Consumer complaint received 2022-08-08
Company: WELLS FARGO & COMPANY
State: VA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/2022, I closed an account at XXXX XXXX XXXX Bank. I requested cash, but the teller offered only an Official Check, explaining there was not enough cash in the vault, and it was near closing time. She said if I wanted cash, I'd have to come back the next day. I told her funds availability was important. She said an Official Check is good as cash, since Official Checks represent the issuing bank 's withdrawal of funds in anticipation of payment, which is how it facilitated account closing. In that way, she explained, an Official Check differs from a personal check, as the latter awaits clearance before funds are withdrawn from my account, while an Official Check is a guarantee by the issuing bank that it will be paid. Given that explanation, I accepted the Official Check, and took it directly to Wells Fargo. I did not make it to Wells time to go inside the lobby, so I used the ATM. I had no pen with me to endorse the check. Since it was an Official Check, and given the Teller 's description of how Official Checks work including the guarantee of payment, and since I needed the funds available soon, I deposit the check that day instead of returning the next day. The next morning, I learned online that Wells Fargo delayed funds availability for lack of endorsement. As soon as I saw that hold, I called the Wells Fargo branch where I had deposited the check, to let them know I would come endorse it. The Wells branch representative said it was not possible for me to come endorse the check, and that it would be mailed to me instead. I pleaded for the branch to retrieve the check from the branch 's own ATM so I could come in person to endorse the check. It was important to me to save time and have the funds available as soon as possible, which is why I agreed to an Official Check instead of having to wait till the next day, and why I deposited it in the ATM instead of waiting till the next day. There is no question that it was an Official Check, as printed directly on it and pictured on the receipt issued by the Wells ATM ( see attachments ). The Wells branch rep said I had no choice but to wait for Wells Fargo to mail me the check, then take it into a branch, show I.D., and endorse it. Meanwhile, she said, the funds would not be available. So I eagerly awaited the check to arrive in the mail. On XX/XX/2022, I received a letter from Wells Fargo 's Prevention of Contact Center, informing me of the delay in funds availability, and that the delay would last for another entire WEEK, till XX/XX/2022. The letter did not even enclose the check for me to endorse! This oversight will cost me even more time in making the funds available. I have no idea when Wells will get around to mailing me the check. I guess the " Prevention of Contact Center '' is to prevent customers from contacting their funds, or effectively contacting Wells Fargo. From failing to honor another bank 's Official Check, to forbidding me from coming into the same branch to endorse a check just deposited into that branch 's ATM, to failing to enclose the check in the notice of delay of funds availability, Wells Fargo seems to be taking every step to hold onto my funds instead of making them available to this long-time, loyal customer.

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 non-monetary relief