Consumer complaint received 2020-10-27
Company: WELLS FARGO & COMPANY
State: GA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem caused by your funds being low
Sub-issue: Non-sufficient funds and associated fees

Complaint:
This is not a 100 % duplicate complaint so please read and respond... 

How much worse does the virus has to get before Wells Fargo is proactive in correcting the harm/damages done to my business and how many more innocent people have to die from the pandemic before Wells Fargo decides to act under the requirements of the defense production act? 

Since the pandemic, over 440,000 ( 41 % ) XXXX-owned businesses have gone out of business. Considering all of the above solutions, what can Wells Fargo do to help a 100 % XXXX-owned business with 90 + % XXXX employees, get back on track after almost being forced out of business by Wells Fargos multiple frauds and its failure to act in good faith, its failure to properly carry out their fiduciary responsibilities as the # 1 SBA Preferred Lender in the country and after me, my XXXX, my XXXX have proven our business both before ( the only 100 % XXXX XXXX XXXX in the country ) and after the multiple frauds and further showing our resiliency and business proof of concept by reinventing ourselves to become the only 100 % XXXX-owned XXXX XXXX XXXX in the USA to create jobs ( yes we hired XXXX employees during the pandemic ) and our product, XXXX XXXX, saves lives. And add to this the fact that we taught ourselves how to manufacture XXXXXXXX XXXX XXXX 

I can not stress the need for me to be a guest member or participate on the committee to help make recommendations to address societal inequalities facing XXXX employees & customers such as myself ; my involvement in this committee can resolve many if not all of the issues/complaints that I have stemming from how I was treated by Wells Fargo both before and after the multiple frauds. In addition, 90+ % of my employees are XXXX and I would love for them to be a resource for this committee to explore how the societal inequalities have impacted them and their community and explore possible solutions. So far the impact from the fraud on my employees and their community has been devastating including working less than one year since the fraud became news in XX/XX/XXXX. As a result of Wells Fargos reckless behavior and unwillingness to stop harming me, my XXXX, and my XXXX we have suffered tremendously at the hands of Wells Fargo including ignoring my complaints and providing poor customer service for most of the 4 + years since the fraud ; my XXXX should be reimbursed for lost pay and lot holiday/vacation pay. I will stress again for Wells Fargo to please allow me and my XXXX to participate in the recommendations to address societal inequalities facing XXXX employees and customers such as myself. XXXX XXXX has repeatedly denied any racism at Wells Fargo and if that is true, then why the sudden sense of urgency by Wells Fargo to assemble a committee to help make recommendations to address societal inequalities facing XXXX employees and customers? 

On XX/XX/XXXX XXXX XXXX  I sent an email to XXXXWells Fargo from a purchase order financing company by the name of XXXX this is another missed opportunity... 
This particular Lender, XXXX, is a purchase order financing company which is a great match for my business since my credit has been ruined by this Wells Fargo mess but the owner told me that so much damage has been done to my personal finances tied to the SBA personal guaranty, my business credit and business operations that he can not offer me any help. I asked him if the approx. {$5.00} XXXX dollars revenue in the order pipeline would help and he did not think it would because of the fact he did not believe that Wells Fargo would subordinate their collateral position along with the uncertainty in my Wells Fargo situation which has severely impacted my companys operating capabilities during this long-biased investigation, it is not much for him to lend against and he does not think that Wells Fargo and the SBA will subordinate their collateral position. So as I mentioned over and over again in countless emails and complaints filed we have missed so many opportunities to help the business get back on track and with every delay by Wells Fargo, the damage becomes much worse. I think Wells Fargo should, out of courtesy, call this XXXX ( and of course unlike 3 conference calls where a borrowers consent form was NEVER EVER mentioned, I will have no problem signing a borrowers consent form ) as well the others ( including potential investors ) to explore options to come up with a fair resolution. 
Of course, this is in addition to some of the major open complaints ( never responded to by Wells Fargo ) including...

1. Taking 7 months to get back to me - Wells Fargo says the reason they did not reach out to 3rd party lenders and investors I brought to them during the secret biased investigation is because I did not sign a borrowers consent form authorizing Wells Fargo to talk to 3rd parties but I have documented 3 conference calls where Wells Fargo did speak to other 3rd party lenders/investors! It is clear that there is a contradiction here. 
2. Steering - Wells Fargo has repeatedly denied they steered me and my XXXX  toward predatory lenders but I send them an email from one of their employees suggesting I go to merchant cash advance predatory lenders and the email listed the lenders. This demonstrates Wells Fargo putting the SBA loan at risk 3. The unnecessarily long one-sided secret investigation has led to Wells Fargo racking up accrued interest charges and delinquent SBA loan payments that have pushed my SBA loan balance from $ XXXX above the original loan amount of {$1.00} XXXX per XXXX XXXX XXXX This is clearly mismanagement. 

Due to items 1 - 3 above, at a minimum, Wells Fargo has pushed me into technical default on my SBA loan. These items and many more discussed in previous emails demonstrate Wells Fargo 's clear mismanagement and failure to act in good faith. 

How can Wells Fargo have the nerve to ask me for a monthly payment on my SBA loan and send me statements but I can not get anyone from Wells Fargo to reply to any of my communication attempts including email, text messages, voice message, conference calls and certified letters with return receipt requested. 

The primary purpose of this complaint being filed against Wells Fargo is that we need working capital ASAP ; we are still getting calls for XXXX XXXX orders including one customer who wants us to manufacture XXXX XXXX XXXX We have everything we need to XXXX XXXX XXXX  and other XXXX XXXX  except working capital which thanks to the fraud, being forced to shut down during the still on-going investigation, predatory lenders, missed opportunities to get funding, etc., that sucked up our cash and opportunities to get funding. In addition, we are working with other investors and I will need a payoff letter from Wells Fargo I have asked for this before but never received it. 

This negligence and failure to act in good faith is even more of an issue considering the national emergency due to the pandemic. There is a huge shortage of face masks and other protective/safety wear and we are ready to help out. 

The fraud, the collateral damage, the unconscionable and negligent unnecessary 12 + month-long one-sided SELF-investigation held behind closed doors with no participation by me is reckless and shows an unwillingness to stop harming me, my XXXX, and my XXXX 

This is a huge problem and should be serious enough for someone from Wells Fargo to call me and offer some kind of assistance. No idea why I have to keep pleading for help while everything is falling apart around me and my family while I am being pushed me towards liquidation and everyone loses and I lose the most. In liquidation, the SBA/Wells Fargo will probably settle for pennies on the dollar because I will have nothing left to collect on. This has been a terrible experience as an SBA customer and I don't want to see anyone else go through it. Basic math tells you this is the worse option since I had significant orders in the pipeline and everything else a business would need to be successful except affordable working capital that any business would need.

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