Consumer complaint received 2023-03-25
Company: WELLS FARGO & COMPANY
State: FL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
Since XXXX I have been a Wells Fargo customer and a victim of the bank 's previous indiscretions, which have since been rectified through their remediation program. Wells Fargo continues to close consumer accounts improperly without valid justification. I was informed that the risk department closed my XXXX XXXX Propel ( Ending XXXX ) and Business Platinum credit card ( Ending XXXX ) due to " suspicions of irregular payment behavior and suspected fraud. '' I was told this was because I am making multiple payments within a month, but Wells Fargo never notified me that making more than XXXX payments each month was outside of its standard policies. XXXX, XXXX XXXX XXXX, XXXX XXXX, XXXX, XXXX, and XXXX XXXX all permit multiple payments ; thus, I had no idea that Wells Fargo regarded this as " suspicion of fraud. '' I am a frequent foreign traveler who enjoys accumulating credit card points for future trips. If I have made more than four monthly payments, it is because Id rather put the charge on my credit card instead of running the same charge through my debit card and accumulating zero points. Hence, if an unexpected expense has to be paid and I do not have enough available credit, I would make an additional payment to cover the amount to accumulate credit card points. It appears that some employees in the risk department are unaware of the allure of credit card points and overseas travel in todays times. 

Wells Fargo also used a stop payment request from my other bank, XXXX XXXX, to justify the closure of my account, despite the fact that I had phone representatives add notes to my account. The payment was made on XX/XX/XXXX, and after noticing that it did not post quickly, as it regularly does, I called the call center to inquire whether the payment would post that evening. I was somewhat relieved when I was informed that it would be posted because my statement was scheduled to close that evening. I attempted to pay down the balance before it was reported to the credit bureaus. The following morning, XX/XX/XXXX, I observed that the payment had not yet been posted, so I called Wells Fargo again to request that they cancel the payment. Instead, I withdrew the {$1200.00} payment from XXXX XXXX and then deposited it into my Wells Fargo everyday checking account ( ending XXXX ). I was informed that the rep could cancel the payment, and I inquired as to whether it would still be processed through my XXXX account. I was informed that the payment would not be presented to my XXXX account. Monday morning, XX/XX/XXXX, a {$1200.00} payment from Wells Fargo was pending on my XXXX account. Given that I had already deposited the funds into my Wells Fargo account to make the payment, I called XXXX to initiate a stop payment. My XXXX account had pending items that were at risk of not being covered due to the duplicate {$1200.00} payment that was pending. 

A few days later, I checked my Wells Fargo app to discover that my XXXX XXXX XXXX XXXX ( Limit {$12000.00} ) had been closed and that the Business Platinum card ( Limit {$2500.00} ) was also in the process of being canceled. I was quite outraged because I had previously provided explanations and had phone agents document it ; however, I was still unfairly penalized. Wells Fargo 's risk department marked the tradeline as " potential fraud, '' and my credit score took a hit in addition to the closure as my average age of account history was reduced. 

I should also mention that I have both personal and business checking accounts ; my monthly personal checking account deposits range from {$18000.00} to {$50000.00}. My monthly business checking balance ranges from {$10000.00} to {$25000.00}. Since Wells Fargo can see my deposits because I do most of my primary banking with them, they incorrectly viewed me as a risk. The average XXXX does not deposit the amount XXXX deposit into Wells Fargo monthly. I contacted the Wells Fargo XXXX XXXX, who referred the matter back to the Risk department for evaluation, but I was denied reinstatement due to " Possible Fraud, '' as the Wells Fargo XXXX department termed it. Even though the XXXX XXXX XXXX XXXX listened to all the phone records supporting my case and supplied facts to the risk department, Wells Fargo still flagged me as a potential fraud. This is incorrect on ALL agreements, and it is a slap in the face from a bank I've been with since XXXX. Today 's Wells Fargo client base is dwindling, and rather than making every effort to maintain long-term, loyal consumers ; the bank is pushing its core foundation away each day. 

I am requesting the reinstatement of my credit cards, as I have not engaged in any fraudulent behavior. I can not tolerate my primary bank closing my credit accounts and falsely accusing me of any wrongdoing. I will fight with every fiber of my being to reject the wrongful accusation they have imposed on me. XXXX pretty sure there are others who have faced wrongful accusations and improper closures, which signals a problem within the bank itself.

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