Consumer complaint received 2023-09-20
Company: WELLS FARGO & COMPANY
State: NC
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
Check was deposited in branch Monday XX/XX/XXXX at XXXX. I was guaranteed I would have XXXX $ on initial deposit and the vast majority two days later being XX/XX/XXXX that amount being XXXX $ of the total XXXX $ which was also guaranteed on the date XX/XX/XXXX in store. 

When I left the store I noticed the {$220.00} was actually scheduled to be deposited on the following business day after deposit being XX/XX/XXXX which prompted me to call customer service to ensure. 

Customer service told me this was the case and I would have to wait which I was okay with which was unfortunate but I understood she may have misspoke and the {$220.00} did deposit the next day. I specifically asked for a guarantee on the remaining funds being deposit on the business days that were agreed upon on the Wells Fargo branch which was guaranteed I had nothing to worry about and it would be deposited no issues. 
We got off the phone and I felt ensured I would have the money to pay all the financial obligations I had for XX/XX/XXXX including my daughters upcoming gifts and parties for their soon birthday party. 

I wake up on XXXX certain that the money would be in my account and I notice a notification on the app that my deposit had been delayed due to previous overdrafts prior to the initial check deposit money availability agreement set at the branch that they read and I assume had permission to guarantee knowing these prior instances Ive paid and been accountable for when I failed on my end. 

I was alerted the funds would be on hold until XXXX and then I would receive the morning of the day I was guaranteed the deposit of the funds ( XX/XX/XXXX ) via Wells Fargo App on XX/XX/XXXX at XXXX XXXX  EST ( day of large deposit and two business days later ) stating it was now on hold until XX/XX/XXXX due to repeated overdrafts over the last six months. 

The following is direct quote Wells Fargo availability of funds policy pdf found on their website directly from the Availability of Funds Policy. 
Except as otherwise explained in this paragraph, if we are not going to make all funds from your deposit available on the business day of deposit or the first business day after the day of deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to a Wells Fargo employee, or if we decide to take this action after you have left the premises, we will mail you the notice by the first business day after we receive your deposit. 

If you need the funds from a deposit right away, you should ask us when the funds will be available. 
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances : We believe a check you deposit will not be paid You deposit checks totaling more than {$5500.00} on any one day You redeposit a check that has been returned unpaid You have overdrawn your account repeatedly in the last six months There is an emergency, such as failure of computer or communications equipment We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. The funds will generally be available no later than the seventh business day after the day of your deposit. 

Not only was I given specific guarantees from the actual teller in the branch about availability with dates of the money due to serious financial decisions relying on them following the laws and standards set forth for them, I was also given reassurance and guarantees from Wells Fargo customer service after leaving the branch and arriving home and calling to clarify issues. I was guaranteed I have nothing to worry about when specifically asking if I could get a guaranteed on the funds will be available. 

This leads me to calling Wells Fargo customer service today and then them telling me telling me theyll file an internal complaint based on my concerns and it could be two days. I just recently called and spoke with someone higher up who said due to the nature of the check the actual reason was I would have to wait for the check to expire and get a new check which has no timetable on time Ill never get back, monetary things I can lose, and family commitments I am currently fighting in other areas to find a way to make happen. All of this resulting in missing financial obligations that will permanently negatively impact me and reflect my character in the eyes of any financial based trust but also to my immediate family as I had obligations to the birthdays of my children which are less than a week away and Wells Fargo following the law and honoring their commitments or just actually trying to be proactive and fix the situation could have prevented. Now the accountability will fall onto me which Ill shoulder but I dont feel I was treated close to fairly and like it didnt seem to matter my circumstances of how much that amount of money was depended upon for my family. I dont want others to deal with the consequences of a company supposed to be trusted with your money and having that fall onto how people view their character and ability to follow up on their financial promises. 

Bottom line I feel many laws and regulations in the federal code of regulations have been blatantly and knowing violated by Wells Fargo only viewing the money being the issue and not the principle of the rules they claim to follow and what they claim to abide by in their Availability of Funds Policy. I feel it has been unrightfully pushed towards myself being at fault just as everyone around me may think but I firmly believe the treatment from Wells Fargo was unprofessional and unjust to the core principles and laws they follow. I will have to carry the consequences of them not following the bare minimum regulations and laws and regulations set for them and also regain the truth of the entities and individuals I made commitments to based upon trusting they would follow the laws and their Availability of Funds Policy standard to which they claim to follow. 

If theres anything Ive forgot I apologize and if some of this may seem upset its because of the impact not only at a financial level via serious financial commitments but commitments to my significant other and children and them questioning my character and trust in following through on my commitments. 

I honestly never expected to experience something like this but the amount may seem small but it was life saving for immediate financial situation my family is in. 

Thank you for reading this and taking time to try to help me come to terms with this.

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