Consumer complaint: Wells Fargo " lost '' over {$2400.00} in funds from my retirement savings account and then engaged in unfair, deceptive and abusive acts and practices in an attempt to circumvent responsibility for their error causing me significant financial and emotional injury. 

In XXXX XXXX, I requested an internal transfer of {$2400.00} in existing IRA funds at Wells Fargo into an IRA Market Rate Savings account. Upon reviewing my records in late XXXX, I noticed that I had n't received account status information from Wells Fargo. When I called Wells Fargo 's toll free line to determine the current account balance, I was transferred between several different offices, none of which was able to pull up the balance. Accordingly, I went in person to their XXXX, NY branch office on XXXX/XXXX/XXXX. There, I was told that while there is a record of my XXXX XXXX transfer request, the account could not be located. 

Since it was obvious the bank had made some kind of error, I expected that Wells Fargo would take the lead in rectifying and made it clear that I expected to be sent a letter disclosing what happened and explaining how I would be made whole. This was not the case. I had to make several additional visits, make numerous calls and send e-mail before I was finally told at last that Wells Fargo corporate would investigate. Finally, in late XXXX XXXX, I was told that the funds would be made available. 

When I went into a local branch ( XXXX, NY ) to collect the funds, they had no record of the account. When I went back to Wells Fargo 's XXXX NY branch on XXXX/XXXX/XXXX, I was told that I would have to open a new account into which the funds would be deposited. I was initially told the balance would be over {$800.00} less than the XXXX opening balance of {$2400.00}. Fortunately, I had account documents showing the opening balance. I was then offered the original opening balance with absolutely no interest over the 4.5 years, no explanation of what occurred and no assurance that I would be protected from potential tax liability because of the bank 's error. I advised Wells Fargo that I would not open an account to receive the funds without a letter from them and that I expected reasonable interest. 

When I went to the XXXX, NY branch on XXXX/XXXX/XXXX, I was presented with a terse letter acknowledging the bank 's error. I was offered access to funds if I opened a new account, which I reluctantly did, telling the bank that I would be filing a consumer complaint because of their complete lack of transparency in dealing with me. 

Specifically : Wells Fargo provided absolutely no explanation as to how interest was calculated. In their letter, they claim they provided me with {$5.00} in interest for the 4.5-year- period, yet the balance they provided is only {$0.00} greater than the opening balance. It would appear I am being charged undisclosed balance fees on an account they claim they never actually opened. 

I was not provided a disclosure statement about interest and fees associated with the new account ( although some disclosure were subsequently mailed after the new account was established ) Given that I received no interest disclosure from Wells Fargo on the account over the four year period, an interest rate of 5 % would seem more appropriate. 

Wells Fargo has failed to confirm that they would indemnify me should I incur any penalties and fees as a result of their error. 

Wells Fargo 's letter to me does not really explain what happened. I would like confirmation that my identity was not compromised and that my account was not improperly accessed. 

Company response: Company has responded to the consumer and the CFPB and chooses not to provide a public response