Wells Fargo freezing bankruptcy accounts
Hello this is Jeff Kelly and today I want to talk to you about Wells Fargo and bankruptcy accounts if you've got a bank account with Wells Fargo and you're thinking about filing bankruptcy I would advise you to close your bank accounts here's why Wells Fargo's only make I know of in the United States that periodically will put an administrative freeze on people's accounts now I have argued with Wells Fargo staff and they say that the reason they do this is they don't want to give funds that might be property of the bankruptcy estate and that may or may not be protected by the local exemption statutes to anybody without permission from a chapter 7 trustee so if the do freeze your account you can't get it unfrozen but it may take a while to get a chapter 7 trustee sign off for it chapter 7 trustees or people sometimes they go on vacation sometimes they're out sick they may not be able to move at the speed of light Wells Fargo again is the only bank I know of that apparently monitors the entire United States bankruptcy system and will freeze any account that it deems as part of a bankruptcy case even if you don't owe them any money even if they get no notice of the bankruptcy filing there is a system called the Pacer system and you know I'm guessing they must use that system to monitor all bankruptcy filings now if you owe your bank money for like a credit card or something like that under Georgia law they can do what's called a set-off and they can seize any money any counts so you don't want to file and you don't want to have a bank account with a bank that you owe money to so I would advise that anybody considering filing bankruptcy should open up a bank account with a bank that they don't owe any money to and that bank should not be Wells Fargo thank you
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