Date Received: 2023-05-22
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: I am writing to report an incident concerning the wrongful closure of my Wells Fargo accounts, which has caused significant financial and emotional distress. I am hoping that your organization can help me to resolve this issue and avoid future complications stemming from their errors. On XX/XX/2023, I received two checks, each for {$16000.00}, from two, separate aunts upon the closure of my grandfather 's estate. I have attached copies of these checks and their respective deposit slips ( see attachments 1-4 ) and an email from my father, XXXX XXXX XXXX who was the attorney handling the estate and its distribution ( attachment 5 ). Because I was traveling out of the country, I authorized my father to deposit these checks on my behalf in my Wells Fargo checking account. On XX/XX/2023, I learned that four of my Wells Fargo accounts were frozen : the main checking account to which the checks were deposited as well as a shared account with my friend and two XXXX accounts for my daughters. My Wells Fargo XXXX XXXX accountwas still accessible, and I was able to use the credit card. I immediately called Wells Fargo from XXXX, and a customer service representative informed me that my accounts were frozen on suspicion of a fraudulent check : the check issued by XXXX XXXX from XXXX XXXX XXXX. The second check written by my other aunt, XXXX XXXX, for the exact same amount, had cleared. All my accounts were nonetheless frozen, and I could not access cash from overseas and was reliant upon my XXXX which is often not accepted in XXXX or in XXXX, the next leg of my trip. I was instructed by Wells Fargo to request two notarized letters - one from the check writer, XXXX XXXX, to verify that she had indeed written this check, and one from XXXX XXXX XXXX to verify that the check had cleared. Both letters had to include the date the check was made, the amount, and the check number and had to be notarized and faxed to Wells Fargo. I was given case reference number XXXX XXXX and told that my account would be closed on XX/XX/XXXX if they did not receive these documents. On XX/XX/2023, my parents went to the Wells Fargo branch to speak to them and to offer any further assistance with this investigation and its speedy resolution. I called this same branch while my parents were there to authorize these discussions in my absence. My aunt then wrote the letter requested of her stating she did indeed make the check and went to a XXXX XXXX branch on XX/XX/2023, to speak to them about the second letter required by Wells Fargo. XXXX XXXX XXXX, however, will not fax such authorization letters. It goes against their policy. My aunt explained this in her email to my father ( see attachment 7 ). In several conversations with both banks to resolve this matter, neither Wells Fargo nor XXXX XXXX were willing to find a reasonable solution to obtain the required documents to absolve any suspicion of fraud and prevent the closure of all my Wells Fargo accounts. Given the degree of suspected fraud in the U.S. and the fact that these are two large banks, it is shocking that there is no protocol for the successful exchange of documents and evidence to resolve such cases and protect their customers. On XX/XX/XXXX, a letter was sent by XXXX ( and opened by my parents in my absence ) to inform me that the account had been closed and included a cashier 's check ( see attachment 8 ). I was unable to make any further purchases with my Wells Fargo XXXX XXXX card, but I was allowed to pay the balance. Upon my return from XXXX, I tried to use my Wells Fargo Rewards account towards the balance on my Wells Fargo XXXX XXXX and saw on my online account that my balance was XXXX points. My balance is, in fact, XXXX points with XXXX points pending ( see attachments 9 and 10 ). I immediately called Wells Fargo Rewards, and I was told that my points were no longer available because they had closed my account. I asked if I could simply use these points towards my XXXX balance, and I was told no. I tried several times to speak with both Wells Fargo Rewards and XXXX XXXX regarding this and could not find any resolution. I wrote a letter ( see attachment 11 ) to XXXX regarding this on XX/XX/2023. I received a letter dated XX/XX/2023 from XXXX ( see attachment 12 ), which states that Wells Fargo handles my account, and that XXXX could not be of any assistance in this matter. As a loyal customer of nearly 15 years with Wells Fargo and having had two mortgage accounts with them ( in addition to the two checking accounts and the two XXXX ) such actions are egregious. All the evidence they required to resolve this was in our possession and we were proactive in gathering these materials and cooperating with Wells Fargo from the very beginning. Instead, both banks failed to communicate with each other due to their respective protocols, meaning any customer in this predicament would face the same actions. My accounts were frozen and then closed while I was overseas, and I was unable to withdraw cash or to use my XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DC
Zip: 20007
Submitted Via: Web
Date Sent: 2023-05-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-22
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: My initial home equity loan with Wells Fargo XXXX loan # XXXX ) started in XX/XX/XXXX for {$110000.00}. The monthly payment was {$900.00}. The loan was for 15 years with a balloon payment of {$91000.00} due in XX/XX/XXXX. At least 70 % of the monthly payments were for interest which meant the loan was not being paid down by applying more to the principal. Therefore, only {$24000.00} would actually be applied toward the loan by the time the balloon payment was due. How is this type of loan beneficial to homeowners who are trying to pay their homes ' off? In XXXX, I called XXXX XXXX to try to obtain a new loan that would result in me paying my home equity loan off and not have a balloon payment. I talked to people in the Home Equity Solutions, Home Equity, Loan Modifications, Premier Banker, Home Preservation, and Subordination Departments. I also talked to XXXX, XXXX, ext XXXX, ( do not recall what department she worked in ). No one in Wells Fargo offered a solution, they just stated that in XXXX, I would be able to do a loan modification for the initial home equity loan. This solution benefited Wells Fargo financially because they made {$91000.00} and issued a new loan for {$93000.00} to make money. In XXXX, I received a Account Overview that stated that the home equity loan would be modified in XX/XX/XXXX with an outstanding balance of {$100000.00}. The document mentioned that they are here for me and happy to have me as a customer. It also stated that Wells Fargo appreciated the opportunity to help me to continue to enjoy the advantages and