I have been banking with Wells Fargo since I was 12 years old, and because I opened my account when I was a minor my parents were both listed as secondary account owners. I never bothered removing them just because it seemed like more of a hassle than it was worth. I am 23 y/o now and have been financially supporting myself entirely for over 5 years.
Last week, Wells Fargo removed $23,000 from my bank account as a “debit recovery offset”, and upon investigation, they did this because my parents had a small business loan that defaulted. They claimed a right to offset without notifying me. My name was not on any of my parents’ accounts, and I had no information that this debt existed, nor that my almost entire savings account would be used to cover this loan if not paid.
I am not asking for legal help in this thread, but I would like to know if anyone has had similar experiences with Wells Fargo, and if they had any luck in forcing Wells Fargo to give any of this money back. I understand that my parents were listed on my account, but Wells Fargo is refusing even to show me the clause in my agreement that outlines the terms of joint accounts, specifically relating to offsetting debt. If anyone has any advice I would really appreciate it.
Side note, I highly recommend anyone with joint accounts at Wells Fargo to terminate those accounts unless you have good reason not to. This is one of the worst things that has ever happened to me, and I do not want Wells Fargo getting away with this again.
Submitted October 07, 2021 at 01:17PM by Several-Strawberry71 https://ift.tt/3oOPONI
