WELLS FARGO BANK has seized all of the bank accounts of a businessman in order to pay off his WELLS FARGO CREDIT CARD.
NO PERSON OR ORGANIZATION is allowed to seize bank accounts without a court order. (There is a loophole for income tax collectors, but they ALWAYS send at least one registered letter of warning.)
WELLS FARGO is also ignoring any liens on a property when loaning on a property. The lien I know they ignored was there to protect a person who was not on title, but was a co-owner of the home under community property court orders.
IF YOU HAVE A WELLS FARGO CREDIT CARD, you should IMMEDIATELY remove all your monies out of WELLS FARGO bank and from any bank owned by WELLS FARGO.
THIS IS HAPPENING because the Obama administration decided that the Federal Government would be the only government that is allowed to enforce the laws regarding credit card companies. This mean the Federal Trade Commission is now in sole charge of credit card fraud and illegal credit collection practices. The FTC is understaffed and has NEVER been eager to enforce the law regarding collection practices. I know, because Citibank ignored collection regulations and the FTC did NOTHING.
The government needs to let the states help enforce the rules that credit card companies are supposed to obey. The Attorney Generals of the larger states were VERY EFFECTIVE in enforcing fair credit collection practices.
PLEASE SEND THIS TO AS MANY PEOPLE AS YOU CAN. SEND IT TO AS MANY senators and representatives AS YOU CAN. Maybe we can stop this.
WELLS FARGO will almost certainly refuse to return the monies they have illegally taken. The bankruptcy courts are totally jammed with new cases. So WELLS FARGO correctly believes that the only way they can be punished is by a lawsuit that they can fight so it takes five years to collect the monies.
Pamela E. Smith
Attorney at Law
Campbell, CA
Dear Pamela, correction to your first paragraph to make the situation even more bizarre!!!
ReplyDeleteWhen Wells Fargo took out the money from our business checking account without any notice to us, we were PAYING our credit card. WE WERE NOT in default. We were paying $725 a month and they had already accepted payments for 3 months. We had this arranged with a Credit Counseling Service. Before that, we were still paying, we never missed our payments. They just wanted us to PAY OFF THE WHOLE CARD all at once. We don't know for what reason they wanted that.
We asked them to return our checking account money back because there were checks written from the account for monthly expenses. They did not return the money and by the time we could notify everyone about the situation, they had bounced the checks and Wells Fargo went ahead and added "insufficient funds" fees for all the checks that bounced. The checks would never bounce if they did not take the money in midnight without notifying us, in fact we would still have $5,000.00 in the account today.