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PLEASE CHECK YOUR TRUST ACCOUNT / Wells Fargo issue

  • 1.  PLEASE CHECK YOUR TRUST ACCOUNT / Wells Fargo issue

    Posted 09-08-2017 03:18 PM
    As many may have heard, Wells Fargo has been in the news as a result of various types of fraud, including opening accounts without customers' authorization and cheating people out of varying amounts of fees. Unfortunately, I had an issue starting about a year ago. My IOLTA account was a no fee account. Without authorization from anyone at this office, it was switched over to an account charging a $14 per month fee unless $7500 is maintained. As you may know, we as attorneys are not allowed to hold that much in a trust account as a reserve (as I found out during a random audit) - $1000 is the maximum.

    I spoke with one of the attorneys handling the massive class action cases against Wells Fargo, who asked me to see if I can locate anyone else who was similarly scammed. They are definitely interested in looking further into it if we can find at least a couple more people who were defrauded.

    Please check your Wells Fargo accounts, especially your trust account, and advise me (on list or off) if your account type was switched.


    David Perry Davis, Esq.
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