he deposited a $10,000 check into ann's account at wells fargo bank. however what happened after that came as a shock. >> they thought the check was fraudulent and cancelled att kth and didn't want to see her again. >> wells fargo bank refused to give ann her 10,000s skpdz the bank abruptly closed her account and told her go away. the only explanation? the bank claims the check was a fraud. >> i didn't know what to think or why they'd think it was fraught fraud lent. >> it made no sense. the check had been cashed by wells fargo and money had been taken out of mire on's account. these documents prove it. here is a cancelled check with a stamp on the back. the wells fargo slip shows he deposited the $10,000 into his daughter account the very same day. and here, mire on's account shows $10,000 came right out of his checking akt at west america bank in petaluma. >> they had the money z it's a strangest thing i've seen. you can't find anyone to talk to. >> wells fargo would not speak with mire onabout what happened citing privacy laws. the bank would not sp

next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing busi

the state of the economy with wells fargo chief economist john silvia. and later, silicon valley's love affair with failure. our reporters from dow jones venture wire deborah gage and tom jiles of "bloomberg business week" this week oppress press. good morning, everyone, i'm scott mcgrew. the housing market is recovering, or maybe it's not. inflation is a big worry, or possibly, it isn't, either. there's a lot of conflicting information out there about the economy about everything from the deficit to financial reform and a lot of so-called experts. now, when we have questions, we turn to the chief economist of one of the biggest banks in the nation, john silvia runs a team of economists for wells fargo. he's been named one of the best in the nation by both "bloomberg" and "usa today," joined by deborah gage of dow jones venture wire and tom jiles of "bloomberg business week." i don't think we can start any discussion without addressing japan first. this is a show that is pretaped before the sunday morning time slot, so things may have changed. >> yes. >>

we showed all these documents to wells fargo bank.k deliver a check to myron's daughter in los angeles right away. >> she went into the bank and said she wasn't going to leave until she had the 10,000 dolla dollar. >>reporter: myron says his daughter sat in the bank for 2 hours until finally the check was in her hands. wells fargo tells us it only needed a letter of indemnity from west america bank stating the check was valid. once myron provided that letter, the bank returned the money to the family. wells fargo did not explain why the check was deemed fraudulent in the first place. >> 7 on your side finally solved it. we were just happy to get the money back. i thank you very much. >>reporter: wells fargo still can't explain to receive on your side how it can take 10,000 dollars out of myron's account nearly a year ago and yet still question the validity of the check. the bank claimed it has been holding the money in a separate account all this time the which was news to myron. comptroller of the currency did he children to comment

here's the cancelled check with the wells fargo stamp on the back.on deposited $10,000 into his daughter's account the very same day and here it shows the $10,000 came right out of his checking account at west america bank in petaluma. >> they had the money. it's the strangest thing i've ever seen. you couldn't find anybody to talk to. >> wells fargo would not even speak to myron about what happened citing privacy laws. the bank also would not speak with ann saying her account no longer existed. >> it was a catch 22. i can't get the money because i don't have an account with them and my daughter can't get the money because they closed her account. >> the way myron saw it, his money had been stolen so he reported this to the federal comptroller of currency which makes sure banks obey the law. surely the feds would make this right. >> that didn't work either. wells fargo got out of the complaint by saying this gentleman doesn't have an account with us and so there's nothing we can do for him. >> the federal agency closed the case. no one would listen.

. >> wells fargo bank refused to give anne the $10,000. they abruptly closed the account and told her to go away. the only ex play nation, they claim the check was a fraud. >> didn't know what to think. >> indeed, it made no sense, the check had been cashed by wells fargo bank and the money had been taken out of myron's account. these documents prove it. here is the cancelled check with the wells fargo stamp on the back. the deposit slip shows that he deposited $10,000 into the daughter's account the very same day. here, myron's bank account shows the $10,000 came right out of his checking account at west america bank in petaluma. >> they had the money. it's the strangest thing i've ever seen. you continue find anybody to talk to. >> wells fargo wouldn't talk to him citing privacy laws and they said her account no longer existed. >> i can't get the money because i don't have an account with them. my daughter can't get the money because they closed her account. >> the way myron saw it his money had been stolen. he reported this to the feder

here's the cancelled check with the wells fargo stamp on the back.ron deposited the $10,000 into the daughter's account the same day. the $10,000 came right out of his checking account at west america bank in petaluma. >> they had the money. it's the strangest thing i've ever seen. you couldn't find anybody to talk to. >> wells fargo would not even speak with myron about what happened citing privacy laws. the bank also would not speak with ann saying her account no longer existed. >> in other words, catch 22. i can't get the money because i don't have an account with them. and my daughter can't get the money because they closed her account. >> the way myron saw it, his money had been stolen so he reported this to the federal comptroller of currency which make sure banks obey the law. surely the feds would make this right. >> that didn't work either. wells fargo got out of the complaint by saying this gentleman doesn't have an account with us and so there's nothing we can do for him. >> the federal agency closed the case. no one would listen. >> and t

