Consumer complaint received 2020-04-21
Company: WELLS FARGO & COMPANY
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
On XX/XX/2020 I visited my Wells Fargos branch to inquire about the federal governments Payroll Protection Program loans, while completing other business transactions ( Exhibit 1 ). During my visit I presented a fully completed, standard SBA loan application packet in anticipation of using this data to process the Payroll Protection Loan. However, I was informed, by Ms. XXXX XXXX-bank representative, that Wells Fargo had not yet launched its PPP program. More importantly, she stated that I should wait. 

On XX/XX/XXXX, I received an email ( Exhibit 2 ) from Ms. XXXX, restating Wells Fargos unreadiness to proceed with a PPP application but requesting the we submit additional information. A link was provided in that email for us to provide that additional information ( Exhibit 3 ). As you will see from the attached email, the link simply provided for a confirmation of our company EIN, and no other info was requested. However, you note that this email made it clear that no formal application was being processed or being provided for at that time. The XX/XX/XXXX email went further, advising us that we could apply elsewhere, if we desired. 

Taking the advice of the Wells Fargo XX/XX/XXXX, email, I then approached another bank XXXX XXXX  XXXX XXXX XXXX. XXXX XXXX ( XXXX ) XXXX, Vice President & GGL Sr. Loan Closer, readily agreed to work with my small, XXXX-owned, XXXX  company ( See Exhibit 4 email submissions to XXXX XXXX ). After spending several days, with assistance from outside consultants, we assembled the materials necessary for our PPP application, and submitted it to XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ] on XX/XX/XXXX. Within 24 hours following our online submission through XXXX XXXX XXXX XXXX XXXX, we were verbally informed that their underwriters had approved our minority and veteran owned business for a PPP loan. 

Following the telephone oral approval, our next step, according to XXXX XXXX, was the submittal of our approved application to the SBA so that the funds could be reserved on our behalf this would be followed up within 3 to 5 days with details for the PPP loan closing. Unfortunately, within just a few hours of the conversation regarding our approval, we received feedback from XXXX XXXX  XXXX XXXX XXXX, indicating that we were rejected by the SBA because another PPP application had been approved on our behalf by another banking institution. Our companys financial team was frustrated and bewildered by this announcement, since we had not applied to any other banking institution. We ONLY MADE AN INQUIRY about the PPP program with Wells Fargo Bank, XXXX XXXX XXXX XXXX, XXXX XXXX, Florida XXXX. 

On XX/XX/2020 we communicated with the XXXX XXXX XXXX XXXX XXXX representative ( XXXX ), asking for an investigation and in an attempt to discern who had submitted an application on our behalf ( Exhibit 5 ). Unfortunately, we were informed that all PPP communication was done through an electronic, and that they did not have a live person at SBA to directly discuss our issue with. The XXXX XXXX  XXXX XXXX XXXX official did, however, note that the only other rejections that they had received all appeared to be Wells Fargo customers. While we have no hard evidence or proof of this, we are led to believe that Wells Fargo had entered our companys name [ XXXX XXXX XXXX XXXX XXXX XXXX XXXX ] into the SBA system without having obtained a formal application or obtaining our permission to submit one. If this was true, it appears to us that Wells Fargo was simply attempting to make it appear that they were participating in the program. Ironically we received an email from Wells Fargo on XX/XX/XXXX updating us about the status of their PPP program, and then on XX/XX/XXXX. 
;, informing us that we could now apply through them. The poignancy of the XX/XX/XXXX email is that we had been informed by XXXX XXXX, the same day that the depletion of the PPP funds were eminent and would run our within hours To say the least, we are profoundly disappointed by this turn of events, as our small business is in dire need of the PPP support. With the news that a second round of funding will be approved as early as today, it is our intention to resubmit our application with XXXX XXXX  XXXX XXXX XXXX who worked diligently with us for an approval. Towards that end, we are herewith requesting that Wells Fargo remove our company from their database so we can be considered for the new round of PPP loans with XXXX XXXX  XXXX XXXX XXXX. 
We ask that these and other steps be undertaken immediately, to ensure that no further confusion, delay, nor duplicity arises regarding my companys attempt to acquire this vital and critical assistance. We would appreciate confirmation that Wells Fargo has acted affirmatively, with confirmation from the SBA that we are cleared to submit a valid, application.

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