12 Sep Wells Fargo froze his bank account. Now he might lose a house, lawsuit claims – TBJ
By Lauren Ohnesorge – Senior Staff Writer, Triangle Business Journal
In the age of AI and automation, all it may take is an algorithm error to lock you out of your bank account. It’s a frustrating – albeit common – consequence as banks make efforts to combat fraud.
But in some cases, the consequences of a bank’s policing mistake can be long-lasting and financially devastating.
Such is the alleged case of Ethan Parker, who filed a lawsuit in the Middle District of North Carolina after being unable to get his house out of foreclosure due to a frozen bank account.
. . .
Jim White, Parker’s attorney, said the case has larger implications than just Parker’s money, as it shows Wells Fargo continues to keep customer accounts frozen – in apparent violation of an agreement signed by CEO Charles Scharf in December 2022.
