ED Magedson – Founder
Wells Fargo Bank N.A. Kept account open to drain fees - never sent a statement till balance was zero Highlands Ranch, CO Nationwide
After being diagnosed with breast cancer in 2009, I closed my accounts at Wells Fargo. I wasn't working and needed the money I had in those accounts to live on. One account was an UGMA account for my son that had about $200 in it. I thought they had consolidated the money in the 3 accounts I had and given me everything. Shame on me for not paying close enough attention.
What really happened, was that they kept that account open for the last 5 years and sucked monthly fees from it until at June 30th of this year, the balance finally reached zero. In all this time, I have never received a statement or any other communication from the bank notifying me that one of the accounts remained open and, in fact, had money in it. However, once the account balance was zero, Wells Fargo helpfully sent me a statement.
When I spoke to their representative, he said he would be happy to refund the charges, since the situation seemed to warrant that. He put me on hold for about a minute then told me that the account was closed so there was no way he could refund the money.
This is blatant dishonesty. I am appalled that a bank would take advantage of someone like that. And it was only $200 for me - what else are they doing.
This report was posted on Ripoff Report on 08/01/2014 01:44 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-bank-na/nationwide/wells-fargo-bank-na-kept-account-open-to-drain-fees-never-sent-a-statement-till-balan-1166737. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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