Consumer complaint received 2021-08-17
Company: WELLS FARGO & COMPANY
State: TN
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
This complaint was issue previously. In regards to the funds that was withdrawal, I have not received the remaining funds from my company PPP loan that was disbursed to the account nor have the lender who issued the loan received the funds via the lender response. My own personal business funds were utilized to pay payroll and other business related fees other than the funds that were disbursed to me for those intentions through the SBA PPP program. I need an update on this issue. Are those funds still in wellsfargo account or have wellsfargo disbursed the funds to XXXX XXXX  and if so when. 

Below is the info related to my previous complaint I received a PPP loan as well as a SBA loan for my business back here in XXXX and XX/XX/2020. The PPP loan was deposited into one business account while the SBA was received into my other business account that I held at WellsFargo Bank. I didn't utilize my WellsFargo Bank because I operated my business mostly from my other business account thats held at another bank. I was advised with the PPP to place it separately from your normal account so you can better keep track of your expenses in order to qualify for forgiveness. My WellsFargo account was mainly used for employee payroll, business utilities, and other business related expenses such as but not limited to making renovations to ensure the safety of myself as well as my employees. In XX/XX/2020, I was attempting to use my debit card and it came back rejected stating that the bank that released the XXXX loan has placed a soft hold on my account due to XXXX. I have reached out to XXXX Bank and haven't received any follow calls after numerous calls to the fraud department. I also have called customer service and visited XXXX Bank at XXXX in XXXX, TN several times and spoken with the bank rep that service my account by the name of XXXX and also have spoken with Fraud XXXX from XXXX Bank who wasn't clear of what the fraud was and stated he was closing his investigation. The reps from XXXX was also unsure of any discrepancies. I also called XXXX who serviced the loan to get information and they was going to reach out to XXXX for more information. The rep emailed me stating he didn't have any information. So I have been going in a circle since XXXX with no information pertaining to why my account was flagged for fraud when in fact I have been in business for over 16 years and my account at WellsFargo was open way before the PPP or SBA loans were presented. My accounts were just closed on XXXX and my funds haven't been released when these funds were supposed to be used for my business operational need in order to apply for forgiveness and my SBA loan is a 30 year loan. I need to hear some information soon from someone. My SBA money was in another account that was separate from my PPP and it was also placed on hold.

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