Consumer complaint received 2020-10-29
Company: WELLS FARGO & COMPANY
State: PA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Non-sufficient funds and associated fees

Complaint:
Good afternoon, I wanted to raise this issue as I have a feeling many other Wells Fargo customers faced the same issue. Wells Fargo mislead their customers about the effective date of the change to the minimum balance requirement which effectively lowered the minimum balance requirement from {$1500.00} to {$500.00}. 

I received the notification of the change to the required monthly minimum via email on XX/XX/XXXX. The email Subject line is " Options to avoid your monthly service fee are changing '' and the email stated : " Effective with the fee period beginning after XX/XX/2020 ( This portion was bolded for emphasis ), there will be changes to your Everyday Checking account ending in xxxx. 
Avoiding the monthly service fee with 10 or more posted debit card transactions will no longer be an option. 
The options to avoid the monthly service fee using minimum daily balance or qualifying direct deposits will be based on a minimum of {$500.00} each fee period. Depending on your checking account type, this represents a lower minimum for one or both of these options. '' Having received the email, I moved money from my Wells Fargo checking account on XX/XX/XXXX and maintained a balance of {$500.00} ( just above the new minimum for the period after XX/XX/XXXX -- or so I though ). I intentionally waited until XX/XX/XXXX having read the email 's date of the fee period beginning after XX/XX/XXXX. 

I had no idea that the account period itself did not change until XX/XX/XXXX -- so moving money on XX/XX/XXXX would subject me to a fee. I am sure many other customers had monthly account periods that began in XXXX and ended after XX/XX/XXXX. Their announcement was quite intentionally misleading for consumers. 

On today 's date ( XX/XX/XXXX ) I received a message on my account that I had not maintained the appropriate amount in the account as I did not have a balance of at least {$1500.00} for the period ( The requirement prior to the change effective XX/XX/XXXX ). Upon contacting Wells Fargo, they told me that the statement at issue ran from XXXX XXXX XXXX so I was still subject to the {$1500.00} minimum even though I waited until after XX/XX/XXXX to move money from the account. 

I couldn't believe Wells Fargo would use such a predatory tactic again given their past history, in the middle of a pandemic no less. The fee is targeted at those most vulnerable -- people living paycheck to paycheck who would rely on that promised lower account minimum. A XXXX dollar fee is substantial if you earn minimum wage. In short, the bank notified customers of a change beginning with the effective period after XX/XX/XXXX and then still assesses a fine for those with a balance less than {$1500.00} after XX/XX/XXXX. I am sure many people had a balance between $ XXXX {$1500.00} during this period because they relied on Wells Fargo new account requirements that they sent out on XX/XX/XXXX. I can afford the fee and received a credit to erase the fee after contacting customer service -- but I wanted to raise this issue for the many Americans who are not aware and likely had to pay the fee.

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