Consumer complaint received 2019-10-25
Company: WELLS FARGO & COMPANY
State: IA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Wells Fargo ( WF ) continues to show a pattern of intentionally mishandling my accounts in order to garner as many overdrafts and fees as possible. They are predatory in their business practices and clearly do not intend to stop, rather continue to find new ways to continue illegal practices. I recently filed a similar complaint about a different transaction and now they have repeated the same practice. I have tried to resolve this with them but they are now sitting on this issue and not moving forward to resolve, simply telling me that no one has been assigned to it yet. 

The issue at hand is WF does not show checks in pending status at all, instead on XX/XX/XXXX, I watched my account several times throughout the day including through the late evening/night until I went to sleep. There were no transactions that needed my attention. I woke up around XXXX on XX/XX/XXXX, looked at my account sometime shortly after that and sure enough, 2 checks totaling {$240.00} had cleared overnight causing an overdraft and pulling funds from my credit card. This got my attention for several reasons, one because there had been no pending transactions the previous day or night, and two, because on XX/XX/XXXX XXXX-ish Id asked a telephone banker to take off any source of overdraft protection after they had done the exact same thing with 2 checks totaling {$130.00} written to 2 different individuals. Their answer on the XX/XX/XXXX is those checks must have been given to the bank at night ... ..hmm thats interesting 2 separate individuals who have nothing to do with each other chose to go to the bank at night when it was closed and cash the checks? ... .. Then magically this time in XX/XX/XXXX a 3rd person chose to go at night when the bank was closed and deposit the check just so WF could not know and pull the money out very quickly overnight without indicating the transaction as a pending item so I could do with my account what I see fit to ensure there were enough funds to cover it. WF is a predatory lender and should lose its FDIC. I do not know why the Federal Reserve still continues to allow them to bank let alone have FDIC to continue to XXXX members throughout the nation. 

I am convinced that WF has an algorithm that manipulates how and when transactions flow in order to charge the most fees. They continuously pull charges and withdrawals 1st then delay any deposits for after all withdrawals no matter if those came first in order to beat situate for fees. I am disgusted with them, have tried to close my account and they wont, citing that I have to wait 10 days in case some transaction comes through. Ive not used my savings in a long whole so nothing is coming through. Ive not used my checking except for now when this check came in. I paid the credit card to {$0.00} and now they have illegally used it as overdraft which I after XX/XX/XXXX I never gave them permission to use. They are fraudulent and I want all those transactions related to the overdraft reversed.

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