Wells Fargo — blocking my investment account without explanation.
I am writing with reference to my account # [protected]. I am doing so in conjunction with my friend of 35 years and financial advisor, Dennis Monthei,
to whom I’ve given durable power of attorney.
Following a recent meeting with David Hester, the manager of the Farmington Hills Mi WF office, a freeze was levied against my account. The implied reason
for this block was because Mr Monthei and I had inquired about holding my account jointly. After hearing why this was a bad idea we dropped the subject.
In lieu of this Mr Hester suggested placing Mr Monthei as beneficiary (TOD). We neither asked for nor pursued either of the above 2 subjects. A couple days later we
received written notice my account was frozen. Mr Hester implied it was because we had discussed joint ownership and senior WF officials in St Louis had
placed the block. Mr Hester could not or would not explain more thoroughly except to indicate we had raised ‘a red flag’ by initiating the above conversation.
We have received nothing from said St Louis officials nor any WF employee explaining this block on my account.
Remarkably, Mr Hester never mentioned that our durable POA which WF recorded last year prohibited joint ownership unless specifically stated. Under
acknowledgement of duties of Attorney in Fact it states:
#5. “Unless provided in the DPOA or judicial order I, while acting as attorney in fact, will not create
an account or other asset in joint tenancy between Warren Barry Brown and me”
Mr Monthei and I went to Mr Hester’s office Monday, 6-19 to seek an explanation. We did so at the direction of Janice Laws in your complaint department.
Mr Hester would not see us together. He demanded that I talk to him alone which I refused. My hearing is bad and Mr Monthei can usually explain matters when I falter. I found Mr Hester’s insistence unexplainable in that I’ve given Mr Monthei POA and sometimes I can be confused by new people. We left. Again, we had no explanation for my blocked account. Mr Hester has proven to be uncooperative, uncommunicative and dishonest!
I suspect Mr Hester questions my ability to make financial decisions and even my overall competency even though he has only met me once in a group of four (30 minutes)
when I spoke very little. He also may have called me on the phone but my hearing is very bad and such conversations with strangers are hard to follow. My memory is not what it used to be so I depend on Mr Monthei. I’ve recovered considerably with my new medication and in April 2017 probate
court judge Terrance Keith ruled I was competent after receiving written reports from 2 court appointed attorneys and my physician.
In conclusion I wish to have these questions answered:
Who placed a block on my account?
Why was this block placed?
What must I do to have unfettered access to my account?
Please direct all responses to Dennis Monthei ([protected]@yahoo.com) [protected] as I’ve given him DPOA.
Warren Barry Brown