Consumer complaint received 2023-05-19
Company: WELLS FARGO & COMPANY
State: WI
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Opening an account
Sub-issue: Account opened as a result of fraud

Complaint:
In his responses to my complaints against Wells Fargo, XXXX XXXX wrote down my IRA account number wrong. It does NOT end in XXXX! Hes from the top office that handles consumer complaints, but he cant even get the simplest fact right. How incompetent is he!! He also lied about my original request : I did NOT request the funds to be wired to Wells Fargo, like he has claimed. Instead, I requested a direct transfer of IRA funds from XXXX XXXX and wanted it to be done exactly the same way as it was done in XXXX, when XXXX XXXX sent a check to WF. Its been more than 3 months since I first requested the transfer, and Wells Fargo has CHEATED me every step of the way in order to delay in getting the funds. They have lied to me dozens of times in order to cover up their delays & fraud ; and they have refused to compensate me for the loss of interest. Their pattern is clear : First, cheat the customer, then cover up with lies ; When the customer complains, they send letters saying theyll respond in 10 days or longer, then they deny wrongdoings by making more lies. Ive talked to them for at least 15 times and have given them every chance to correct their wrongdoings, but it took them 3 months to finally correct the contribution to a direct transfer, which should have been done right away! I have lost more than a months interest because of their delays, but they refused to compensate me for it. Its NOT acceptable!! When I first requested the transfer, the interest rate was 4.17 %, with an annual percentage yield of 4.26 %. I called Wells Fargo on XX/XX/XXXX and asked for an increase of the interest rates because the fed has raised it and 2 other banks have a 4.25 % rate. In their response to me dated XX/XX/XXXX, they increased it to 4.18 %, with annual percentage yield of 4.27 % and applied {$0.00} to my account. They seemed to think that I should be satisfied with a compensation of {$0.00} for the loss of interest, which is pathetic!! It costs more than that to mail the letter! ... After I had the transfer request faxed on XX/XX/XXXX, I didnt hear from WF for more than 3 weeks so I called them on XX/XX/XXXX. A banker said that the funds were not here & wanted me to call XXXX XXXX! I asked, Why didnt you call them? And he said, We cant call without your authorization. I said indignantly, I signed the request form and have given you the authorization! Its YOUR job to call them and get the funds! But he refused to do so & said, If you want to know where your money is, you have to call them. I realized later that Wells Fargo has intended to make my account a 60-day rollover which I have to bear tax consequences. Even though XXXX XXXX has written a check directly to Wells Fargo for the benefit of me, which was a direct transfer, Wells Fargo still made the contribution as a rollover on the receipt. This means that Wells Fargo has intended to cheat, and did cheat me in the very beginning!! When I complained about it to OCC, Wells Fargos XXXX XXXX sent me a letter in response, & in it she still called it a rollover & has lied about other things too ( See ID # XXXX ). She also lied about combining the accounts, saying that During a call with us, the banker advised you to give us a call back to get the accounts combined with the rates available at the time of the call. But thats not true! When I called on XX/XX/XXXX, the banker offered to have the other 2 IRA accounts combined into the new one and earn the same interest rate of 4.17 % as the new one does. The other 2 accounts rates are 3.45 % and 3.46 %. Had WF honored this offer, I would have earned around {$160.00} in interest. But XXXX lied about this offer & changed the interest rate to the rate at time of call, which will be lower than 4.17 % for sure! This shows that Wells Fargo doesnt honor their own promises & is not trustworthy! Theyre also very greedy & dont care about the customer or their complaints!! Every letter in response to the complaints is filled with lies in order to cover up their fraud. In their letter dated XX/XX/XXXX, they said that the original receipt was posted as a Direct Rollover, which is a lie! Because it was posted as a Rollover!! Even though they corrected the contribution to a Direct Transfer, they lied about the Rollover & covered it up with a Direct Rollover! Then on XXXX, banker XXXX called it a rollover again!! It wasnt until XX/XX/XXXX did they finally correct it to a Direct Transfer!! But even in that response, XXXX XXXX has lied about my original request & has written down the wrong account number! He also refused to compensate me for the loss of interest. This is another example that shows Wells Fargo doesnt care about the customers complaints! They also have NO intention of paying for the loss of interest because of their deliberate delays & fraud, unless its the minimal amounts of {$0.00} & {$50.00}. Theyre too cheap & greedy!! Worst of all, they have tried to steal my funds : When I called Wells Fargo on XX/XX/XXXX, banker XXXX asked me what form I have signed, and I said its the direct transfer form. And she said, Is it to liquidate the entire balance? And I said, NO! Its to transfer partial of my funds. She already has the form in the computer & knew exactly what I have signed for, but she deliberately misled me! I realized right away how evil her question was : She was testing me to see if I knew what I was doing. Because I still had some funds left at XXXX XXXX at that time, had I said it was to liquidate, I would have lost all those funds! So I said indignantly, You cant falsify the paper and forge my signature!! She said no. Obviously Wells Fargo has intended to steal my funds at XXXX XXXX by possibly forging the form & my signature. They have the criminal minds!! It was a very scary moment and I still feel apprehensive when I think about it now! Wells Fargo has caused me a lot of stress XXXX XXXX  & loss of sleep, and has wasted a lot of my time & energy. Ive been worried sick of my funds & tax consequences. I absolutely dont trust Wells Fargo with my assets!! Its been more than 3 months since I first requested the direct transfer, which should have been done immediately, but Wells Fargo still hasnt fixed the problem yet! Its absolutely NOT ACCEPTABLE!! I strong CONDEMN their fraudulent & criminal actions, and request that they compensate me with {$400.00}, non-negotiable, and deposit it into my checking account ending in XXXX IMMEDIATELY!!! Otherwise I will take Wells Fargo to court!!!!

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