Wells Fargo doesn't forgive thousands of Americans, you're still in time to avoid it

Wells Fargo, one of the largest banks in the United States, has started automatically closing accounts that have been inactive for more than 16 consecutive months. This measure, which went into effect weeks ago, affects checking and savings accounts, as part of a strategy to optimize costs and improve financial efficiency.

If your Wells Fargo account is like this, it could be closed today, be careful

An account is considered inactive if it doesn't record any transactions, such as deposits, withdrawals, transfers, or payments, during a continuous period of 16 months. It is important to note that automatic transactions, such as scheduled transfers or fee collections, do not count as activity.

For example, a customer reported that their account was marked as inactive despite having monthly automatic transfers. Since these are not considered valid activity. Once an account reaches 16 months without activity, Wells Fargo initiates a multi-stage process.

The account is locked and no operations can be performed. If no action is taken to reactivate it, the account is permanently closed. If the account had a balance at the time of closure, Wells Fargo will send a check with the remaining money or transfer it to another active account, according to the customer's preferences.

In some cases, if the account holder can't be contacted, the funds may be transferred to the state as "unclaimed property," complicating their recovery.

How to avoid disaster? Wells Fargo gives you a hand

The solution is simple and quick. To keep your account active and avoid its closure, you can make a minimal transaction. A deposit, withdrawal, or transfer, even of $1, is enough to reactivate the account.

Access online or mobile banking, log in, and use the reactivation option that appears next to the inactive account. Issue a check or pay with the card, any payment on behalf of a third party also counts as activity.

If you can't make an immediate transaction, you can request manual reactivation of the account. It is essential to be alert to communications from Wells Fargo and take proactive measures to avoid inconveniences.

Customers don't stay silent

The measure has caused concern among customers. Some have expressed their dissatisfaction with the lack of clear notifications and the possibility of losing access to their funds. For example, a customer recounted how $130,000 of their savings disappeared from their account after Wells Fargo closed it due to inactivity.

Although they eventually recovered the funds, the experience was distressing and highlighted the importance of keeping accounts active. Additionally, in online forums, users have shared similar experiences, indicating that even with automatic transfers, their accounts were marked as inactive and closed without prior notice.