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Article: Coast sues Wells Fargo over inadvertent deposits. (Coast Savings)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 5, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Coast sues Wells Fargo over inadvertent deposits
If bankers get mad, they withhold each other's funds
Its an old-fashioned bank war in the Wild West: Los Angeles thrift Coast Savings has sued Wells Fargo, accusing the San Francisco bank of conversion and "willful, malicious and wanton disregard of Coast's rights" -- all over $92,000 Coast mistakenly wired to a defunct Wells Fargo account last October. Wells Fargo won't return it.
Problems began in August of 1989 when a regular Coast commercial borrower, General Circuits Inc. of Menlo Park, directed the thrift to wire loans to its new account with San Carlos-based Eureka Federal Savings & Loan ...