Consumer complaint received 2021-01-14
Company: WELLS FARGO & COMPANY
State: TX
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
" ORIGINAL COPY OF LETTER HAS BEEN UPLOADED WHICH INCLUDES DETAILS, NAMED WELLS FARGO COMPLAINT LETTER '' RE : WELLS FARGO COMPLAINT/ REGULATION CC Trust takes years to build, seconds to break, and forever to repair. When I think back on this last sentence, this is how I feel in regards to my relationship with Well Fargo Bank. From my personal experience, its a relationship that has soured quickly ending in a breakup. Wells Fargo has a well-known reputation for its deceptive trade practices that go back at least a decade, so much until consumers and regulators have pursued claims against Wells Fargo for a variety of illegal tactics. When looking at my situation, it relates to violations that deal with the Dodd-Frank Act of 2009 and FIDCs Regulation CC :., which I will be referencing within my complaint against Wells Fargo in the next paragraph, titled the Summary of Complaint. 

Summary of Complaint : On XX/XX/XXXX, between a window of XXXX to XXXX, I deposited a personal check, made out from my wife to me, in the amount of {$2600.00}, at Wells Fargo Bank, by method of ATM, located behind the branch at the address of XXXX XXXX XXXX  XXXX, XXXX, TX XXXX into my personal checking account, ending in XXXX. Once deposited, I received my atm card where on screen I was prompted with a hold time of up to two business days from the date of the XXXX, being XX/XX/XXXX, Wednesday. On XX/XX/XXXX, between a window of XXXX to XXXX, I revisited the same Wells Fargo Branch Located XXXX XXXX XXXX XXXX, XXXX, TX XXXX to obtain temporary checks, which are sold in 3 counts for one dollar peace. I needed these because I didnt have any checks on the account ending in XXXX in order to compensate my attorney ( XXXX XXXX ) located in XXXX Louisiana, in the amount of {$1600.00} dollars. This amount was needed in regards to a XXXX  XXXX  transaction. Furthermore, the attorney doesnt accept credit card payments over the phone and doesnt accept payments online. It was during that time while at Wells Fargo I inquired about the availability date of the deposit I made the night before from the teller by the name of XXXX who was processing my transaction for the temporary checks. I was informed by XXXX that my deposit would be available on XX/XX/XXXX, no time was provided. Later on that day, I used one of the Wells Fargo Checks in order to pay my attorney, which I then placed in a XXXX  folder to be mailed out first thing in the morning. On XX/XX/XXXX, I made a call at XXXX XXXX  which lasted for ( XXXX Minutes RECORDED CALL ), to verify the availability of funds and to see if the hold on my deposit of {$2600.00} was released. It was on that call that I learned that my funds were being held for an extended period of time by Wells Fargo all the way till XX/XX/XXXX, exactly 10 days, plus the two days that the deposit had been on hold since depositing on XXXX of XXXX at the Wells Fargo ATM. I was informed of this new availability date while on the phone using the automated system. Furthermore, the other reason that I heard through the automated system was that the funds were being held for verification. When a representative became available I asked to be transferred to an escalation specialist. Once transferred to an escalation specialist, I was informed again by the representative that the hold was due to verification of funds that were uncollectable. He then went on to mention that since the account had been in the negative, that this was also a reason. I responded back by stating Wells Fargo was also responsible for this because they activated overdraft protection on the account when I never requested this feature during the initial set up of the account, ( The original paperwork will show that I never asked for overdraft protection on this account ). I explained this to the specialist who I later hung up on because the call was going nowhere. That 1rst call lasted for 10:12. After the first call, I made a 2nd phone call at XXXX XXXX  which lasted for ( 33:27 Minutes RECORDED CALL ) as of ( XX/XX/XXXX. XXXX ), where I again was prompted about the new date they were holding my funds for, XX/XX/XXXX, and the hold reason, the funds were uncollectable. I again asked to speak to an escalation specialist who felt would provide me a little more clarification. When speaking to this specialist upon my inquiry, he informed me just as the previous representative before him regarding the hold reason, was because the funds were uncollectable with the same hold date of XX/XX/XXXX. However, I noticed during the call he was uncomfortable based on the questions I was asking. I told him that none of what he or what the previous representative had shared with me was not making any sense because I should have been made aware of this development while at the branch getting the temporary checks or I should have been notified by a phone call or email. The other reason I felt there was a problem was based on my knowledge of my wife 's take-home amount and my knowledge of FDIC, which related to Regulation CC. They just kept telling me that the funds were uncollectable. REGULATION CC concerns Making funds available for withdrawal within the times prescribed by the regulation and Providing funds availability disclosures and notices to customers. 

