Consumer complaint received 2019-05-13
Company: WELLS FARGO & COMPANY
State: WA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
I purchased a certificate of deposit from XXXX XXXX   XXXX XXXX  in XXXX in the amount of {$4000.00} at an interest rate of 3.4 % compounded daily with no time limits and it had automatic renewal. XXXX XXXX   was bought out by another bank, I believe the name was XXXX XXXX XXXX, a couple years later and all the benefits I had with XXXX were grandfathered with XXXX XXXX XXXX. About a year or so later ( approx. XXXX ) XXXX XXXX XXXX  was purchased by Wells Fargo Bank and again all my benefits were grandfathered to me. In fact, the member account number I had with XXXX XXXX  was the same number used by Wells Fargo. In late XXXX, XXXX I went to my local Wells Fargo branch at XXXX XXXX XXXX XXXX, XXXX, WA to cash out my certificate of deposit. As best as I can calculate, it is now worth over {$9000.00}. I spoke with XXXX XXXX, who made a copy of my CD and she called corporate, who advised that the money was likely turned over to the Washington State Found Property division. Let me make very clear that I have been an account holder with Wells Fargo ever since XXXX assumed ownership of my account. They have had my address, phone number and email address during the entire time. XXXX is refusing to honor my CD, claiming they can not find a record of the CD in spite of acknowledging that it is a genuine CD. Not only do I have the CD but I also have the withdrawal slip from XXXX, withdrawing {$4000.00} from my savings account on XX/XX/XXXX, XXXX and a savings deposit in the sum of {$4000.00} for the purchase of the CD, also on XX/XX/XXXX. I spoke with branch manager XXXX XXXX numerous times over a month 's time and he kept putting me off saying that they were still searching for records of my CD. In the meantime I contacted the Washington State Found Property division and there was no record of Wells Fargo or the previous two banks previously mentioned having deposited money in my name in found property. Besides, XXXX has had my contact information the entire time I have been an account holder. At no time have any of the three banks contacted me regarding the CD I hold. Finally, on XX/XX/XXXX I received a call from branch manager XXXX XXXX notifying me that Wells Fargo would not honor my certificate of deposit using the justification that they could not find a record of the CD. Wells Fargo has a fiduciary responsibility to honor the liabilities associated with the purchase of another bank. That they can not find a record of the CD does not waive their duty to honor their financial responsibilities. I am attaching a scanned copy of the CD and the two bank slips. Be aware that though in the scanned image at the top of the CD the name XXXX XXXX  and their logo look black, they are actually embossed in gold but my scanner was not able to capture the metallic gold embossing.

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