Broker Fees Left Us In The Hole

by Rita
(Decatur, IL)

We had a small amount of money invested in Dynegy stock, the investment company sold out to Wells Fargo. The fees from Wells Fargo has consumed our interest plus they now show a negative amount. Are we responsible for those charges? Can they turn those over to collections?

Reply from DebtCollectionAnswers.com:

Yes, you could be at risk for being sent to collections for that negative amount. We can't say they will do that to you but it's possible.

As for whether the charges are legal, that may depend on how they were disclosed to you. It's beyond our area of expertise though. If the amount is small, you may want to pay it to protect your credit. Or feel free to consult a consumer law attorney.