Consumer complaint received 2023-12-09
Company: WELLS FARGO & COMPANY
State: SC
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
Wells Fargo has closed and frozen all funds in my new personal and business accounts due to suspicious transactions reported to them by my internet bank XXXX. Im seeking the return of approximately XXXX funds held in total by Wells Fargo. 
I opened a new account at XXXX from my bank in XXXX  via a bank transfer. I was closing my long term account at XXXX XXXX XXXX XXXX in XXXX  since I had recently relocated to XXXX XXXX and I was attracted by XXXX convenient high interest rate checking account. I planned to use the XXXX checking account to gain a higher interest rate and also to fund two new accounts ( business and personal ) that I opened close to home at Wells Fargo in XXXX XXXX XXXX. I needed a local Wells Fargo for daily banking. 
I followed all of XXXX rules to make that initial transfer to them to open the new account. The transfer went as planned. It was about XXXX. 
Once the funds arrived at XXXX, I made two transfers from XXXX to my personal and a business account at Wells Fargo following all XXXX and Wells Fargo guidelines. Both transfer fees were for XXXX to open and Fund my new Wells Fargo personal and business accounts. 
Both transfer went through as requested. 
I then received an email from XXXX that my remaining funds there were frozen due to suspicious transaction activity? I immediately called XXXX. I completed XXXX identity verification process. XXXX wasted to colllete a teleconference with my XXXX  bank to certify that XXXX XXXX  XXXX  XXXX ( in business for decades ) was a legitimate banking institution and that funds were available in my account prior to transfer. XXXX was satisfied after the teleconference that the bank transfer was legitimate and my account at XXXX was immediately reinstated and all remaining funds were unfrozen and my account is currently in good standing. I made an additional deposit into my XXXX account and authorized an additional transfer into my business account at Wells Fargo. All went well and I assumed all was now resolved. It was from XXXX perspective. 
Evidently, during this verification process, XXXX had informed Wells Fargo of their investigation. 
A week later I received a letter from Wells Fargo that they intended to close both of my newly funded accounts due to XXXX  ( now resolved ) investigation into the suspicious transactions. 
Wells Fargo froze and currently maintains control of approximately XXXX of my assets my personal and business accounts at Wells Fargo. 
Since then, I have spent over 40 hours on the telephone with both XXXX and XXXX XXXX fraud departments to try and clear up matters and to retrieve my XXXX from Wells Fargo. Both have launched further 10 day investigations of this matter to no resolution. 
Every other week I get a letter from Wells Fargo of additional two week extensions to keeping all funds frozen at Wells Fargo due to possibility that XXXX may want to claw back all funds transferred to Wells Fargo. Since XXXX had resolved their suspicious transaction investigation, they continue to inform Wells Fargo that the matter is resolved and that they have no intention of asking Wells Fargo for a return of any legal bank transfers that were instigated by me. That consists of two transfers in total, XXXX to my personal account account and two XXXX trans fees to my business account at Wells Fargo. 
XXXX chronically apologizes to me for lighting this fire and Wells Fargo refuses to return my funds or allow access to my accounts. 
My latest letter from Wells Fargo now has an investigation hold on all of my funds to XX/XX/2023. Now XXXX hearing from Wells Fargo that their investigation is complete but they have no date or intention to ever return my funds and it appears they are converting my funds to XXXX XXXX ownership. 
I have never been in such an unfair and powerless situation. XXXX a XXXX XXXX XXXX retired psychologist with a credit rating of XXXX. Ive never been treated in such a fashion and B its the holidays are here and I have bills! Ive has to sell other assets to open other new accounts at another bank, XXXX not receiving any interest on my held funds and XXXX scared!! I fear I will never have my funds returned. 
Can anyone help? I opened my accounts at Wells Fargo in good faith and I followed all guidelines to make these transfers, XXXX acknowledges this, Wells Fargo realizes this, their representatives continue to apologize as well. but Wells Fargo evidently plans to keep my XXXX with no date of release. 
Thank you for any help!

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