Consumer complaint received 2015-04-19
Company: WELLS FARGO & COMPANY
State: CA
Product: Bank account or service
Sub-product: (CD) Certificate of deposit
Issue: Account opening, closing, or management

Complaint:
My wife and I purchased a Certificate of Deposit ( CD ) on XXXX XXXX, XXXX for {$2000.00}. The receipt is attached and the file is titled CD receipt.pdf. It was opened at the XXXX XXXX branch at XXXX XXXX at address XXXX XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX. On XXXX XXXX of XXXX, we moved to XXXX XXXX, XXXX but throughout all our moves have kept Wells Fargo Bank updated as to our addresses over the years from all our moves and we kept our bank accouts at the XXXX location given above during all that time. I spoke over the phone to a XXXX ( did n't get her last name ) at the XXXX XXXX location where we purchased the CD on XXXX XXXX, XXXX and she could not find any documentation on this CD and suggested that I contact the XXXX Department of Revenue-Unclaimed Property Department. Also she stated that I could take care of cashing out this CD at any branch location. On XXXX XXXX we sent a letter to the XXXX Department of Revenue-Unclaimed Property Department and received a response on XXXX XXXX, XXXX ( attached file titled XXXX Dept of Rev-Unclaimed Prop response.pdf ). On XXXX XXXX, XXXX I received an email from XXXX XXXX ( Claims Processor for XXXX Department XXXX XXXX XXXX XXXX ) stating the following : '' We have no record of this property being turned over to the state of XXXX XXXX XXXX. According to the documents that you have provided, this CD would have been renewed automatically upon maturity. The issue that you have is with Wells Fargo, Since they never reported these funds to us we are unable to release something that we do not have. " At that point, I decided to go into the XXXX branch of Wells Fargo Bank ( XXXX XXXX XXXX, XXXX, XXXX XXXX ) as that is the closest location to us, on XXXX XXXX, XXXX. I spoke to XXXX XXXX. She did some research and again told me that she could not find any documentation. She escalated this to her Conflict Resolution Department. I received a call back from XXXX on XXXX XXXX stating that there was nothing she could do as they only keep records for 7 years. I asked her for documentation on her findings and she refused to provide any. I asked to speak to her supervisor and I was directed to XXXX XXXX. XXXX again contacted her XXXX XXXX XXXX. and they could find no history of my CD as they only keep records for 7 years. They sent me the letter, the file is titled XXXX from Wells Fargo XXXX XXXX and it is also attached. 
I did not receive anything from them either orally or in writing that states that my receipt is invalid, just that they do n't keep records for more than 7 years. I find this to be unacceptable and to be nothing short of a big bank stealing a consumer 's money. Also, I never received a XXXX. I did some research recently and found that they are legally bound to send me a XXXX every year I had money invested in this account. So I feel that there is something more serious going on here. Like a breach of contract as I consider this receipt a contract between Wells Fargo bank and my wife and myself. At this point I do n't feel that they ever invested my money. They just kept it. There is no time limit on the CD other than the maturity date in which they were supposed to re-invest the money until we told them otherwise which we never did until latter portion of last year. 
We are taking our money out of Wells Fargo because we will not give them the opportunity to steal more money from us. Really all we want is our money with the interest from the 14 years that we had this money tied up with Wells Fargo bank. And I would like to see them pay for their crime of trying to steal our money and the breach of contract and trying to hide behind the fact that they only keep records for 7 years.

Company response to consumer: Closed with explanation