turns out there's seven gifted kids in ashley's class of nine. [ male announcer ] wells fargo. with you when it's time to save. ♪ ♪ eat well, live long ♪ have a good daisy, work out, get strong ♪ ♪ when you need a lift, just sing a song ♪ ♪ and have a good daisy ♪ have a good daisy with a natural treat ♪ ♪ have a good daisy, healthy foods to eat ♪ ♪ when you want some joy, dance to the beat ♪ ♪ and have a good daisy [ female announcer ] enjoy the fresh, 100% natural choice in cottage cheese. ♪ have a good daisy ♪ have a good daisy >>> a soldier from alameda has been killed in afghanistan. eric true true blood died. the come back unit was hit an i improvised explosive device. >>> loved ones are remembering a man shot and killed 6 months ago on his 35th birthday as he and his fiance were walking home from a party. friends and family of the man had a block party to honor his member i they hope a $17,000 reward will bring information to find his killer. >>> a bay area icon will celebrate a milestone next year, the golden gate bridge turns 75 and plans include including a more welco

turns out there's seven gifted kids in ashley's class of nine. [ male announcer ] wells fargo.ith you when it's time to save. ♪ [ music ] >> the head of u.s. forces in libya said today coalition forces have made progress when it comes to enforcing the no- fly zone over libya and installing forces loyal to moammar gadhafi. but the goal of u.s. involvement to some still remains unclear. >> reporter: record midway through his latin america tour president obama said in chile that the u.s. world in libya will soon shift to a supporting one. >> we have a range of coalition partners. the europeans, members of the arab league who will then be participating in establishing a no-nine zone there. >> the transition will come in days and not weeks, the president added, with leadership likely to be taken by nato if not an ad hoc command for other countries in the region. >> the u.s. had certain capabilities that were brought to bear in the early stages. and we believe we do have broad support. >> reporter: the consensus from u.s. officials is that the allies have been able to slow moammar ga

turns out there's seven gifted kids in ashley's class of nine. [ male announcer ] wells fargo.h you when it's time to save. ♪ then.. >>> the near 1987 plays a bill role in tonight's sportscast because san jose state hasn't been this hot since then. wac tournament, they are down 1 to hawaii, but then adrian oliver puts them on top. hawaii had one last chance to win, listen to the finish. no , and san jose sta [ buzzer ] so the buzzer sounded before the tip-in, the basket is ruled no good, they pull out a huge win 75-74, guaranteeing their first winning season in 17 years and its highest win total since 1987. >> why do you need to wreck this. >> that year charlie sheen played bud fox in "wall street." walk like an egyptian topped the charts, gas cost 95 cents, the year 1987. >>> >> i remember that. >> stanford trying to keep hope alive for an ncaa bid. jeremy green, stanford within 1 point. down 2 now, 7 seconds left. the ball is in green's hands again. this time, he is caught in a trap. time expires, stanford loses and their season is over. >>> how about the warriors and the net

i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is for them. on getting a loan through my side of the bank, i do not require an account to do that. we would like to have it, but i do not require it. >> last question for the opportunity fund and a critic representative. are you a cdfi? is san francisco and s.p.a. in support of cdfi's being established in san francisco? >> yes, we are. we were founded in 1999 with a small business loan. that is how we started our tenderloin office. >> opportunity fund is a certi

. >> reporter: kevin hicks blames wells fargo for that when they unexpectedly closed his credit card,oints. >> my credit history with them was 12 years, once they cancelled my card it -- the system looks at your next card that you have open and that's only like four years. >> reporter: not only did closing his oldest card decrease his credit history. but with its $37,000 limit, closing it significantly impacted his debt-to-credit ratio. >> seems to me like i wasn't paying them enough money maybe? >> in the wake of the financial crisis over the past couple of years, they have been cutting credit across the board. >> reporter: jacob gibson with the financial website nerdwallet says prior to the recent card act, banks were allowed to charge customers for the privilege of carrying unused credit cards but since they can no longer charge, they're reluctant to keep those inactive accounts open. >> they are definitely in the business of penalizing inactivity. they don't want you to have one of their cards that you don't use because they don't make any money. >> reporter: if you have a card wi

last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i want to thank speaker pelosi for putting this together. i want to thank all of the of for coming out on a smell it -- snowy san francisco date. [laughter] we've been told we should get us know when we go back outside. not sure what to expect. second, i thank speaker pelosi for all the work she did to support the jobs act and before that, the stimulus bill, the original american recovery act bill that allows sba to be able