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Wells Fargo Bank Fund Withholding Class Action Lawsuit
By Sarah Pierce
A federal class action lawsuit claims that Wells Fargo engages in “deceptive and fraudulent bank tactics” by delaying to send wire transfers and delaying to make deposited funds available for excessive periods of time in order to generate interest on the funds.
Plaintiff Gerald T. Reilly alleges in the Wells Fargo Bank class action lawsuit that at various times in 2009, 2010 and 2011, Wells Fargo Bank accepted cash funds from him for the purpose of completing wire transfers. “Without adequate notice or reasonable explanation, Wells Fargo failed to transfer such funds into the intended recipients’ accounts and instead kept the funds for periods of time ranging from 24 to 72 hours,” he says in the class action complaint.
“Plaintiff did not authorize Wells Fargo to transfer any funds into such accounts, was not informed of Wells Fargo’s intent to do so, and did not possess any ownership interest in such accounts,” the Wells Fargo class action lawsuit states.
“In a similarly deceptive fashion, Wells Fargo has, on numerous occasions in 2010 and 2011, accepted checks from the Plaintiff, debited Plaintiff’s account in the amount of the check, and held the funds for unreasonable periods of time without crediting the payee’s account. Plaintiff inquired about the location of the funds — having been removed from Plaintiff’s account but not yet deposited into the payee’s account — and was again told about Wells Fargo’s elusive ‘holding account.’”
The Wells Fargo Bank class action lawsuit is brought on behalf of all persons or entities in Texas who have suffered as a result of deceptive and these fraudulent bank tactics. It is seeking damages, interest and other relief for Class Members for fraud, negligent misrepresentation, conversion, breach of contract, unjust enrichment, violations of the Texas Deceptive Trade Practices Act (DTPA), and more.
A copy of the Wells Fargo Bank Fund Withholding Class Action Lawsuit can be read here.
The case is Gerald T. Reilly v. Wells Fargo Bank, National Association, Case No. 5:11-cv-743, U.S. District Court, Western District of Texas, San Antonio Division.
Updated September 9th, 2011
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23 thoughts onWells Fargo Bank Fund Withholding Class Action Lawsuit
I deposited 2 checks in payment to my Wells Fargo VISA account on 10/22/19. One for $1800 and a second one for $1200. The deposit receipt states that the $3000 will be posted to the VISA account on 10/23/19. When I checked my Wells Fargo online account the next day the $1800 check was credited. The $1200 was not.
When I called customer service I was told that both checks were considered “third party” and so would be on a 5 day hold to make sure that they cleared before getting credited. It made sense and so I decided to be patient.
I checked my online on 10/24 for something else ( I have a business and multiple accounts) and decided to check my VISA account and found that there were now THREE entries for deposits on my transaction list. Two state that showed posted payments (1800 and 1200) on 10/22 and an additional one on 10/23 for 3000! the $3000 deposit had a triangle icon stating that it was in hold. What is more curious is that my available credit amount did not include any of the payments posted payments? (moral here do not trust your what your online account states)
I called customer service and was told that both checks were now on a 30 day hold because the checks deposited were “suspicious”. My son-in-law (econ wiz and investment guru) who wrote the checks called his banks and both of the checks had already cleared his accounts! I called Wells Fargo once again and was told it would be another 24 – 48 hours before a member of the Executive payment clearance team would be assigned to the issue and would call me back.
So…there sits $3000 in some escrow account growing Wells Fargo’s own interest coffers and as a customer I can do nothing about it. My son-in-law has requested the monies be returned. That will probably take another 30 days….moral of this story is do not bank with Wells Fargo.
Wells Fargo loss department is nothing but a bunch of thieves. I have paid all of my monthly payments on time, and when need a repair done, they want me to sign a hold harmless agreement without the agreement promising they will endorse the check over to me, and the agreement fails to even state the loss for which the insurance check is to apply. By me signing a hold harmless statement would allow them to use it any point in the future. I tried to add the terms of date of loss, upon endorsement of the insurance check, and then they would not sign their own agreement. Thieves I tell you! Thieves.
Please add me to this lawsuit.
My mortgage is with Wells Fargo,how will i known if i’m part of the Lawsuit
I can’t believe that our government and our justice system is continuing to allow Wells Fargo and most of the other major banks to devastate the lives of so many decent, hard working, American families with the same diabolically evil tactics they used on us over a period of about three years. We lost everything just trying to hang on to our very modest little house (for our daughter’s sake more than anything else,) during the height of the so called “recession”. Even though we qualified again and again for one modification after another, we were given one ridiculous reason after another why they couldn’t or wouldn’t help us. Why do that when they could just take the house and do it all over again to some other innocent family? In Texas apparently they don’t even have to prove that they are the rightful holders of the mortgage either. I have no doubt that a forensic loan audit of the original note in ’05 (which very mysteriously changed hands several times and ended up in the hands of Wells Fargo shortly after we bought the home, much to our surprise and dismay,) and also the refi with Wells in ’09, would produce enough evidence of fraud and deception against them to win hands down in any legitimate court of law! In our case they finally got away with their little fraudclosure scheme in November of 2012. My estranged wife and I would like to join a class action suit in (Collin County) Texas and I started filling out the form here to either start or join one but then at the bottom I was asked to check a box indicating that I agree to allow them to share my private data with anyone apparently so needless to say I aborted the online attempt altogether. Can anyone tell us how to join an existing class action lawsuit against Wells Fargo Home Mortgage in Texas?
I have been with wells fargo for 20 years. I received a live check from my employer of 15 years of $10,136 which I deposited on April 11th. They cash it out of my employer on the 12th. They are holding $5136 of it until 4/22/2013. I have called several times and talked with a supervisor with no luck. This does not seem legal or ethical. Just had to vent.
Wells Fargo Charged us a non-refundable $100 fee when the California Tax Franchise Board claimed we owed money to the DMV. Within hours our name was cleared the TFB admitted an error. But Wells is refusing to refund our money. This process has been done to thousands of people. We are still trying to get the fraudulent fees returned.
Well Fargo of El Paso, held a Ninty Thousand Dollar money transfer, for 21 days. After a mind blowing (8) days the manager of the Bank was embarrased to have to tell me the reason for the hold was because somebody in security read the name of the wire transfer paper wor wrong. The wire came from N.Y. Bank of Niagera, Because the person could not read , he read it as Nigra. After much support it still did8 not cearuntil day 21. That mistake cost my company the ablity to pay a bonding company monies owed, which put me out of Business. Sign me up
After 17 years of depositing large government issued checks (L.A) county wells put a hold on a 55,000. check ) from L.A. County. They then charged my account for insufficient funds without prior notice. How do I join class action suit againt them.,
wells fargo robed us to every law to break they did sold our house illegally evicted us illegally we are permanently disabled and are still homless we dont have money to fight what can we do please help