Wells Fargo Bank Account Or Service Complaint

Wells Fargo Bank account or service department,

Checking account Account opening, closing, or management New Jersey

Our company, - - - - has had an account with Wells Fargo beginning with Wachovia. We have never had any issue with this bank, never even a bounced check. On - -, 2016 we were notified by a customer that a block had been placed on our account. When I called I was told by - different Wells Fargo employees that our account had been closed on - -, 2016 by loss prevention and that we would be receiving a letter and our balance monies within 10 business days. Well today I got the letter and it indicates that my account has been blocked since - - but that it will not be closed until - - and that I will not receive the balance in my account until some time after that date. It is unconscionable that Wells Fargo can unilaterally close out our account with no notice, no reason and then hold our money - for nearly a month. Last week my employees were not paid, taxes not sent to the government as a result of lack of information from Wells Fargo.


Our company has been in business for over 40 years. We have never been accused of running anything but the most upstanding business. I understand that Wells Fargo does not have to bank with my company if they choose not to but they should not be allowed to conduct business in this manner. A courtesy call would have been nice. Even without that, correct information from Wells employees would have been nice as well. Now they are holding my money hostage. We need it for cash flow but have been told that will not be happening. Big banks should not have the ability to unilaterally shut down an account with out any forewarning to the small business customer. they should also not be allowed to hold money hostage for over three weeks. If they want the account closed, fine but give me my money.