Once again, a Cuban-American resident in South Florida is left seeking answers after Wells Fargo unexpectedly froze his bank account. José Antonio Orta, the affected individual, recounted to Telemundo 51 his surprise on January 29 when his card was declined during a payment attempt, only to discover it had been blocked and canceled.
Upon visiting the bank branch for clarification, Orta was informed that they required documentation. "I provided the documents, which is absurd because they've had these documents for a long time. Plus, the documentation doesn't expire. Once you're a citizen, you remain one until you pass away," stated Orta, who holds U.S. citizenship.
The decision to freeze Orta's account left him bewildered, as he believed the bank had other means to verify his history. "If it was to check a transaction, looking at my account would have sufficed. Who better than them to know what I purchase, spend, or do with my account?" he questioned.
Orta insists that he never received any notification from the bank and had to make numerous calls to uncover the situation. His account remained frozen for 17 days, disrupting his scheduled payments. "I have to see what will happen now with American Express, FPL, all the accounts set to automatically debit from my bank account, which couldn't do anything because my account was blocked," he concluded.
This incident is part of a series of measures Wells Fargo has enacted in recent months, affecting customers originally from sanctioned countries like Cuba. The issue dates back to December 2023, when the first cases began to surface. Since then, there has been a persistent call for answers from the bank, but to date, the company has declined to comment on the number of affected clients and the duration of this review process.
The company justifies the review as a necessary step to comply with regulations from the Office of Foreign Assets Control (OFAC), which mandates financial entities to verify the immigration status of customers from countries under economic sanctions, such as Cuba.
Wells Fargo's Response
Amid rising concern and dissatisfaction among affected clients, the bank issued a statement. "While we do not disclose details about specific banking relationships, we can share that our bankers strive to assist affected customers and minimize inconvenience. We are committed to providing transparency in our process and clear communication to our clients. In this case, once we received all the required documentation, we resolved the matter for our customer," they asserted.
Financial institutions, including Wells Fargo, typically have protocols in place to notify clients when document updates are necessary. These notifications are usually sent via postal or electronic mail, granting a period of approximately 30 days to comply with the requirements. However, these recent cases highlight the importance of clients remaining vigilant to any official bank communications.
As more cases emerge and uncertainty grows, many Cuban-American clients in the U.S. wonder if their accounts could be at risk, demanding greater clarity from Wells Fargo regarding these procedures. Earlier in December 2023, news broke that two Cuban-American owners of the Cubata bar in Little Havana were unable to pay their employees and suppliers due to Wells Fargo freezing their bank accounts.
During the same period, it was revealed that a Wells Fargo branch in Hialeah unexpectedly froze accounts belonging to a Cuban permanent resident in the U.S. since the 1990s and his wife, an American-born citizen.
FAQs on Wells Fargo Account Freezes for Cuban-Americans
Why did Wells Fargo freeze José Antonio Orta's account?
José Antonio Orta's account was reportedly frozen because Wells Fargo required documentation to verify his status, even though they had previously received the necessary documents.
How long was Orta's account frozen?
The account was frozen for 17 days, impacting his ability to make scheduled payments.
What justification does Wells Fargo provide for freezing accounts?
Wells Fargo cites compliance with regulations from the Office of Foreign Assets Control (OFAC), which necessitates verifying the immigration status of customers from economically sanctioned countries.