Help! Wells Fargo is taking money from my bank account!

We recently heard allegations, again, that Wells Fargo has taking money out of a homeowner's bank account with out their consent. These people were also customers of Wells Fargo Home Mortgage but did not have auto pay.

I called an attorney who we regularly use for home mortgage matters and he said it MAY be legal. If Wells Fargo bank account agreement has language allowing them to "take" funds owed to them directly once they are deposited into a customer's account. He also mentioned, it may be argued that Wells Fargo Bank and Wells Fargo Home Loans are two separate entities and therefore it is not legal... but ultimately it will depend on the agreement you made when you opened the bank account.

The best advice, keep your mortgage company and your bank separate. Use two very separate companies... and the attorney recommends keeping another account as well just as a back up-- so if funds ever do keep "taken," all of your cash isn't gone in the blink of an eye. Even then, you would need to remove cash from that extra account quickly to protect it.

That mattress may be the safest place yet!

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