Consumer complaint received 2017-03-15
Company: WELLS FARGO & COMPANY
State: NV
Product: Bank account or service
Sub-product: Checking account
Issue: Account opening, closing, or management

Complaint:
This complaint is in follow-up to my previous complaint Case Number : XXXX. On XX/XX/XXXX the CFPB received the company ( Wells Fargo Bank ) response to my complaint of XX/XX/XXXX. I submitted seven ( 7 ) Supporting Documents which will apply again to this new complaint. Wells Fargo 's response submitted a partial response only. Wells Fargo failed to address 95 % of my complaint including the seven ( 7 ) Supporting Documents. My complaint is in direct response to the Wells Fargo Scandal of XX/XX/XXXX where a Senate Hearing led by XXXX accused Wells Fargo of opening up bogus and fraudulent accounts for thousands of Wells Fargo customers. Wells Fargo was found guilty on every count and fined {$190.00} Million by Federal Agencies and The CFPB. The CFPB ordered Wells Fargo Bank to set aside {$5.00} Million to compensate Wells Fargo customers who were victims of their fraudulent scandal and suffered financial injury. In my complaint Wells Fargo 's Branch in XXXX, NV asked me to come in and open two new accounts due to a breach of security on my existing accounts. The Wells Fargo Managers were incentivized to open new accounts without customer approval. My existing accounts were compromised by incorrect bank routing numbers resulting in financial credit damage to my credit report and credit score over a two year period. Our research on a security breach proved that no such security breach ever took place on my existing accounts. Wells Fargo was unable to explain why a security breach occurred on my bank account and said the matter was confidential? As Wells Fargo 's response to my original complaint failed to bring up 95 % of my complaint to the attention of the CFPB is proof enough of their guilt of opening bogus accounts and fraud. My complaint now includes the reinstatement of my request for {$50000.00} as an arbitrary amount covering a two year period of proven credit damage. What difficult to understand is the CFPB 'S position on the Wells Fargo Scandal conducted by the Senate Hearing Committee which supports my claim completely while the CFPB is powerless to penalize Wells Fargo Bank? I am in total compliance with Wells Fargo 's direction to submit a an official Mediation Request Form and submitting supporting documents to justify my complaint. This process took five months to complete and on XX/XX/XXXX I was involved with a telephonic mediation session with the American Arbitration Association Mediator & A Wells Fargo officer in a two an one half hour limitation to cover my complaint. The outcome of that mediation session was a miscarriage of justice where I had no choice but to settle for {$1000.00} or nothing at all. That 's a far cry from {$50000.00} supported fully by my seven ( 7 ) supporting documents. My concern now is that after a 30 day delay by Wells Fargo Bank in responding to my first complaint they will again find a way to avoid my dispute issue with them. I am convinced I have a legitimate complaint on file with the CFPB and that a fair and reasonable resolution to my complaint has been a total waste of time. If the CFPB Is a protection bureau for all citizens who have experienced unfair and illegal banking practices what was the point of your placing a fine on Wells Fargo Bank for {$5.00} Million to compensate customers like myself? I would like an answer to that question.

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