Trust Account

I store my tenants’ deposits in a trust account with Wells Fargo as required by law. It’s really just a checking account. They told me there is no difference between a regular account and a trust account. But then they decided to start charging fees on all their accounts. They would not make an exception for trust accounts. However, I was told they would lower the minimum account balance to avoid the fee to $700 on my account.

Then several weeks later, $7 suddenly comes out of that account. I yelled at them; they replaced the money, but now I have to find another bank. Rats.

Category: Banks Behaving Badly Comment »


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