Consumer complaint received 2023-05-13
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I deposited 2 checks totally over $ XXXX on Friday, XX/XX/XXXX from my 401k company, XXXX, for my house down payment and closing costs. I was initially provided a receipt noting that the funds would be available on XX/XX/XXXX. I received a memo from Wells Fargo morning of XX/XX/XXXX stating that the funds wouldnt be available until XX/XX/XXXX due to a returned check. I called Wells Fargo they said XXXX had written a bad check to another customer, so I would need to go into a branch to get it resolved. I went to the branch, the customer service agent told me the same thing as the rep on the phone, and so did her manager. They said to come back when their branch manager was in office Tuesday because back office had placed a hold. I called XXXX to ask about the bad check ; they said they couldnt discuss anyone elses account. I asked if they had in fact written a bad check or were going bankrupt ; she said no. My bank can call to verify the funds. At this point all Wells Fargo branches were closed. On Monday, I went to the XXXX branch to talk to a branch manager, but there wasnt one in that day. The nearest manager would be balboa, but XXXX, the manager, was in a meeting but the manager may be able to help. She confirmed with XXXX that the funds hadnt been released to Wells Fargo yet, so I wouldnt be able to retrieve them even if they had been released to WF. This circle of back and forth continued between XXXX and Wells Fargo about calling to verify funds. I finally spoke to a WF rep that was willing to reach out to loss prevention for assistance. The loss prevention agent contacted XXXX XXXX, but XXXX XXXX XXXX wasnt able to verify the funds because they couldnt locate them. XXXX continues to claim that the checks had been processed and deposited. However, there still wasnt any confirmation from Wells Fargo. My employer recommended going into a XXXX branch if they could help or call them. I called, but the rep said because it was from a business they couldnt check it only if it had been a personal account. As the week progressed I spoke to roughly 60 Wells Fargo customer service agents ; all who continued to say there was nothing they could do but the process is to try again on Monday, XX/XX/XXXX. However, I close on my house on XX/XX/XXXX. No one seemed to truly comprehend that the purchase of my home was at stake. On Thursday morning ( XX/XX/XXXX ) my employer was able to gather the check numbers, dollar amount of checks and date it posted on the issuers account for me. Information that was previously requested from the loss presentation people above, but empower provided the information until XX/XX/XXXX. My employer informed me of the information and I called XXXX Wells Fargo to see if their bank manager was in. He wouldnt be until XXXX because he was at a meeting, but to come in or call then. I called the balboa branch multiple times, and the auto machine said no one is available to assist me and automatically hung up. Another branch, said they werent going to do it, because they didnt want to take on the risk. I called the XXXX branch back at XXXX, but the manager hadnt shown up. She took my contact info, so he could call me when he got in. At XXXX, I called back because the manager had yet to contact me. The operations manager said she couldnt help me either because her risk specialist told her not too. It would be a branch manager situation. She would try to call XXXX, but it would have to wait until tomorrow. Tomorrow, Friday, XX/XX/XXXX, I showed up a few minutes before the branch opened and spoke with XXXX. The manager that they had referenced the day before that hadnt shown up. He agreed to call XXXX, the contact at XXXX, to verify the funds. I was finally able to collect and wire the money prior to closing. The treatment from all institutions was inadequate, delayed, and has I not been persistent with this entire situation would likely wouldve lost my house entirely.

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