Consumer complaint received 2020-04-09
Company: WELLS FARGO & COMPANY
State: PA
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
On XXXX XXXX Wells Fargo contacted me via email to ask me if i wanted to keep my Business checking account open that had a {$300.00} + balance, and was opened in XXXX for XXXX XXXX XXXX a XXXX and continues to operate today. That account at various times had used a credit line that I personally guaranteed. During and after the XXXX Housing crash ( XXXX ) handled several hundred Wells Fargo Customers that became Clients of ours to help them avoid Foreclosure, At that time Wells Fargo claimed it supported Housing Counseling Agencies and implied it promised to give Grants to Agencies like mine which it never did, The only Grant they gave was to a XXXX XXXX XXXX named the XXXX because they sat on their Board. We were not members of the XXXX and never got any Grant Money from Wells Fargo. During that time we used the credit line which I increased to $ XXXX to meet payroll and other operating expenses. When I foungd out ( WF ) had no intentions of helping ( XXXX  ) with a Grant I realized I could not pay the $ XXXX to them due to crashing revenue drops. I reached out to ( WF ) in XXXX asking them to forgive the note because we used the money for their benefit they refused holding me to the terms as agreed. Later in XXXX the account was placed in loss mitigation and we began to negotiate a reduced balance settlement we mutually agreed to settle the note for $ XXXX. I paid as agreed that amount to the Bank on time out of my personal checking account. On XX/XX/XXXX I got an email from ( WF ) asking me if I wanted to keep the account open due to low activity. I emailed back Yes! because it was still active! Then came the Pandemic, on XX/XX/XXXX the Bank sent me a email telling me they closed the account ending in XXXX! I tried to call the office and was switched to their XXXX # call center and told the account could not be reopened once it was closed.The local Bank Branches were closed and to make matters worse I got stuck in XXXX XXXX Florida which also had most Branches closed. The Business is in XXXX XXXX Pa. When I finally got a call from loan Mitigation department they told me the representative that handled the settlement retired, and that a new person told me because it was in the loss mitigation department they decided to close that account tied to our EIN # even though that was not the account I paid the $ XXXX back from which was my personal account. A week before the Fed reserve announced the PPP Program, and in order to participate you needed to have a checking account set up prior to XX/XX/XXXX, so we could not apply for a new account and use it to apply for the PPP! The WF acted in a vicious and vindictive way when they closed the Business Account knowing full well it would prevent XXXX from applying for PPP, and in doing so hurt our Agency and will probably cause it to close. WF always hated Housing Counseling Agencies and although we handled customers from other Banks WF was the most difficult hateful Bank. I would like this matter investigated and in the end have XXXX made financially whole by WF. If I have to Litigate this mess I will reach out to the hundreds of WF and XXXX  Clients asking them for descriptions of their WF experience relative to the Foreclosure crisis to confirm their poor treatment. It is clear WF is a vindictive evil empire that should be dismantled. No Bank should be allowed to operate the way they do.. Lastly I heard a WF advertisement Stating it want to help Small Businesses succeed with helping them with the PPP!

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