Wells Fargo closing Canadian accounts
Posted date : Jul 23, 2021.
I just received, on April 30, 2021, the following e-mail: ‘Wells Fargo now requires that all consumer retail deposit customers provide a valid primary physical address located within the United States or its territories. Your deposit account ending in xxxx currently has one or more account holders with a non-U.S. address on file, which does not meet our new requirements.’ I have had a bank account with Wells Fargo (formerly Wachovia Bank) since September 25, 2003; I go to the United States every year and keep a reasonable amount in the bank at all times. However, it appears that I now have 60 days to close my account. Are you aware of this new measure? Is there anything that can be done to keep the bank accounts open so that I can continue to benefit from the Snowbirds Currency Exchange Program? Thanks in advance.
Gaston Guénette
Gatineau QC
Ed.: This is a recurring problem with U.S. banks that are worried about money laundering and criminal activity resulting in massive government fines. In our early days as snowbirds, we were with the First Union Bank, which became the Wachovia, which became the Wells Fargo − and we are still with them. We had a lawyer in Florida and used his address as a “Dropbox” and that resolved everything. Perhaps a close next-door neighbour who is a year-round resident could assist with your mail, as well.
