What is the name of your state (only U.S. law)? New Mexico.
I was recently laid off from a company after about 7 years of service. With money getting tight, I decided to cash out my 401k to pay off my debts (mostly credit cards). I initially called them up to inform them of my decision and was told to expect a check within 3 business days (I told them the bank account they had on file is no longer active or valid). Time goes on and nothing. I call them up again and they inform me that there was a direct deposit error and I should expect a check due to rejection within another 3-5 business days. So I'm already frustrated here because I already told them to not go that route. I wait the quoted time and still nothing. I had to call them everyday for weeks on end to make sure they did their job. A withdrawal that should have only taken a few days took almost a whole month. I finally get my checks, pay off everything and get on with my life.
I received a letter today from Wells Fargo that I was overpaid. All of the money in my account was fully vested but they claim they gave me 2k too much. They don't mention it's a tax withholding or anything of that nature, they just made a mistake. I left everything in their hands throughout this frustrating and miserable experience and now they want this money back that I don't have. What are my options here???
Any and all help is greatly appreciated!
I was recently laid off from a company after about 7 years of service. With money getting tight, I decided to cash out my 401k to pay off my debts (mostly credit cards). I initially called them up to inform them of my decision and was told to expect a check within 3 business days (I told them the bank account they had on file is no longer active or valid). Time goes on and nothing. I call them up again and they inform me that there was a direct deposit error and I should expect a check due to rejection within another 3-5 business days. So I'm already frustrated here because I already told them to not go that route. I wait the quoted time and still nothing. I had to call them everyday for weeks on end to make sure they did their job. A withdrawal that should have only taken a few days took almost a whole month. I finally get my checks, pay off everything and get on with my life.
I received a letter today from Wells Fargo that I was overpaid. All of the money in my account was fully vested but they claim they gave me 2k too much. They don't mention it's a tax withholding or anything of that nature, they just made a mistake. I left everything in their hands throughout this frustrating and miserable experience and now they want this money back that I don't have. What are my options here???
Any and all help is greatly appreciated!
