Consumer complaint received 2023-12-18
Company: WELLS FARGO & COMPANY
State: CO
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
Wells Fargo Bank WELLS XXXX FARGO XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX   XXXX Account Numbers : XXXX 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 sent you communications requesting that you update your physical address. As we did not obtain an updated physical address from you, we will be closing your above- referenced accounts. The accounts are expected to close by XX/XX/XXXX or you may contact the bank to initiate closure at an earlier date. 

Our decision to close your accounts is final. We reserve the right to close your accounts sooner than XX/XX/XXXX if circumstances arise that warrant an earlier closing. Also, 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 : * You may access any available funds until the Account is closed.

- We will only authorize new withdrawals or payments from your account if you have sufficient available funds in that account, or in an account linked for overdraft protection.

- We must pay certain transactions that are received for processing before your account closes, even if this creates a negative balance in your account.

- Thisincludes 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.

- If your account does not have sufficient funds, then previously established recurring payments 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.

* If you have recurring deposits ( for example, your paycheck or pension ), please redirect the deposits to a non- Wells Fargo account.

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

XXXX XX/XX/XXXX * 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.

* For Prime Checking or Premier Checking accounts that are closed : - All accounts will be delinked, and benefits no longer apply, including benefits to delinked accounts.

- You will no longer receive discounts, options to avoid fees on other products and services, or the Relationship Interest Rate.

- Any delinked accounts will revert to the Bank 's current applicable interest rate or fee at that time.

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, is subject to a legal order hold, or has pending transactions. If the continued presence of pending transaction ( s ) is causing the delay in account closure, the bank may place a block on your account to prevent the authorization of new deposits or withdrawals. After the items preventing closure are resolved, we'll proceed with closing the account 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 cashier 's check payable to you at the address above for all money due to you.

We are here to help : If you have any additional questions, please give us a call. We're available Monday through Friday, from XXXX XXXX XXXX XXXX XXXX Eastern Time. 

. If you're in the U.S, call XXXX o Option 4 for Small Business o Option 5 for Personal ( Consumer ) Accounts. If you're outside the U.S., call collect at XXXX using the country 's specific instructions for calls to the U.S. You can also call us using your countrys Wells Fargo International Access Code which can be found at wellsfargo.comXXXX

Wells Fargo Bank , N.A . 

XXXX

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 non-monetary relief