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Money Drain: $1,555 Fees for a Closed Checking Account, Fortunately Waived

The Consumerist posts a story about a man who thought he closed a checking account, and when a $10 charge was made, it resulted in overdraft after overdraft for several years. This ended up in a $1,555 balance, which Wells Fargo eventually waived.

Five years after a NJ man thought he’d closed his former business’s two lines of at Wachovia, he was hit with one heck of a surprise by the bank’s new owner Wells Fargo: He had somehow racked up more than $1,500 on one of those accounts, without ever having received a statement.

Lesson Learned:
I agree with the comment about always making sure you have documentation on closed accounts. I know companies regularly do not close accounts after the initial request, so checking up to make sure it is actually closed is ALWAYS a good idea. Keeping records for a few years is also a good idea in case you need to back-trace information.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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2 Responses to Money Drain: $1,555 Fees for a Closed Checking Account, Fortunately Waived

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