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Hi. I've got an unusual situation, and would appreciate some tips from those who may be more knowledgable than me, particularly those who understand the US banking system.
I used to live in the USA 10 years ago when I was a student. I am now based on London (UK) but still have around $250 in an account with Wells Fargo (it was with Wachovia but they got taken over it seems). Not long after the take over, Wells Fargo wanted to introduce a monthly fee of $7 so I decided to close the account down and take the money before it evaporated. However this is proving more difficult than I could ever have imagined...
I have online access but they won't let me transfer funds online as I don't live in the US (seriously?! is this a WF thing or is this consistent across all US banks?). They won't send me a cheque (or check I think you spell it) for the funds unless I close the account. That's fine with me, but they won't close the account unless I fill in a form and get it notarised (I don't know about the US but notaries in the UK charge around £50-£100). They did send me a debit card but no PIN (they expect me to remember it from 10 years ago, and say for security reasons they can't send a new one until some transactions show up on the account - guess what I don't have a PIN so can't use the card!). They said I should be able to go into any bank and do a "cash advance" with the card - UK banks say they can only do this with their own customers.
I have an account in the UK which is denominated in US dollars which is where I want to move the money. I think my only option is to write a letter to Wells Fargo explaining that their service is a farce and insisting that they send the money to this account. In the UK bank transfers are generally free. Is this true in the US? Wells Fargo seem to charge for everything as far as I can see. If there is a charge for this, I might be better off asking them to send me a cheque/check but my US dollar account charges around $5 to cash them...
Wire transfers will cost your $40/50. Best option is to have them send you a paper check that you can cash/Deposit @ your UK banK.
The Most US Embassies and Consulates have a notaries, also your UK bank might offer the service for free ( i know my US bank does).
Q: From your Online access can you set up Bill Pay? If you can have the Bill Pay cut a Paper check to you (For most of the $'s in the account) C/O someone one you know in the US. Have them then mail the check to you in the UK (quickly) so you can cash it. Time it so the it at the start of your monthly cycle. You dont want the check to bounce after the next month account fees are assigned.
Then let the $'s that are left just go away to the bank fees.
Thanks flyonpa. I think it was in trying to set up Bill Pay that I realised that the option wasn't open to non US based persons so I suspect that option is out.
Are most US banks like this? I had an account with US Bank too and they just sent me a cheque for the account balance when I called them.
Thanks flyonpa. I think it was in trying to set up Bill Pay that I realised that the option wasn't open to non US based persons so I suspect that option is out.
Are most US banks like this? I had an account with US Bank too and they just sent me a cheque for the account balance when I called them.
I seems to me that every bank in the U.S. have their own rules. Often times different except for sharing proceedures with other banks which would undoubtly be different than foreign banks. I have been with the same bank for over 50 years and have been amazed how "Dumb Down" the bank had gotten. JMO
Sending money from my account to my daughters bank account in a different state costs $5 to $6 and may be different charges for different amounts by wire transfers.
While it doesn't help you any, it is intended only as a source of information. I have noticed however that the banks have put a monthly charge on most accounts to eventally close out stagnant accounts.
I can see the logic in charging to close out stagnant accounts, but it seems unjust to adopt this policy while not allowing the account holder to move the money before it all disappears!
For info, with online access in the UK you can send money to any other UK account with any other UK bank (including in different counties and countries within the UK) for free which arrives in the other account instantly. Most don't charge a monthly fee, or if they do it is in return for additional services (e.g. free insurance, special rates on other bank products etc). Conversely they do have a reputation for charging excessively if you mess up (e.g. go overdrawn, bounce cheques, etc). Admitedly I don't have a view of the whole picture but from my perspective the US banking industry seems relatively inefficient and expensive.
I've done that - they are amazed at Wells Fargo's ridiculous policies! But not being with Wells Fargo they can't help...
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