Consumer complaint received 2023-03-14
Company: WELLS FARGO & COMPANY
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/2022 I had an appointment with a local Wells Fargo branch officer to discuss my grandmother 's accounts. I was with my mother, who was POA. I was alternate POA and am also an attorney. My grandmother had XXXX  XXXX and we were trying to make sure we understood what she had for accounts and how they were titled, so we would know what would need to be done upon her passing. We were advised her IRA was " closed '' and had been rolled into a Retirement CD. We knew the IRA had designated beneficiaries but we were told those were no longer applicable and that the CD had no designated beneficiaries. We asked for paperwork so that the account holder, who was still of sound mind, could designate beneficiaries. We were told the branch doesn't have that paperwork and we'd need to call the IRA department to get that paperwork. We were told that the only way to get the CD after death without new beneficiaries would be either an estate or a 40-day death affidavit. After leaving the branch I called the IRA department we were instructed to call and was told they would not send out new beneficiary paperwork but we could get it from the branch. I explained that the branch just said the opposite and the man insisted he would not send out any new paperwork. 
My grandmother passed away in XXXX and death notification was uploaded via Wells Fargo 's website on XX/XX/XXXX. After 40 days I submitted the 40 day death affidavit. At that time, my mother and my aunt received beneficiary paperwork in the mail, which indicated the original IRA was the account that was open and they were the designated beneficiaries of that IRA. 
Nobody at Wells Fargo seems to have an explanation as to why we were told that IRA was closed and there were no designated beneficiaries, and nobody seems to have an explanation as to why the beneficiary paperwork was not sent in XXXX after death notification was provided to Wells Fargo, but instead we had to submit an unnecessary 40 day death affidavit. The representative that I spoke with today from the XXXX XXXX XXXX, XXXX, was rude and said someone must have " dropped the ball '' but it's no big deal because it's being taken care of now. 
Wells Fargo is a perpetually difficult financial institution to deal with when it comes to estates and accessing assets of deceased individuals. This is just one glaring instance of being provided incorrect information and then being required to submit unnecessary paperwork because nobody there seems to ever know what is going on. Their " what's the big deal '' attitude is incomprehensible. The account would have been distributed differently if being distributed according to the 40 day death affidavit vs. the designated beneficiaries. We now have to inform some family members that they are not going to be receiving a part of this account, after they were told we needed their information to provide with the 40 day death affidavit. The amount of time I have wasted dealing with their error is frustrating as well.

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