why they're not honoring their stated withdrawal policy, and consider reaching out to local consumer protection agencies for additional support.
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