FACT CHECK: Did Wells Fargo Impose A $1,000 Daily Cash Withdrawal Limit?

Anna Mock | Fact Check Reporter

A photo shared on Facebook allegedly shows a sign in a Wells Fargo window stating that the bank has imposed a $1,000 daily cash withdrawal limit due to “emergency conditions.” 

Verdict: False

There is no evidence for this claim. A Wells Fargo spokesperson confirmed in an email to Check Your Fact that the post is not genuine.

Fact Check:

The Department of Justice (DOJ) is expanding its scrutiny of bank mergers to include factors such as fees, interest rates and customer service, according to Politico. The DOJ’s assistant attorney general for antitrust questioned whether the guidelines, last updated in 1995, reflected current market realities, Reuters reported.

The Facebook post purports Wells Fargo instated a withdrawal limit of $1,000. The post shares an image of a paper with the warning posted on a glass door, the bank’s logo can be seen on the paper as well as other postings surrounding it.

“Due to emergency conditions and to accommodate all customers, today’s daily cash limit is $1,000.00,” the paper reads with the limit handwritten.

The claim is baseless, however. Check Your Fact found no credible news reports about the alleged withdrawal limit. The image appears to have been originally posted to a Bitcoin Reddit thread by a user claiming to be Caitlin Long, the CEO of Custodia Bank, a digital and traditional bank. However, Long tweeted on June 17 stating she does not use Reddit. 

“I can confirm that she’s not on Reddit so she certainly didn’t post that, and we’ve reported the account to Reddit,” a Custodia Bank spokesperson told Check Your Fact in an email.

“We are aware of the social media posts, and these posts are not true,” a spokesperson for Wells Fargo told Check Your Fact in an email. “As always, we invite customers to contact us if they have questions.” (RELATED: Did No Bank Collapse During Trump’s Presidency?)

Anna Mock

Fact Check Reporter