Consumer complaint received 2022-02-10
Company: WELLS FARGO & COMPANY
State: AK
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I own a side by side duplex ; I reside in one side and rent the other side. My current Tenants have been there going on three years. They have always paid their rent on time. I have my mortgage and several checking accounts with Wells Fargo Bank. Years ago, at Wells Fargo 's suggestion, I opened a checking account dedicated to receiving rent from Tenants. My husband and I have owned this property since XXXX and have had other long term tenants. Especially with XXXX XXXX I've had the tenant deposit rent into this account. Last month the XXXX check my tenant had alerted me that he learned his paycheck deposit was Pending and didn't clear in time before he deposited his rent check into the Wells Fargo account. It was returned as NSF. The amount of the check was {$1800.00}. So the check was returned I was assessed a {$12.00} fee and he wrote me a new check which I deposited via Mobile Deposit into my main XXXX checking account without any issues or delays. On XX/XX/XXXX, My tenant advised me that he'd deposited the XX/XX/XXXX rent check. I got a notice the next day on Saturday XXXX that the check was on hold until XX/XX/XXXX. My tenant said he had verified funds prior to writing me the check and depositing it and in fact called his credit union XXXX XXXX XXXX XXXX while I was on the line with him. We both spoke with XXXX XXXX XXXX who confirmed that funds had in fact been immediately available. The deposit slip provided to me showed that the tenant received his deposit after XXXX XXXX ; he did not try to deposit the rent check with Wells Fargo until XXXX pm that day. Yet Wells Fargo has continued to insist that the ten day hold was due to NSF ; A note in the electronic notice I received said that Wells Fargo had placed the hold based on a report from XXXX XXXX XXXX XXXX XXXX, ( XXXX, a third party vendor ) that suggested Funds " May Not be available ''. My tenant and I asked Wells Fargo to verify funds with XXXX XXXX XXXX, yet Wells Fargo insisted they couldn't reach XXXX to verify funds. I went into the Wells Fargo branch and a banker tried to assist me by calling Wells Fargo Loss Prevention department which placed the hold. My banker was on hold with his Loss Prevention department for 45 minutes. He has been diligent in trying to resolve this, but so far, without success. The hold notice showed that the hold was placed based on a report from with Wells Fargo. At the Wells Fargo Banker 's suggestion, I asked my tenant to obtain a written statement from XXXX that the funds were available. He did so XXXX and I delivered it to Wells Fargo. The hold is still in place until XX/XX/XXXX and none of the funds is available despite my tenant 's attempts to show that the funds have been available. Although the initial deposit slip showed that {$220.00} would be immediately available, in fact, my balance showed that none of the deposited amount is available.

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 monetary relief