Consumer complaint received 2023-06-11
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
For background, with XXXX savings, you have the ability to put your savings money into different " vaults '' to reach goals ( ie : travel vault, home vault ). I created several vaults to help reach my financial goals with my new XXXX account. What I did not realize is that if you place money in your savings " vaults '', they are not actually in your main " savings account '' anymore ( ex : if I have {$5000.00} total savings in my XXXX account, but have {$4000.00} of that in vaults, then I really only have {$1000.00} in my actual savings account that is transferrable ). I was not aware of this. 

That being said : On XX/XX/XXXX, I tried to transfer money from my XXXX savings account to my Wells Fargo credit card account ( to pay most of my remaining balance ) - {$4900.00}. However, on XX/XX/XXXX, I got a message from Wells Fargo that my " Bank-to-Bank Payment '' was " Unsuccessful ''. 

I figured I must have done something wrong when linking my XXXX banking account ( maybe I got the account number wrong or the routing number, etc. ). So - I tried again on XX/XX/XXXX but this time with a bit more money, knowing that I had double checked the routing and account number and moved some funds around outside of my " vaults '' ( {$7200.00} ). 

On XX/XX/XXXX, I received another alert email with the title " Bank-to-Bank Payment Unsuccessful ''. At that point, I was frustrated, so didn't event attempt it again. Instead, I just paid most of my remaining Wells Fargo balance with my already-connected XXXX XXXX XXXX checking account, which went through. 

On XX/XX/XXXX evening, I went to use my Wells Fargo credit card at XXXX XXXX and got declined. I was very confused, but just used my separate card to pay. In the parking lot, I logged into my Wells Fargo account to see what the issue was, and saw immediately that my account had been closed and that I could call a certain number for more information. 

I called, and the first woman seemed confused as well. She then put me on hold for about 5 minutes and then came back and said she'd need to transfer me after talking to her leader ( higher up ). He then got on the phone and was incredibly rude, and when I asked why my account had been closed, he said for " abuse ''. I was shocked. I have never abused my credit card ( I'm not even sure what that means- he wouldn't tell me ). He said I would have to wait for a letter that would be sent via regular mail. No call, no email, just a letter that I have to wait for. I then transferred to leave a complaint. 

I have been a Wells Fargo customer since 2008 and didn't even get a call that they were concerned about my account ( nor was there an alert message in my account, nor an email saying that my account was closed altogether ). However, I did search my email and see a single email that said my account was " temporarily suspended ''. However no outreach to me occurred after that to tell me they were " permanently '' closing my account. 

I called back on Friday, XX/XX/XXXX to talk to a different person to see if I could get any more details. I mentioned that I think it may have had to do with my transfers being declined ( as there is truly nothing else that was off about my account in any way ). He was a bit more helpful and shared that it was in fact because of the transfers and that Wells Fargo 's rejected transfer limit is 2. I had no idea, and also would expect a call to verify that it was me trying to transfer funds, and to talk through any mistakes. He said my account was shut down by Security, not by Collections ( of course, because I had not been over any sort of limit ). 

He tried to transfer me to their security department, but they said they could not open my account back up. This is a huge deal- as I lose all of my credit history and my husband and I are about to put an offer on a house/ working with lenders! 

I got nowhere with my calls on XX/XX/XXXX. So called today, XX/XX/XXXX, and was transferred through regular calls to security/fraud department to customer services - everyone said the same thing- yes, it was because of these two declined transfers, yes, they are sorry, but no, they can not reopen my credit card account. They mentioned I could " apply for a new credit line '' but that defeats the purpose of keeping my credit history since 2008! 

I am at my wits end of what to do to save my account. It seems they are not going to consider it. I am awaiting the letter in the mail, but I doubt it will have any helpful information. 

I'm very concerned that I'm not going to recover my credit history ( and a bank closing my credit card will negatively impact my credit score ) over a truly honest mistake.

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