Consumer complaint received 2023-08-09
Company: WELLS FARGO & COMPANY
State: WA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
In XXXX of XXXX, I recieved XXXX deposits into my wells fargo checking account ( XX/XX/XXXX for {$5800.00} and XXXX for {$13000.00} ). I was unfamiliar with the deposit origin ( XXXX XXXX ) via XXXX XXXX XXXX. 
Immediately after, I contacted Wells Fargo and asked for additional details to see if this deposit was legitimate. According to the Wells Fargo company representative, the funds originated from a former employer ( XXXX XXXX ). 
After learning that the deposit originated from a former employer, I did not believe the deposit to be illegitimate but nevertheless, I wanted to ensure these deposits were not spent just in case this deposit was received on error. 
Wells Fargo did not inquire me about the deposits. 
Yesterday on XX/XX/XXXX, I was informed by Wells Fargo via email that all of my funds ( totaling over {$22000.00} were frozen completely ; I am unable to receive direct deposits, pay bills, mortgage and remove and of my money ). Furthermore, I was informed that all my accounts will be closed effective XX/XX/XXXX. 
Immediately, I contacted Wells Fargo at approximately XXXX on XXXX. After numerous transfers, I got ahold by a manager that went by the name XXXX. 
I asked her to resolve this issue immediately. 
She informed me that there was unauthorized deposits ( deposits from XXXX XXXX ) in my accounts and that they ( Fraud Prevention Department ) decided to, without any objective evidence or investigation, and most importantly, without notice decided to go this path. I explained to her that I contacted Wells Fargo about this issue but contested that I should I done more to raise the concern. I explained to her I've never been in this situation before. I even suggested kust reversing the transactions to resolve the problem but she declined. The conversation went south and she began to threaten me that she would not make an effort to resolve this error. 
After, I went to a local branch and tried to get accounts activated to no avail. The branch teller filed an executive complaint on my behalf. This was the only help I received. 
This all happened while I was on vacation with my family which I spent little time with them because I had to address this life altering hardship caused by my bank which I have been a customer for since XXXX. 
My wife and I had a XXXX  breakdown and are suffering from the arbitrary actions Wells Fargo took ; they were not in our best interest. 
I booked a Hawaii vacation with my family of XXXX ( which I am the sole provider for ) a year ago in which we are supposed to leave in XXXX  days and now my kids are crushed that we nay have to CANCEL OUR FIRST EVER FAMILY TRIP TO HAWAII because we have no funds available because Wells Fargo is withholding my funds. 
This XXXX subjective action someone took has completely turned our lives upside down. We just want to wake up from this nightmare. We are suffering emotionally, mentally and physically from this event. 
We are being victimized by Wells Fargo and I have researched that this bank has been systematically closing customer accounts that are victims of fraud in an attempt to cut costs investigating ( which is exactly what is currently happening to my family and I ). 
Now, my credit score is going to be impacted because I have to use my credit cards to live and have my credit run ( against my wishes ) to open up another account somewhere else. 
Please, help me Per the email : Dear XXXX XXXX XXXX : Wells Fargo performs ongoing reviews of its account relationships in connection with the Banks responsibilities to manage risks in its banking operations. We recently reviewed your account this issue, as a result of this review, we will be closing your above referenced accounts because of XXXX or more money transfers to your account reported as unauthorized. The accounts are expected to close by XX/XX/XXXX. Please note that the Bank reserves the right to close the accounts sooner if circumstances arise that warrant an earlier closing. 

Be aware that some circumstances may delay the closure of your accounts. To learn more, refer below to " What may delay account closure? '' Please review the following important information to help you prepare for this transition. 

What this means for the accounts listed above as of the date of this letter : Deposits will continue to be processed until your account is closed. 
If you have recurring deposits ( for example, your paycheck or pension ), please redirect the deposits to a non-Wells Fargo account. 

Withdrawals and payments have been blocked. 
You may no longer access these accounts with your debit card. 
No new transactions will be authorized. However, we must pay certain transactions that are received for processing before your account is closed, even if this creates a negative balance in your account. 
This includes the payment of any previously authorized transactions ( for example, debit card purchases ), but no overdraft fees will be assessed if you do not have sufficient funds in your account. 
We must also process the reversal of any previously credited deposits that are returned unpaid and may assess a returned deposited item fee. 
Recurring payments you previously established will be declined and checks will be returned unpaid. While we will not assess an insufficient funds fee on these transactions, the merchant you attempted to pay may assess returned payment fees. Contact these merchants as soon as possible to make other payment arrangements. 

Any recurring or automatic bill payments set up from our accounts will need to be canceled or changed to a non-Wells Fargo account. 

You may continue to receive standard Wells Fargo communications or notices regarding your accounts, which may refer to services or features that are no longer applicable to or available on your accounts. Such communications and notices should not be understood as impacting our decision to close your accounts. 

While overdraft and insufficient funds fees will be waived following the date of this letter, other fees may continue to be assessed in accordance with your Account Agreement.

What may delay account closure?

Account closure may be delayed beyond the date listed above. The most common reasons include : your account has a negative balance, has pending transactions, or is subject to a legal order hold. Once the issue preventing closure is resolved, we will proceed with account closure and send you a final statement. 

What happens to the balance in your accounts when the account is closed? 
If the account balance is positive at closure, we will mail a cashiers check payable to you for all money due to you. 

We are here to help : If you have questions, please call us at XXXX, Monday through Friday, XXXXXXXX XXXX. to XXXXXXXX XXXX., or Saturday, XXXXXXXX XXXX. to XXXXXXXX XXXX. XXXX XXXX. 



Sincerely, Fraud Prevention Contact Center

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