Wells Fargo closed my account for a negative balance + not having a job for 2 months

Submitted by Mrzeldaootfan t3_zyiki4 in personalfinance

hey all, i recently got a new job, im in the orientation process right now, last week i go to put in myu direct deposit information and logged in no problem. Last night, i go to check my account for something. I remember it being -8$ because again. no job, and im not able to get in, i call them and they tell me my account is closed even after i told them i setup a direct deposit with them. am i screwed? they didnt even call me or anything when they closed it.there was nothing they could do they said. this is fucked because im 24, and ive had an acccount with them since i was 15-16 and now im going to pnc bank

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Werewolfdad t1_j261l5d wrote

Any bank would do that If you were overdrawn for two months.

Open a new account elsewhere

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ChiMello t1_j26lq0n wrote

I would not count on the OP being able to do so. WF most likely will have reported the involuntary account closure and prolonged overdraft to ChexSystems and most banks are going to run a check with them before approving a new account.

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Mrzeldaootfan OP t1_j262rut wrote

They would usually call me and i would set a repayment datez but its seriously only 8$ too and it was no warning

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Steak_Knight t1_j26376p wrote

If this has happened multiple times, those times were the warning.

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Werewolfdad t1_j263nft wrote

Banking guidance says overdrawn accounts should be charged off no later than 60 days.

Any calls were a courtesy you weren’t entitled to. That was just them being nice

Don’t overdraft and it won’t be an issue.

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pinacolada_22 t1_j268gz8 wrote

Exactly $8, two month, you could have collected cans and sell them and make the money. Banks don't make any money from people who have negative balances and they want to prevent further loss with possible overdrafts of you use to try the card.

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RegularJaded t1_j26bv6i wrote

That is only a courtesy or if you are a large client. Most banks close accounts around the 2 month mark

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ChiMello t1_j26lezd wrote

You couldn't come up with $8 somehow? They are not going to make a payment arrangement for less than $10.

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Mrzeldaootfan OP t1_j28505b wrote

I couldnt, no job was accepting me and they just closed it

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johnnybayarea t1_j262767 wrote

It takes them some time to process your DD anyway, I would contact your employer to just give you a paper check until you are squared away with a new banking account.

From what I've heard, WellsF seems to be the worst of all the traditional brick and mortar banks. You are better off signing up at Chase, Bofa, Citi, etc. Of course everyone has horror stories with all the banks, but normally I hear nothing but bad things about Wells. Sounds like you are just starting up your career and just getting financially right, I think many ppl prefer a local credit union.

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I'm not super well versed on the CU vs Big Bank, but they tend to have less predatory fees (I think) and better service, but the convenience and rates seem to be better with larger banks as long as you already have money.

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Werewolfdad t1_j263tml wrote

All the banks and CUs are subject to the same guidance which says accounts should be charged off when they’re uncollectible or 60 days, whichever is first, so this would have happened everywhere

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johnnybayarea t1_j264j6l wrote

Oh yea, I agree, being broke (negative money) isn't gonna work anywhere... even under the mattress. Sorry I wasn't clear that this is absolutely the OPs fault and would happen anywhere they banked.

I think this was more a rant against wells fargo... pay 'em what you owe them, close the account in good standing.

Then pick a new, "better" banking option, online/brokerage/CU/big bank

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algybulgy t1_j29mekm wrote

Go to a local credit union and open an account.

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wwwhistler t1_j267mcl wrote

Stop using Wells Fargo. Take this as a win.

WF is little more than a criminal enterprise masquerading as a Bank

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