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    MRice54's Avatar
    MRice54 Posts: 2, Reputation: 1
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    #1

    Mar 6, 2012, 09:43 AM
    Can wells fargo garnish my business account?
    Hi,
    I own a Sole Proprietorship in a very small volume business and have a business account with Wells Fargo and a personal (my Name only ) CC with them as well. Times are tight and they keep asking for payment and mention funds in the Business account and can see some resources but not much at this time. Can they close, garnish my Sole P business account to pay a monthly payment or pay down the 9900.00 owed? At this time about 45 days late.

    Thank you.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Mar 6, 2012, 09:48 AM
    Quote Originally Posted by MRice54 View Post
    Can they close, garnish my Sole P business
    Hello Mr:

    It depends on your agreement with the bank, but in the ordinary course of events, they'll need to SUE you first. But, once they have a judgment, they'll TAKE what they want.

    excon
    MRice54's Avatar
    MRice54 Posts: 2, Reputation: 1
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    #3

    Mar 6, 2012, 09:55 AM
    Thank you Excon, Will consult with legal shortly for a total summary of what to do with business in this year.

    Best Regards,
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