It has been just revealed the fact that Wells Fargo just froze a bank account. In order to find out what really happened, check out the latest reports below.

Wells Fargo froze a bank account

A customer named Ethan Parker recently filed a lawsuit against Wells Fargo, alleging that the bank unlawfully seized his funds and closed his account, even though he had deposited a valid check worth $207,765.

Parker claims that he opened a new account with the bank in late 2020 with the sole purpose of depositing the check he received after his adoptive mother’s death.

However, just fifteen days after the transaction, Wells Fargo closed the account, took the funds, and accused Parker of check fraud.

Despite obtaining a letter from the check issuer verifying its authenticity, the bank refused to provide Parker with an adequate explanation or access to his money.

Compelling Wells Fargo to release funds

The lawsuit seeks to compel Wells Fargo to release the funds and compensate Parker for any damages that may have resulted.

According to a statement issued to Triangle Business Journal by a Wells Fargo spokesperson, the bank plans to defend itself against allegations made by Mr. Parker.

The bank disagrees with the claims made and asserts that it acted appropriately. Unfortunately, due to the situation, Parker is now unable to make his house payments.

His legal team is currently searching for others who may have had their accounts wrongfully closed by the bank on allegations of fraud.

It’s worth noting that last month, Wells Fargo agreed to pay a $35 million civil penalty to the U.S. Securities and Exchange Commission for overcharging customers for investment advice.

The bank settled without admitting or denying the accusations, according to the latest reports coming from the online pubcalition the Daily Hodl.

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