Consumer complaint received 2023-04-06
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
Cover Letter I am writing this letter to express my dissatisfaction with the recent decision of Wells Fargo Bank ( WF ) to close my bank accounts and credit cards without any prior notice or explanation. This has caused me a great deal of inconvenience, stress, and has put me in a difficult situation.

I have been a loyal customer of WF for over 20 years and have always maintained a good standing with the bank. I have never had any issues with my account and have always paid my bills on time. However, I was surprised to receive a letter from the bank stating that my account had been closed due to " internal policy reasons ''.

This decision has caused me a great deal of inconvenience as I have several pending transactions and bills that are due to be paid through this account. I have been left without access to my funds and have been unable to make any new transactions or payments.

Furthermore, the bank did not provide me with any explanation or warning regarding the closure of my account. This lack of communication has made it difficult for me to understand the reasons behind this decision and to take any necessary steps to rectify the situation. 

I request you to kindly investigate this matter and provide me with a satisfactory explanation as to why my account was closed. I also request the bank to provide me with the necessary support to resolve this issue and to ensure that I can access my funds and make any pending transactions as soon as possible. 

Thank you for your attention to this matter. 

Sincerely, [ Name Redacted ] Background On XX/XX/2023, I received a notice from WF, NA ( See A ) that they will be unilaterally closing my only checking and savings accounts ( acct # s ending with [ Redacted ] & [ Redacted ] ). I have no other checking or savings accounts with any other financial institutions. I called the number to the Prevention Contact Center ( PCC ), which was included on the letter ( XXXX ) XXXX. I spoke to two individuals at the PCC, neither of these individuals were able to provide me with any information as to why this decision was made. They simply said, it was a business decision and had no further details.

The representatives referenced an agreement that I signed when I was a minor ( approximately seven years old ) that gave WF the unilateral ability to close a bank account at their discretion. During this phone conversation, I requested they send me a copy of this signed agreement and they agreed that I would receive a signed ( by me, [ Name Redacted ] ), within seven to 10 business days. It has not been 20 business days and I have not received the promised document. I then filed a complaint, and they provided me with the following complaint number # XXXX. 

That same day, I called the WF Executive Office of Prevention and spoke to a woman named XXXX. XXXX acknowledged that I have a good rapport with WF and have been a great customer for more than 20 years. She had no access to the information that could explain why my account was closed and simply provide a vague explanation of it being a business decision. 

The following day, XX/XX/2023, I called WF Corporate Customer service at ( XXXX ) XXXX and spoke to a woman named XXXX who provided me the Executive Customer Service phone number, which was ( XXXX ) XXXX. I called that number, which was, and spoke to an Executive Office Receptionist named XXXX. XXXX said that I should receive a call from a case specialist within a few days. 

After a few days, I received a call from Executive Office Case Specialist, XXXX XXXX and provided her with the complaint number ( # XXXX ). XXXX informed me that no complaint by that number was in WFs system and that no complaint had been created associated with my account, despite the Prevention Contact Centers assurances that one had been created. XXXX XXXX then created a complaint about the issue based on my concerns, which was ( # XXXX ). 

After working with XXXX XXXX for over a week, she called to inform me that there was nothing that she could do and that my checking and savings accounts would be closed as scheduled on XX/XX/2023. This is despite the fact that I have my mortgage with WF and I signed an agreement that I would pay my mortgage using my Well Fargo checking account ( acct # ending [ Redacted ] ). Later that day, I received a secure message from WF ( see B ). Within this notice, they attached an unexecuted Deposit Account Agreement that I never signed despite their promise to provide an executive agreement. 

Today, XX/XX/2023, I received in the mail two letters dated XX/XX/2023, that both credit cards I hold with WF were closed ( past tense ) without warning or notice ( see XXXX & XXXX ). This is even though I have a XXXX credit score ( according to WF ) of XXXX ( Excellent - nearly perfect ). Today, I called the number referenced on the letters, which was ( XXXX ) XXXX. Unfortunately, I did not get the name of the representative I spoke with. The person provided me with a generic scripted response that stated the following : WF prudentially performs ongoing and continual reviews to ensure our business relationships meet our standards and the intense standards of our regulators.

When I asked why I no longer met WFs standards, the representative stated, they are not required to give specifics. I expressed my frustration with this response and the representative quickly transferred me ( unable to get name ), to the WF Customer Advocacy Department. 

After a brief hold, I was transferred to a woman named XXXX ( possibly sic ) who essentially had me read the letter I received back to her, which states : As part of our normal business operations, we periodically review account information to ensure its accurate, complete, and meets our regulatory requirements. 

I then I told her I was more than willing to provide any information to ensure my WF account was accurate and complete. XXXX said there is no information that I could provide that could address this issue. I then asked what regulatory requirements do my credit card accounts not meet? Again, she was unable to answer this question. I then requested that she opened a complaint with her department, and she provided me with the following number : XXXX. She was not able to provide me with a timeline or an expectation on when I would be hearing back. 

Based on my previous experience, I do not expect to receive fair treatment from WF and therefore am requesting your attention to this matter at your earliest convenience.

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