Starting in April 2025, Wells Fargo will begin automatically closing checking and savings accounts that have shown inactivity for 16 consecutive months. However, thousands of customers still have time to prevent this from happening to them.
This decision is due to several reasons. First, to comply with state laws regarding unclaimed funds, as well as to reduce the risk of fraud in inactive accounts. In addition, the bank aims to streamline its operations and reduce administrative costs.
What happens if Wells Fargo closes your account
The money left in the closed account isn't lost. Instead, it's transferred to the corresponding state as abandoned property. However, recovering it can be slow and bureaucratic: you must present documentation and start a legal process with the state claims office.
To keep your Wells Fargo account open, you must take some direct action, such as making a deposit, withdrawal, transfer, or payment with a debit card. You can also log in to online banking or the mobile app.
Something important to consider is that automatic transactions don't count. These transactions are the interest credited by the bank or the collection of maintenance fees. This is also the case for direct debits, such as subscriptions or other services.
Several Wells Fargo customers are already affected
On social media and forums, users are posting complaints about not receiving prior notifications before their accounts were closed: "Wells Fargo is closing my twelve-year-old account without prior notice...". Another customer reports that their card was blocked without explanation, which prevented them from accessing their funds.
Wells Fargo states that the institution sends notices, but many customers say they haven't seen them or didn't pay attention to them. Therefore, it's best not to trust you'll receive an email.
Meanwhile, if the account has already been closed, check with your state on how to claim the funds. It's also advisable to keep your contact information updated with Wells Fargo to receive communications. It's also a good idea to consider closing accounts you don't actively use to avoid future complications.
Wells Fargo's plan to close inactive accounts after 16 months without activity isn't new. However, it seems they're applying it more strictly in 2025. If you think your account has already been closed, contact your state office to claim the money.