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🐯 Bank account freeze rules
by mousa-admin on March 4, 2017 If you have a Wells Fargo Bank account, you will receive a letter notifying you that your account has been frozen after you file bankruptcy. This can happen even though you have no outstanding bank debts. If you’re thinking about filing bankruptcy and have a Wells Fargo Bank account, there are few things you can do before and after you do so.
Credit unions and other banks have always taken money out of your account if you owed them money. Since credit union accounts are normally collateral for any debts owed to them, this is known as a setoff, or enforcing their protected claim. The fact that money is frozen, even though you owe the bank nothing, sets it apart.
So far, Wells Fargo Bank appears to be the only bank doing so, but more banks will undoubtedly follow suit. Wells Fargo is currently keeping assets in excess of $5,000. They argue that when a person files for bankruptcy, all of the Debtor’s assets become the property of the Bankruptcy Estate, and that under the Bankruptcy Code, they are required to retain all funds until the Bankruptcy Trustee or the Court gives them guidance. Although legally correct, debtors are permitted to exclude or retain property, which can include all or part of their bank accounts.
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Receiving notification that your bank account has been frozen can be both worrying and irritating, not to mention humiliating. It’s even worse when you discover it while trying to use your debit card at the supermarket or trying to get cash for a night out with friends. Bank accounts may be frozen for a variety of purposes, each of which necessitates taking various steps to unfreeze it. The top three explanations for a bank account being frozen are as follows.
Finding out that your checking account has been frozen can be a rude awakening. When a bank freezes your account, it may mean that something is wrong with it or that you have a judgment against you for an unpaid debt. An account freeze is when your bank prevents you from making such transactions. You can still manage your account, but only to a limited extent.
🔴 Can a bank freeze my account without notice
A data breach can expose thousands, if not millions, of people’s personal information, putting them at risk of identity theft and other risks. Review the steps below to learn how you can help protect your personal data from potential attacks.
To be more accurate, you can freeze each of the three credit bureaus separately: TransUnion, Experian, and Equifax. This is because any of the three credit reporting agencies will pull your credit report. If a company demands your credit report from Experian or TransUnion, for example, and you’ve just frozen your Equifax account, they’ll still be able to get it.
When you set up your credit freeze, you’ll be asked to choose a PIN that you’ll need when you’re ready to unfreeze your credit or apply for valid jobs. The Federal Trade Commission has more details on credit freezes.
Following a data breach, the impacted organization can provide affected customers with access to a credit monitoring service to help them keep track of their accounts. Regrettably, some con artists take advantage of these opportunities and develop phony programs to entice unsuspecting victims.
🦊 Wells fargo freezing accounts
Wells Fargo was found to be collecting lists of any debtor in the country who filed a Chapter 7, and matching the names with their account holders, according to a new bankruptcy appellate panel decision in the Ninth Circuit, which includes much of the West. When a match was found, Wells Fargo put a “freeze” on the account, preventing the debtors from accessing their funds. Then they’d send a standard letter to the bankruptcy trustee, requesting instructions about how to proceed with the funds. If the trustee did not respond, the funds were simply held indefinitely.
The appellate judges found that Wells Fargo’s national policy of freezing accounts violated the automatic stay, noting that the debtors in the case had specifically demanded that the money be returned to them, and had declared a portion of the account excluded on their bankruptcy schedules.
The court claimed that since no orders had been received, Wells Fargo was required to do something–either release the funds to the trustee, release the funds to the debtors after demand was made by the debtors, or seek bankruptcy court direction. None of these items were done by Wells Fargo.