Consumer complaint received 2019-12-11
Company: WELLS FARGO & COMPANY
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
Identity theft is an increasingly significant problem in the U. S.!  Banks routinely require changes in account numbers, passwords, etc. when a security breach is suspected.  This has happened to me 3 times since Wells Fargo took over Wachovia in XX/XX/XXXX.  When one account is closed and a new account is opened, the customer should not suffer the loss of ready access to historical bank information as is the case now with Wells Fargo.  Also, banks should not be able to charge fees to provide customers with data that would have had free and ready access to had the bank not arbitrarily locked their account information, During the Wachovia to Wells Fargo (WF) transition in Florida the week of XX/XX/XXXX, Wells Fargo and Wachovia security contacted me indicating a security breach was suspected in my checking account (the account number was on a list of numbers found in XXXX).  Wells Fargo mandated account closure and opened a new account and, with it, blocked online access to 7 years of historical records (statements, cancelled check images, ability to search).  The first and second time Wells Fargo blocked my on-line access, all access was denied immediately – the bank said this was for security reasons.  Interestingly, our personal checking account was closed on XX/XX/XXXX, also for security reasons.  Now the bank provides on-line access to the closed account for 3 months, contradicting their claim that the access is blocked for security reasons.  The most critical time would be immediately after the breach.  After 3 months, I will no longer be able to search for checks and I may be charged $ XXXX per check image – considering the number of checks written over 7 years, this could be a significant source of revenue for the bank!  Assuming writing 10 checks a month, this equates to 840 check images over 7 years.  At $ XXXX per check image, this could cost a customer as much as $XXXX!  Clearly, a customer would not require all the images and some customers, like me, may have relationships with a banker who gets the fee waived.  When I opened the account (XX/XX/XXXX), Wells Fargo advertised and promoted “Online Statements” on their website: “Don’t get lost in the paper shuffle when Online Statements are so convenient, secure, great for the environment, and best of all free.”•	“View, print, and download up to seven years of statements—anywhere and anytime you access the Internet.”•	“Online Statements look and function just like paper statements—use them for taxes, record keeping, and more.”•	“Your account information is stored electronically; therefore, paper-based statements are no longer needed.”•	“Online Statements are saved as PDFs, which you can access, save, and print as needed.” Under “Frequently Asked Questions” associated with the “Online Statements” page, in answer to the question “Will I receive canceled checks or images of my checks with Online Statements?”, Wells Fargo answers “. . . you can always access Online Statements and images if your checks online.”  On the Wells Fargo page on “Online Check Images”, WF promotes this feature saying: “Simplify your filing system by cutting down on paper storage – and help the environment.”  Wells Fargo encourages customers to abandon paper records completely and then denies online access when a security breach occurs, even though the bank promoted the switch from paper to electronic records.  The WF website makes no mention that online access will be denied when the bank closes the account for reasons of security concerns.  The issue is the bank arbitrarily denies the customer access.  The customer loses the ability to search, download check images and is subjected to fees. This issue affects the banking public as most no longer keep paper records.  I believe this deserves an investigation.  Also, when crafting legislation related to bank consumer protection, the requirement should be incorporated for equivalent access over the original terms stated to electronic financial records after account closure for security reasons.  Financial information should be subject to the same protections afforded by HIPAA for medical information!To add insult to injury, the bank is careless with the customer’s financial information.  New check print orders are sent by regular mail and you cannot arrange to pick them up at the bank.  I just received a communication by regular mail from the bank that included the full checking account number for the new account and my and my wife’s complete social security numbers which could trigger the next security breach that would allow the bank to close another account and start the cycle all over!

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