Hey guys, I don’t really post often but I really needed to get this out there, in case this happened to someone else recently.
Okay so my parents have been Wells Fargo customers for years and had a large amount saved up in a Certified Deposit account.
Well, a few nights ago they decided to check their balance and were shocked to see that their account value was $0! There was nothing there and no inbound or outbound transfers!
They panicked and thought that their account had been hacked or something. After two days of worrying and calling customer support, and visiting a local branch, even the tellers and customer support were shocked and couldn’t tell us what was going on.
Then when we checked the mail that afternoon, we found a check for the entire balance amount and no other explanation or message from Wells Fargo.
My dad was understandably pissed and called them complaining about their shitty business practices and demanding to know what happened.
The customer support rep simply repeated that Wells Fargo can terminate customer accounts at any time based on business change or other discretionary factors... well what the hell?? Could we at least get partial interest from the CD account?
Nope.. apparently when they shut your account down. Not only do they fail to notify you in advance, but they also don’t give you any interest that have built up over time.
The irony is that if a customer were to open a 2 year CD account and withdrew their funds early, they’d get penalized on their initial investment!
These type of two-faced shitty business practices by these custodial banks have really destroyed my confidence in them. And I hope decentralized money and crypto supplant this archaic system. Like seriously, what the fuck??
I hope you guys haven’t had a bad banking experience like this but please share below if you have.