Wells Fargo Allegedly Freezes Bank Account After $207,765 Deposit, Seizing Customer’s Funds Without Adequate Explanation: New Lawsuit

A new lawsuit alleges Wells Fargo seized a customer’s funds and shut down his bank account over a legitimate $207,765 deposit.

Ethan Parker says he opened a new account at the bank late last year specifically to deposit a large check that he received after the death of his adoptive mother.

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But 15 days after the deposit, Parker says Wells Fargo shuttered the account, took the funds and accused him of forging the check.

According to the lawsuit, Parker then obtained a letter from the firm that issued the check to confirm its legitimacy. But the bank was not swayed and continued to deny Parker access to the funds without “adequate explanation.”

The lawsuit asks the courts to force Wells Fargo to release the funds, and says Parker has been damaged in an “amount to be proved at trial.”

In a statement to Triangle Business Journal, a Wells Fargo spokesperson says the bank plans to defend its actions.

“We strongly disagree with the allegations made in the suit filed by Mr. Parker, and will defend our position as we believe Wells Fargo took the appropriate actions.”

Parker says he’s now unable to make house payments, and his lawyers say they’re looking for other people whose accounts were “improperly closed” by the bank over accusations of fraud.

Last month, Wells Fargo agreed to pay a $35 million civil penalty to the U.S. Securities and Exchange Commission for allegedly charging excessive fees to customers for investment advice.

The bank settled without admitting or denying the accusations.

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The post Wells Fargo Allegedly Freezes Bank Account After $207,765 Deposit, Seizing Customer’s Funds Without Adequate Explanation: New Lawsuit appeared first on The Daily Hodl.

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