While on this call, the same escalation specialist informed me that Wells Fargo XXXXs Loss Prevention Department oversees and places holds on all financial instruments which he provided me with the phone and fax number along with the hours of operations to the department. He also said that if I had proof that the funds were available and if I could show it, then they would reach out to XXXX Bank to verify the funds for release. After the call, I had my wife check her XXXX account to see if the check she wrote to me cleared. Upon logging in and looking at the account, not only did we both notice that the {$2600.00} written to me was at one point in time available to her within her average daily balance, meaning it would clear, but we also noticed that Wells Fargo was able to collect the funds on the XXXX of XXXX that they had informed me were not collectible. At that point, I knew they had lied to me when they kept saying the funds were uncollectable when clearly they were. I just dont know the time when Wells Fargo had processed the check. At this point, I was very upset with them because I had been a customer of theirs for almost nine years. But within those nine years, we had our differences regarding the way they processed my transactions where they would take a deposit that I either made into my personal checking account or that were directly deposit into my business checking account where the deposited amounts or pending withdrawals that were scheduled to hit my account would be re-ordered with there banking software by taking the smallest withdrawal item or several of them then so that I would receive an NSF on each line item only for those fees to eat directly into what I had available or it would eat up my available balance which would then blow up my entire account. By the time they were finished with me, I was in the negative when I knew full well something they did wasnt right. In the middle of last year, I was in the process of trying to reorganize my business and make things better by applying for the PPP program so that I could get moving again. The Covid Pandemic really placed my business in a malignant state of affairs when it shouldnt have been. But due to Wells Fargo 's previous issues and consumer abuses followed by reprioritizing commercial loan applications in favor of bigger business customers that were also applying for the PPP program, they closed my account. I was in the process of taking care of a small negative balance that I had. That business account had all my transaction history that was related to my business which showed my earnings and expenses. Because of what they did I now wasnt able to participate in the PPP program with another financial institution or any federal agency because now I had no proof of financial history in regards to my business banking history. 

