This contested matter concerns a national bank’s internal policy towards non-borrowing chapter 7 debtors who have accounts at the bank. Upon learning of the filing of a Chapter 7 petition, Wells Fargo Bank, N.A. (the Bank) automatically places an administrative freeze on all accounts of debtors in excess of $5,000.00.
The Debtors filed a chapter 7 bankruptcy on March 7, 2014. They had four bank accounts with Wells Fargo with an aggregate amount more than $5,000.00. After filing, Wells Fargo placed the accounts in "bankruptcy status" identifying them as property of the bankruptcy estate controlled by the chapter 7 trustee.
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Wells Fargo has an interesting corporate policy, and by “interesting” I. account at Wells Fargo, and file for bankruptcy, the bank will freeze your. But you fall behind on your debts and.you decide your best option is to file for Chapter 7. My advice to every single one of my clients is to take that money out.
· All financial institutions have a policy of freezing accounts if debtor owes them money. wells fargo and most credit unions will freeze the debtor’s bank account even if the debtor does NOT owe any money to that bank or credit union. Advice to all clients of this office – do not bank at Wells Fargo if you are going to file bankruptcy.
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Some banks like Wells Fargo have a policy to place an administrative freeze on any account of a newly-filed Chapter 7 debtor with a balance exceeding $5,000. Other institutions like Union Bank are even more strict on this issue. One colleague told me about a case where Union Bank had frozen a debtor’s bank account that contained only $16.
Wells Fargo is Freezing ALL accounts for Chapter 7 Debtors Freezing a chapter 7 debtor’s Bank Account Doesn’t Violate the Automatic Stay . SDNY opinion seems to mean that a bank may freeze a debtor’s entire bank account at filing, without violating the automatic stay.. Wells Fargo Bank NA v. Weidenbenner (In re Weidenbenner), 15-244 (S.D.N.Y.