benefits of my home equity financing. How could I be happy paying for a loan for 15 years and still owing {$91000.00}? This institution is not interested in assisting homeowners so they can pay off a home equity loan in positive financial way. It is about the money for them. It is obvious that there is an issue at Wells Fargo after the government fined them $ XXXX. Yes, Wells Fargo did a loan modification for me in XXXX but the loan amount was {$93000.00} with a monthly payment of {$500.00} ( new loan # XXXX ). This loan will mature in 20 years in XX/XX/XXXX. Based on the initial home equity loan and the new loan modification, I will have paid the loan almost twice. I will be paying on this loan for 35 years ( 15 years for the first loan and 20 years for the new loan ), which is more than a regular 30 year mortgage. If Wells Fargo would have assisted me years ago ( before the loan modification was done ), I could have paid this loan off years ago. This financial institution did not try or want to assist me before the balloon payment was due. Also, Wells Fargo will state that there is no documentation showing that I applied for a new loan, refinance, etc., and this is true because I was told on every occasion that there was no option for me to apply for a new loan, refinance, etc. This situation is disappointing and shows how much money I paid that could have been avoided if Wells Fargo would have worked with me for a positive solution to pay this loan off before the balloon payment happened in XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20774
Submitted Via: Web
Date Sent: 2023-05-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-23
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: Wells Fargo pulled a hard pull on my credit and claimed that they lacked correct info. XXXX notified me within minutes of the pull so it was clearly done on my account. I called to find out what was going and was told Wells wants to do another pull on my credit to fix their system error. No one would help and wasted my time last two weeks dealing with their corporate office. They told me they could remove it from my record- they now say they can not do anything. They are XXXX. Dealt with a competitor and had no issues. Wells needs to be held accountable for their inappropriate business practices.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 770XX
Submitted Via: Web
Date Sent: 2023-05-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-23
Issue: Problem with a lender or other company charging your account
Subissue: Money was taken from your account on the wrong day or for the wrong amount
Consumer Complaint: Wells fargo is holding to my money for the amount of XXXX dollars and refusing to give me my money back. They are claiming there was recall on my account and they froze my account and held in to my money. That was back in XXXX if 2022 and every time i call they say the money is in transaction to be send back to the lender. They refuse yo pay me back or put the money towards my home equity loan. They refuse to explain anything to me.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 170XX
Submitted Via: Web
Date Sent: 2023-05-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-23
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: I filed a claim with Wells Fargo regarding a merchant who charged my card at a restaurant when the manager told me my transaction would be voided out the system. However that did not happen the transaction posted to my account I have pictures of the raw food I have names on the management team and yet my claim is Denied
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89147
Submitted Via: Web
Date Sent: 2023-05-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-21
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: 2016 $ XXXX Fell behind on mortgage Loan modification requested Denied
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77493
Submitted Via: Web
Date Sent: 2023-05-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-21
Issue: Problem caused by your funds being low
Subissue: Overdrafts and overdraft fees
Consumer Complaint: Wells Fargo over charging people on overdraft protection fees
Company Response:
State: PA
Zip: 19082
Submitted Via: Web
Date Sent: 2023-05-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-21
Issue: Fraud or scam
Subissue:
Consumer Complaint: On Tuesday XX/XX/2023 a person claiming to represent Wells Fargo called to inform me money was mistakenly transferred from my bank account to a person in XXXX Florida at a XXXX store, and my XXXX daughters. This person had information only me and the bank would have. He instructed my how to have my daughters transfer the money back to me using XXXX. They did, but the {$3300.00} money never appeared back into my account and went to the fraudster. The next day I filed a fraud report with Wells Fargo and my local Sherrif. Wells Fargo transferred money from my daughter 's accounts into mine and did not replace the money in my daughter 's accounts. We are missing {$3300.00} due to this fraud and trickery and Wells Fargo has not restored the money.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-05-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-21
Issue: Managing an account
Subissue: Fee problem
Consumer Complaint: At Wells Fargo Bank I was charged overdraft fess on several occasions, two most recently, although I made the deposits before the cutoff time.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: LA
Zip: 713XX
Submitted Via: Web
Date Sent: 2023-05-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-21
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: I have checking, saving accounts with Wells Fargo I check my accounts activities on XX/XX/XXXX and there were many unauthorized transactions beginning XX/XX/XXXX to XX/XX/XXXX. My last transaction is XX/XX/XXXX for mobile depositing {$170.00} Below are unauthorized transactions XX/XX/XXXX : transfer {$4300.00} from business market rate saving to checking XX/XX/XXXX : transfer {$3200.00} from XXXX XXXX to checking XX/XX/XXXX : transfer to XXXX XXXX {$14000.00} XX/XX/XXXX : transfer to XXXX XXXX {$10000.00} XX/XX/XXXX : XXXX to XXXX XXXX {$990.00} XX/XX/XXXX : Recurring payment to XXXX XXXXXXXX {$40.00} XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX CA {$17.00} XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX CA {$21.00} XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX CA {$64.00} XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX CA {$15.00} XX/XX/XXXX XXXX XXXX XXXX {$57.00} XX/XX/XXXX XXXX XXXX XXXX {$12.00} XX/XX/XXXX XXXX XXXX 's XXXX XXXX {$20.00} XX/XX/XXXX XXXX XXXX XXXX XXXX CA {$91.00}
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95136
Submitted Via: Web
Date Sent: 2023-05-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A