Wells Fargo Bank N.A. entered into a consent order entered on December 20, 2022, with the Consumer Financial Protection Bureau  that found that when Wells Fargo “believed that a fraudulent deposit had been made into a consumer deposit account largely based on an automated fraud detection system that identified suspect deposit accounts for employee review, [Wells Fargo’s] typical practice was to freeze the customer’s entire account….” Read the Consent Order.

Under the terms of the consent order, Wells Fargo was required, when it suspected that a deposit in a consumer deposit account may be fraudulent, to use an item-hold or other restraint less than a full freeze of the deposit account when reasonable under the circumstances and sufficient to prevent further fraud.

J.C. White Law Group filed a complaint on behalf of one consumer who alleges that Wells Fargo improperly closed his bank account for fraud and seized all of the funds in his account.  Read the complaint here.

Was your Wells Fargo account closed for fraud?  Call us at 919-246-4676 or fill out the form below.