Consumer complaint received 2023-06-04
Company: WELLS FARGO & COMPANY
State: NV
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
On XX/XX/XXXX, I received a letter from Wells Fargo Bank indicating that the bank had closed a credit card account as of the same date. The letter further stated that the account had been closed following a review that found that you have defaulted on a Wells Fargo loan account. '' This statement was completely inaccurate. 

This particular Wells Fargo Bank credit card account had been established solely in my name and under my social security number in XXXX ( my wife had been added as an authorized signer at a later time ), and at no time had I failed to make a payment on or before a designated due date or otherwise defaulted on this or any other Wells Fargo loan account. As a matter of fact, as a simple review of my available credit history will readily demonstrate, I have never failed to make a payment on or before a designated due date in relation to any loan account that I have ever held with any financial institution. 

Upon further formal inquiry as to the reason for Wells Fargos XX/XX/XXXX, decision to close my credit card account, it was indicated that the loan that I had reportedly defaulted on was actually a business account held solely in my wifes name. An XX/XX/XXXX, follow-up letter directly acknowledged this latter point regarding loan account ownership by specifically stating that we are not able to identify a business account that you share with [ my wife ] Ultimately, Wells Fargo Banks claim that I had defaulted on a loan held at this or any other institution was completely inaccurate for two reasons. First and most importantly, as described above, a Wells Fargo Bank representative had formally acknowledged in writing that I had maintained absolutely no relationship to the business loan account in question. As such, I was in no way responsible for any issues that may have arisen in relation to this particular loan account. 

Second, and of indirect importance, the so-called loan default upon which Wells Fargo Bank reportedly based their decision to close my credit card account was actually the result of a failure by Wells Fargo Bank to fully process an automatic loan payment plan that had been officially established for the business loan in question earlier in the year. Again, this is of secondary importance to this complaint, as I have never maintained a relationship to the loan account in question. 

Finally, Wells Fargo Bank was informed that their claims regarding a loan default were inaccurate on multiple occasions. This ultimately resulted in my receiving a recommendation from a Wells Fargo Bank representative that I establish a new credit card account to replace that which had been abruptly closed. As such, a new credit card application was submitted in my name ( and my name alone ) on XX/XX/XXXX. This application was immediately denied, and the sole reason given for denial was late payments or other issues maintaining a Wells Fargo credit card. Once again, this statement indicated that Wells Fargo Bank was again making inaccurate claims with regard to my financial/credit history.

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