On ( XX/XX/XXXX XXXX, at XXXX XXXX, I made the 3rd phone call to XXXX XXXX XXXX XXXX Department lasting ( 27:38 Minutes RECORDED ) where half of the call I was on hold waiting to speak to someone. When the Loss Prevention Specialist was available, I asked the reason why my funds were on hold again, where I was again informed by this representative for the 3rd time that the reason for the hold was because the check wasnt collectible and they couldnt verify funds. I rebutted that his statement was false because I was able to look at my wifes XXXX Account where we both saw that Wells Fargo actually collected the funds on XX/XX/XXXX. When I informed the representative of these facts, his demeanor changed where he was becoming more cooperative. I also made him aware of what I felt the actual reason was in regards to Wells Fargo taking the position they took with my deposit and my account. I stated that the real reason was to generate NSF FEES on transactions that it felt they would gain from in respect to the line items that would come through the account due to the extended hold time they placed on my item for ten days. The representative stated that he could reverse it and that it would be no problem and that all I needed to do was to show proof that the funds were collectible even though I made him aware that my wife was on this call as well while she was looking at her account. When I asked why again for the 9th time as to why they had lied to me and put me through a bad situation just so they could generate fees, I was not provided a reason for why they did this. They just kept on saying the funds were uncollectable but never stated the reason why, even though REGULATION CC : states that if this happens, the bank and its representatives must provide Reasonable Cause to Doubt the Collectibility of a check -- meaning doubtful collectibility may exist for post dated checks, checks dated more than six months earlier, and checks that the paying institution has said it will not honor. However, the check made out to me was not post-dated. The general criterion for doubting collectibility is " the existence of facts that would cause a well-grounded belief in the mind of a reasonable person '' that the check is uncollectible. The banks reason for their belief that the check is uncollectible must be included in their notice to the customer. Since I was on the phone with the loss prevention representative, followed by the other two previous representatives, and the two times I heard the message concerning my account through the automated system, these valid reasons werent given. In short Wells Fargo as I knew, had lied to me only to think I was an uneducated customer who wouldnt research or not know what to look for. Later on that day, between a window of XXXX and XXXX, my wife and I drove to a XXXX  branch, located at XXXX XXXX XXXX XXXX XXXX, XXXX, TX XXXX where we obtained the verification that was needed for my meeting with a personal banker at a Wells Fargo Branch regarding the deposit, scheduled for XX/XX/XXXX at XXXX, address of XXXX XXXX XXXX XXXX, XXXX XXXX, TX XXXX. The meeting was conducted by XXXX XXXX where I addressed my concerns to her and filed a formal complaint against Wells Fargo which she documented in her system, ( COMPLAINT XXXX ). She also informed me that the funds that were once on hold were now released. I didnt understand that part because I was told by the loss prevention representative and the escalation specialist that I needed proof of the transaction first in order for them to proceed in releasing my funds by contacting XXXX Bank. There was an additional 11 or 12 alphanumeric strand that is a part of the proceeding numbers I just provided within brackets but I cant make out one of the numbers that were provided on the back of her business card. I was told that my complaint had been taken and that I would receive a phone call from the date of our meeting. Currently, it is XX/XX/XXXX, and I havent received a phone call from a XXXX XXXX of Wells Fargo or a representative. The only communication I have received was from the personal banker who took the complaint to see if anyone has reached out to me. Im not sure what is going on but XXXX very upset and Im ready to end my relationship with them in regards to what they were attempting to do to me and the fact that they lied to me over the phone XXXX different times and possibly at the branch while in the drive-through when conducting my transaction. The biggest insult of this entire situation was when I received a letter from the Wells Fargo XXXX XXXX XXXX on the XXXX where in that letter they tried to cover it up in the form of lying, all the way down to the deposit date. First, the letter was dated for XX/XX/XXXX. In the letter they stated that the We delayed the availability of funds you deposited in order to review the check XXXX XXXX ). Based on that review, we made the funds available on XX/XX/XXXX. It says a little more but that was the most important, but false part of the letter. I find this part funny but still angry because I knew they were lying based on the recorded conversations that I have of the calls, followed by the fact the envelope that it came in was first postmarked for XX/XX/XXXX. The next thing that I saw was the deposit date, which was XX/XX/XXXX, when the actual deposit date was XX/XX/XXXX, which can be confirmed by a XXXX phone call conducted as of XX/XX/XXXX at XXXX which lasted for ( XXXX Minutes RECORDED ) by another personal banking representative. At the same time Wells Fargo didnt release the check based on their so called review, they released the check based on the XXXX call with the Loss Prevention Representative on XX/XX/XXXX, at XXXX PM, where in that call he told me that the hold date of the funds was on XX/XX/XXXX where the reason provided was that the funds were uncollectable. His demeanor changed when I informed him that I not only knew that they collected the funds on XX/XX/XXXX, but I also had physical proof in my possession from XXXX Bank in the form of a certified document that shows the actual draft date being the XXXX that verifies the fact that Wells Fargo collected the funds and they knew that I had caught lie. But instead of being honest, they lied stating they released the funds on XX/XX/XXXX. Its not hard to do the right thing. People dont do the right thing because it always works. You do the right thing because its the right thing to do. Why cant Wells Fargo do the right thing versus what they have done to me. 

The level of dishonesty XXXX me off because of the trust that I had with them at one time, however, over time Wells Fargo just kept on conducting themselves in a fashion that now causes me not to believe anything they say or trust them anymore. Its not right that they are allowed to do what they want to customers who trusted them, including myself with what I had. I would like to see if something could be done to them in terms of legal action or if possible a lawsuit, where they are held accountable for their actions. Meaning had I not been proactive and fought them as I did, my account would possibly be in the negative, or the real estate transaction that was being worked on for me would have been either canceled or delayed do Wells Fargo placing me in the negative. Furthermore, I will also say that from the boldness of their actions that this isnt Wells Fargos first time in doing this to their customers in regards to what I have just experienced. I see them as a predatory institution that lacks the will and ethical fortitude to care for the customers that trust them with their finances. If I cant trust them regarding this incident, why would anyone else? I want a solution to this problem and I want them punished. 

P.S. I have recorded and saved all 4 conversations that involve this matter and have a copy of the proof that shows that the funds were collectible when Wells Fargo Bank stated they were not and I have a copy of the letter that I Wells Fargo mailed out to me I willing to physically mail this information to whatever address you request it be mailed too that verifies everything I have stated within electronic communication and will attach and upload this information as well in regards to the acceptable format, which include the letter they mailed me where they lied, which will also include a copy of mail date of the envelope and what's on paper along with my information from XXXX Bank. I have included my contact information and email address below. 

PS : " ORIGINAL COPY OF LETTER HAS BEEN UPLOADED WHICH INCLUDES DETAILS, NAMED WELLS FARGO COMPLAINT LETTER '' Contact Information Please Help Sincerely,

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