Product: Checking or savings account

XXXX XXXX, XXXX XXXX XXXX XXXX Qualified Income Trust XXXXXXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX NY XXXX XXXX Mobile : ( XXXX ) XXXX XX/XX/year> Consumer Financial Protection Bureau XXXX XXXX XXXX Washington , DC XXXX https : //www.consumerfinance.gov/complaint Subject : Complaint Against Wells Fargo for Unfair and Deceptive Practices Mishandling of Fiduciary Account, Delayed Disbursement of Funds, and Internal Control Failures Dear Consumer Financial Protection Bureau , I am filing this formal complaint against Wells Fargo Bank , N.A . for its unfair and harmful handling of a XXXX XXXX XXXX ( XXXX  ) account, including the premature closure of the account, delayed return of the funds, and clear evidence of systemic internal control and reconciliation failures that could result in substantial consumer harm. 



Account Details Account Name : XXXX XXXX XXXX XXXX XXXX XXXX XXXX Address : Wells Fargo, XXXX XXXX XXXX XXXX, XXXX XXXX, FL XXXX Summary of the Issue On XX/XX/year>, Wells Fargo issued a letter stating that documentation issues related to the account could be corrected within 20 days. Despite this, the bank closed the account prematurely on XX/XX/year>, just eight days later, violating its own written grace period. 



The account was closed due to errors made by Wells Fargo in processing the account-opening documentation. I, as the trustee, did not make any errors and was denied the opportunity to correct theirs. At the time of closure, the account held $ XXXX no check or transfer was made to return these funds to the trust. 



After multiple inquiries, Wells Fargo took no action. I was forced to inform them that I would file a regulatory complaint if the funds were not immediately credited. Only then, on XX/XX/year>, did the bank manually credit the funds using its branch suspense accounta nonstandard process that occurred solely due to my persistence and knowledge of banking laws. 



Ongoing Failures and Consumer Risk The issue did not end there. On XX/XX/year>, nearly two months after the premature closure, I received an email from XXXX XXXX, a Senior Vice President at Wells Fargo, asking whether I had received the check. This clearly reveals that Wells Fargos internal systems still reflect the funds as pending disbursementdespite the manual credit already being made. 



This indicates a serious internal failure : The bank has not reconciled the suspense account credit against the original closure event. 

Their systems may still be reporting the funds as pending, suggesting that customer funds are either floating or potentially misreported.

Even senior-level management was unaware of how the matter was resolved. 



Wells Fargos conduct demonstrates a failure to uphold even the most basic consumer protection responsibilities : to provide timely, accurate access to ones own funds, especially in the case of a trust account established to ensure compliance with Medicaid eligibility requirements. Any delay or uncertainty in disbursement from such an account could pose serious financial harm to a vulnerable individual relying on continued access to health coverage.

Regulatory and Legal Concerns This situation raises serious questions under : The Dodd-Frank Acts prohibition of unfair, deceptive, or abusive acts or practices ( UDAAP ). 

Regulation E, which requires prompt access to account funds and clarity in account closures. 

Consumer rights under federal banking laws, particularly with regard to timely and traceable disbursement of funds. 



Requested Action I request that the CFPB : 1. Investigate Wells Fargos conduct in this matter and assess whether it represents a systemic failure impacting other consumers. 

2. Evaluate whether Wells Fargo is in violation of UDAAP or other federal regulations, including delays or failure to release funds upon account closure.

3. Ensure that corrective action is taken, including a review of internal reconciliation procedures, disbursement tracking, and account closure policiesparticularly where vulnerable consumers are involved.

I am prepared to submit all documentation, including emails from Wells Fargo executives, branch correspondence, and original letters regarding the premature closure and subsequent handling of funds.

Thank you for your attention. I look forward to XXXX  XXXX review of this matter and to any action it may take to prevent further harm to other consumers in similar situations. 



Sincerely, XXXX XXXX, Trustee XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, NY XXXX XXXX XXXX : ( XXXX ) XXXX