Consumer complaint received 2018-08-23
Company: WELLS FARGO & COMPANY
State: IL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
Wells Fargo has been reported to have violated federal laws by using people 's personal identifiable information to open credit cards, open bank accounts, and to violate the laws regarding protection of personal privacy and personal data protections. 

As a result, I am not doing any business with them and I consider them to be a criminal institution. They have settled with the various regulatory bodies for amounts into the hundreds of millions, which does not negate their illegal actions. 

They have reported negative comments about my use of their credit, when in fact, I am refusing to do any business with them and am reporting them as violators of AML/Patriot Act for having created a potential abuse of laundering, which includes placing, layering and structuring of financial products. By creating credit cards for customers that did not open them, they have created a revenue opportunity for Wells Fargo when annual fees and interest rates are assessed, which the consumer did not knowingly agree to. This, in fact, is a form of abuse which reverses the traditional money laundering steps, but allows criminals to profit through illicit means which are violations of regulations and existing laws. 

As such, I will not engage in any business with such a deceitful organization and have decided to seek reimbursement from them. 

Yesterday, they called in response to a previous complain, but would only engage in conversation if they recorded the conversation. When I stated that I too would record the conversation, they refused to discuss any further, and hence as a result, they never actually made any effective attempt to resolve the issue and actually simply abused the CFPB system and attempted to circumvent the process of correcting their abuse. 

By only being willing to talk to me if they could tap record the call, but not being willing to talk if I did the same, they created a hostile and unfair practice that was intended to be one sided and to use the threat of recording the conversation as a weapon against a fair approach to resolving the issue of their abuses of the financial system. 

Their actions should be reviewed by upper management regulators, and as such I will forward the information to the highest levels of management and media review. I will not engage in any further business relations with this organization due to their abusive practices which violated the laws and regulations as they pertain to protecting customer data, private information, and rules written in the AML/Patriot Act. They should be investigated further to find if the opening of credit cards and accounts created any money laundering opportunities, in addition to the executives benefiting and receiving bonuses and increased pay. Being a financial institution, they should be held to the highest level of scrutiny, and with these latest actions, they should be shut down and executives should be removed from any post within a financial organization permanently.

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