Consumer complaint received 2023-12-27
Company: WELLS FARGO & COMPANY
State: MN
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
CFPB and wells fargo failed to compete an investigation. Please see my detailed notes of wells fargo failing to include the documentation from the customer service representatives on multiple calls to wells fargo : Dear Consumer Financial Protection Bureau, I am writing to bring to your attention concerning issues I have encountered as a long-time customer of Wells Fargo for over 30 years. It appears that there are instances of predatory banking practices that warrant further investigation. On numerous occasions, I've experienced overdrafts, often coinciding with delayed deposits or what seems to be a deliberate holding of drafts to trigger overdrafts in my account. Additionally, Wells Fargo has acknowledged errors on their part, refunding charges only after my intervention. Without my proactive steps, these charges would have remained unjustly imposed. I am deeply concerned about the potential harm caused by such practices and believe that federal oversight is necessary to prevent similar instances from affecting other customers. I kindly request a thorough investigation into Wells Fargo 's banking practices to ensure accountability and safeguard the financial well-being of its customers. Thank you for your attention to this matter. 

View full complaint Sent to company STATUS Sent to company on XX/XX/XXXXXXXX We've sent your complaint to the company, and we will let you know when they respond. 

Their response should include the steps they took, or will take, to address your complaint. 

Companies generally respond in 15 days. In some cases, the company will let you know their response is in progress and provide a final response in 60 days. 

Company responded STATUS Company responded on XXXX RESPONSE TYPE Closed with explanation Company 's Response Please see the attached Bank response. 
ATTACHMENTS Final_Response_XXXX  ( 81.8 KB ) Feedback provided STATUS Feedback provided on XXXX Your feedback THE COMPANYS RESPONSE ADDRESSED ALL OF MY ISSUES No ADDITIONAL COMMENTS I am again writing to file a formal complaint against Wells Fargo for what I believe to be fraudulent banking practices that have adversely affected my account on several occasions. This has been document by the customer service agents and recorded yet Wells Fargo refuses to bring this evidence forward. Numerous times, I received notifications from Wells Fargo indicating that my funds were low, resulting in overdrafts. However, after numerous phone calls and diligent investigation, it was discovered that Wells Fargo was at fault, leading to the removal of the imposed overdraft charges. This incident has raised serious concerns regarding Wells Fargo 's banking practices, particularly in the handling of consumer funds. It appears that funds were inaccurately portrayed as low on several occasions, leading to unnecessary overdraft fees. This not only reflects poorly on the bank 's integrity but also raises questions about the security and accuracy of account information provided to consumers. Furthermore, I would like to bring to your attention that Wells Fargo has been previously investigated for similar practices. The bank has faced scrutiny for its handling of customer accounts, including cases where funds were held without proper justification, resulting in unauthorized withdrawals. This pattern of behavior is deeply troubling and requires a thorough investigation to protect consumers from potential financial harm. I kindly request the Consumer Financial Protection Bureau to conduct a comprehensive investigation into Wells Fargo 's banking practices on multiple dates and take appropriate actions to ensure the fair treatment of consumers. I believe that the evidence of inaccurate fund representation and the removal of overdraft charges substantiate the need for a thorough examination of Wells Fargo 's conduct in this matter. Thank you for your prompt attention to this matter, and I look forward to a resolution that ensures consumer protection and addresses the alleged fraudulent banking practices by Wells Fargo. 
I UNDERSTAND THE COMPANYS RESPONSE TO MY COMPLAINT No ADDITIONAL COMMENTS Thank you for your detailed response. While I appreciate the information provided regarding overdraft fees, I must bring to your attention that my case involves recorded and documented phone calls to your customer service agents. These conversations not only support my claim of fraudulent banking practices but also challenge the accuracy of the charges imposed. I kindly request a thorough investigation into the specifics of these calls, as they serve as crucial evidence in demonstrating the inconsistencies in the overdraft fees charged from XXXX to XXXX. Your prompt attention to this matter is greatly appreciated. 
THE COMPANY DID WHAT THEY SAID THEY WOULD DO WITH MY COMPLAINT No ADDITIONAL COMMENTS While I acknowledge your efforts in addressing my concerns, I must assert that the provided information does not adequately reflect a thorough investigation into the recorded calls and documented complaints made to your customer service agents. In accordance with banking law, financial institutions are obligated to conduct comprehensive and impartial investigations into customer complaints, especially those involving potential fraudulent practices. The recorded calls and documented complaints submitted as part of my complaint serve as critical evidence that necessitates careful scrutiny. It is imperative that Wells Fargo, in compliance with banking regulations, thoroughly reviews the content of these recorded calls and documented complaints to ensure a fair and just resolution. Failure to do so would not only undermine the integrity of the investigation but also potentially violate the legal obligations incumbent upon financial institutions. I kindly request that Wells Fargo revisits the investigation process, giving due consideration to the evidence provided, and conducts a more exhaustive review of the recorded calls and documented complaints. This is crucial for an accurate determination of whether fraudulent banking practices have occurred. Your cooperation in this matter is appreciated, and I trust that Wells Fargo will uphold its commitment to regulatory compliance and customer satisfaction.

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