Is Wells Fargo Closing Your Account? Who's Affected and What to Do.

Is your Wells Fargo account at risk?

Between rising interest rates, grocery bills that still feel inflated, and another round of student loan repayments back in full swing, many Americans are already stretched thin. Add to that the persistent economic uncertainty and a job market that feels more unstable than secure -- and now, one more curveball: Wells Fargo is starting to close long-inactive bank accounts.

If you're someone who opened a savings account a few years ago and haven't touched it since, or maybe stashed away an old checking account "just in case"... this might affect you.

Here's what's happening, why the bank has the legal right to do it, and what steps you should take if you want to keep your funds right where they are.

Wells Fargo has announced that it will begin closing checking and savings accounts that have remained inactive for extended periods, as part of a wider initiative to streamline its banking operations and reduce dormant accounts.

What's Happening?

If your Wells Fargo account has seen no customer-initiated activity for over 16 months, it may be classified as "dormant" and subject to automatic closure. This includes accounts with no deposits, withdrawals, or transfers during that period.

Once an account is deemed inactive, Wells Fargo may initiate a process called escheatment, where the remaining funds are transferred to the state's unclaimed property office.

Is This Legal?

Yes. Under unclaimed property laws, financial institutions are required to turn over dormant account funds to the state after a certain period of inactivity. Wells Fargo's policy aligns with these regulations.

Wait... Doesn't Escheatment Take Years?

Why is Wells Fargo closing accounts after 16 months? What they are doing isn't escheatment... at least not yet.

They are closing accounts that have had no customer-initiated activity for 16 months, which is allowed under their account agreement. This is an internal policy, not a state requirement.

If the money remains unclaimed for several more years, then it may be escheated (turned over to the state), usually after 3-5 years of total inactivity depending on where you live.

So while your account might be closed after 16 months, your funds don't disappear, but you may have to jump through hoops to get them back if you wait too long.

What Should You Do?

If you have an account with Wells Fargo you haven't used in a while:

• Check your account activity: Log in to your account to see the last transaction date.

• Reactivate your account: Perform a transaction, such as a deposit or withdrawal, to reset the inactivity period.

• Contact Wells Fargo: If your unsure about your account status, reach out to the bank directly for assistance.

Timing of Closures

While this policy isn't new, Wells Fargo is enforcing it more strictly in 2025. Accounts inactive since January 2024 are at risk, with closures potentially occurring as early at this month (June).

More Information

For details on Wells Fargo's policies regarding inactive accounts, visit their Account Activity FAQs.