Consumer complaint received 2019-04-10
Company: WELLS FARGO & COMPANY
State: NJ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On Thursday XX/XX/XXXX ', I deposited a check in the amount of {$2100.00} at a Wells Fargo bank ( my bank for personal checking ) in XXXX, Maryland, where I travelled for business. I was told by the bank teller that the first {$400.00} would be made available at the time of the deposit ( which it was ) - with the remaining {$1700.00} available on Friday XX/XX/XXXX ', XXXX ' ( which it was as well ). On Friday XX/XX/XXXX, I withdrew {$2100.00} from my account, which was cleared from the check that I deposited XX/XX/XXXX - and approved by Wells Fargo on XX/XX/XXXX '. I continued to conduct debit transactions over the weekend of XX/XX/XXXX as normal - as I still had a positive balance of {$1000.00} from previous deposits. On Monday XX/XX/XXXX ', I received an email alert from Wells Fargo stating that there was a Stop Payment Order was placed on the check that I deposited from the " maker '' of the check, and the only way to clear the order was to receive a Proof of Funds letter from the maker 's bank - XXXX XXXX of New Jersey. I contacted the maker of the check, who stated that they did not request a Stop Payment Order. OlI escalated this issue to Executive Customer Service at Wells Fargo XX/XX/XXXX, and made them aware that the maker of the check did not request a Stop Payment Order - and confirmed this by allowing me to conference in with his Branch Manager at XXXX XXXX. The Branch Manager for XXXX XXXX wanted to know why Wells Fargo ( my bank ) was requesting a Proof of Funds Letter from the bank regarding the maker, and agreed to a telephone conference involving Wells Fargo and myself. During the conversation, Wells Fargo requested the Proof of Funds Letter from XXXX XXXX, and the Branch Manager refused - citing Client/Account Holder Privacy. When the Branch Manager asked why Wells Fargo needed this letter - Wells Fargo cited " internal policy ''. The conference call ended with neither bank cooperating with the other - and no resolution to the issue which was not created by me. As a result of this situation, my account balance at Wells Fargo went from having a positive balance to now being negative - {$1200.00} and increasing, due to debit purchases that were made over the weekend of XX/XX/XXXX being returned - and future ACH debits posting into my account on XX/XX/XXXX In addition - Wells Fargo is charging me overdraft fees of {$35.00} for each transaction that they returned from the weekend of XX/XX/XXXX, due to the situation that they created. I don't know of any other bank that makes the full amount of a check deposit made available within 24hrs - then takes the available amount away ( 2 ) business days later for what they say are " internal policies ''. I'm also concerned about the lack of cooperation between banks on transactions that take place between each other on behalf of their account holders. I need the CFPB 's assistance in getting this issue resolved immediately. I want the check deposit of {$2100.00} approved immediately, and all overdraft charges reversed - as I have previously signed up for a version of Overdraft Protection that Wells Fargo offers. This particular issue has been ongoing since XX/XX/XXXX ', as this is a check that I receive from the maker on a monthly basis. - However, this is the first time where they've allowed the deposit to go through within 24hrs - then take it away due to an issue like this. Please assist me in getting Wells Fargo to resolve this issue - and to amend their broken " internal policies ''. Although they are the nation 's 3rd largest bank - There is a reason why Wells Fargo has the negative reputation that they have. At the very least, they should be fined, if not shut down. They are a disgrace to the banking industry.

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 monetary relief