Many Wells Fargo customers could be about to receive an unpleasant surprise. Without knowing it, a large number of people have bank accounts at risk of closure. All because of a reason that, for many, goes completely unnoticed.
If you are a customer of the bank, it is time to pay attention, because you could lose access to your money without prior notice. Since April 2025, this institution has started to apply a new policy that is already causing concern among thousands of its users. The measure consists of the automatic closure of accounts that remain inactive for 16 consecutive months.
If you do not use your account for more than one year and four months, the bank can delete it without the need for additional notice. The decision affects both checking and savings accounts. Most importantly: not every type of transaction counts as activity.
That is, if you only have automatic debits, interest payments, or monthly fees, your account is still considered inactive. To avoid closure, there must be at least one action initiated by the account holder, whether it is making a deposit, a transfer, or even simply logging into the bank's app or website.
The purpose sought by Wells Fargo
This policy was implemented by Wells Fargo with several objectives. On one hand, it seeks to reduce costs associated with keeping accounts that are not used. On the other, it aims to minimize risks of bank fraud, since forgotten accounts can be easy targets for suspicious activities.
In addition, it aligns with state laws on "unclaimed property." These require financial institutions to transfer to the state any funds that have not been claimed for a certain period of time.
However, not everything has gone without controversy, since some customers have been seriously affected. One of the most discussed cases is that of a user whose account was closed, and the bank transferred $130,000 to the state. Although he was eventually able to recover the money, the process was long and complicated.
The problem faced by customers
When an account is closed due to inactivity, the account holder automatically loses access to their funds. The money is sent to the corresponding state government, and the customer must follow a recovery process that varies depending on the state. This procedure can include anything from forms to submitting documentation to prove ownership of the money.
That's why, if you have an account that you do not use frequently at Wells Fargo, it is crucial that you take at least minimal action as soon as possible. Make a small deposit, log in, or transfer a few dollars. A simple gesture can prevent you from losing access to your money and having to face a complicated legal process later on.