Consumer complaint received 2021-04-12
Company: WELLS FARGO & COMPANY
State: PA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
XX/XX/XXXX Consumer Finance Protection Bureau XXXX XXXX XXXX XXXX Washington, DC XXXX To Whom it may concern : I would like to file a formal complaint against Wells Fargo Bank because of their unrealistic limitations on when and how much money I am allowed to transfer for investment purposes. 
Wells Fargo also violated my rights and discriminates against me under the Consumer Protection Laws by having my accounts listed as an Unqualified account. 

On XX/XX/XXXX I created an electronic computer link between Wells Fargo Bank and XXXX Securities to transfer money to invest in the stock market. Once the link was completed Wells Fargo deposited XXXX cents into my XXXX account and withdrew that same amount and XXXX deposited XXXX cents into my Wells Fargo checking account and withdrew that same amount. 
At this point in time both Banks have successfully transferred money in and out of both accounts. 

XX/XX/XXXX I successfully transferred {$5000.00} dollars from my Wells Fargo checking account into my XXXX account to purchase stock. 

XX/XX/XXXX I needed to transfer another {$5000.00} dollars into my XXXX account in order to have enough funds available to purchase the stock I wanted. 
At this point in time Wells Fargo would not allow me to complete the transfer because I would exceed the limits, they had set at only allowing {$6000.00} dollars transfer in a rolling 30-day time period. 
I drove to the XXXX, Pennsylvania Branch of Wells Fargo and met with a Banker, XXXX XXXX and showed him the screen print I had copied when trying to complete my transfer. 
XXXX informed me of the limitations and that he could not help me and offered to file a complaint on my behalf. This was the first time I learned about these limitations and asked him to file the complaint and then left. 


( Pleas review the screen print. ) The screen print shows that I am trying to transfer {$5000.00} dollars from my checking account, which has ample funds for the transfer, to my XXXX XXXX account. The Frequency is once, Date is XX/XX/XXXX in the amount of {$5000.00} dollars. It would not allow me to complete the transaction because of the message at the bottom of the screen stating that I was only allowed to send {$1000.00} dollars Transfer Limits. 

XX/XX/XXXX I called XXXX and notified them that Wells Fargo had limitations and that I would not be able to transfer any more funds for the next 30 days to buy stock. XXXX informed me that they could make the transfer from their side. I placed the order for the {$5000.00} dollars to be transfer and that took place on XX/XX/XXXX. Allowing for one day settlement on the XX/XX/XXXX, I was then able to purchase XXXX XXXX stock on XX/XX/XXXX. 
Humen shareholders record date was XX/XX/XXXX, because I was not able to buy their stock on XX/XX/XXXX my shareholders record date was XX/XX/XXXX therefore, I did not receive the dividends that were paid out on XX/XX/XXXX. I lost {$75.00} dollars. I hold Wells Fargo accountable for those loses by stopping me from conducting personal business on XX/XX/XXXX due to their unreasonable transfer limits. 

Since most Banks use the Automated Clearing House network ( ACH ) for doing electronic payments without the use of paper checks, wire transfers, credit cards or cash, ACH will allow up to {$25000.00} dollar per day for transfers. 
Most Banks that use ACH have daily limits on amounts transferred, Wells Fargo is the only Bank that uses a rolling 30 day for max limits. 
XXXX XXXX is the only Bank that allows daily transfers of {$25000.00} dollars. 

I received 2 written complaint resolutions letters, one from XXXX XXXX, dated XX/XX/XXXX, and one from XXXX XXXX, dated XX/XX/XXXX. Both letters have mistakes and flaws with them. The first big problem is that neither XXXX XXXX or XXXX XXXX called me to discuss my complaint and to take the time to understand the event that took place on XX/XX/XXXX. The second problem with the letters is that neither of the letters show or reference the event that took place on XX/XX/XXXX. The third problem is the both letters give contact information, but when trying to get in touch with either one it never happens because you get a call taker that does not have the ability to transfer your call. The reference in both letters on transfer of funds from my account are stated incorrectly. Since I had reached my limit of transfers on XX/XX/XXXX, that as last transfer made by me from Wells Fargo. The 5 other transfer from my checking account were made by XXXX on XX/XX/XXXX thru XX/XX/XXXX. 

In XXXX XXXX, letter Dated XX/XX/XXXX he writes about Transfer Limitations and states To protect the security of your accounts and help prevent potential losses and online fraud, we place limits on the frequency and amounts of certain bank-to-Bank transfers to credit accounts. 
That statement does not work as XXXX made 5 large withdraws from my checking account and there were no red flags, no e-mails or text messages sent to me advising me of the withdraws. 

On page 2 at the top, it states the I can do an E-Bill payment up to {$50000.00} dollars a day, but can not do more than a {$6000.00} dollar transfer in 30 days to do personal business. Makes no sense! 

On page 2, it shows the limitations for Unqualified accounts and Qualified accounts. When asking a Banker why I was not a Qualified account, the answer was that only the Executive Branch makes that determination. On page 2 it suggests reading Online Access Agreement pages 20 to 25 which I did after receiving the letter. It does not show the limits, time periods or give any information about Unqualified accounts and Qualified accounts. 

After Speaking with a Banker, I was offered the opportunity to use Wells-Trade to do my buying and selling of stock and its Wells Fargo in house financial group. 

Am I to understand that by using Wells-Trade instead of XXXX that I would not have all these limits? Being a customer of Wells Fargo since XXXX, why am I not a Qualified account user? Why am I limited to only {$6000.00} dollars transfer in a 30-day period when ACH will allow {$25000.00} dollars transfer per day. 

A person that deals with the XXXX XXXX on a regular bases can not buy and sell stock with these types of limitations. I need the flexibility of buying and selling stock at a moments notes. When an IPO is posted by a company in order to buy that stock at a low price, I need to move quickly. Over the years I have seen as many as 3 IPOs offered in the same day. 

Wells Fargo is unfair and unrealistic with all these limits. 




Submitted By, XXXX XXXX XXXX XXXX XXXX XXXX XXXX Ct. 
XXXX. XXXX XXXX E-mail : XXXX XXXX XXXX XXXX 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