Consumer complaint received 2018-06-02
Company: WELLS FARGO & COMPANY
State: SC
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Problem accessing account

Complaint:
Over the course of several years bank acquisitions, my defined benefit retirement plan was transferred to and is currently at Wells Fargo Bank. Until XX/XX/XXXX, I received written statements via the mail from Wells Fargo Corporate Benefits/XXXX XXXX. In all subsequent years, I have not received written statements and I've only been able to access this account and the balances via a Wells Fargo benefit direct website. 

Early in XX/XX/XXXX, I accessed the account and verified the balance. In XX/XX/XXXX, I attempted to access the account through the websites ' on line access. At that time, the site indicated that I had requested a withdrawal in XX/XX/XXXX and then cancelled the request. I don't recall taking these actions, but may have looked at alternatives for various withdrawal scenarios ( this is a retirement annuity ). 

On XX/XX/XXXX, I phoned the number listed for customer service on the website. The representative said they had to manually calculate the amount, but would send me a statement of the current cash payout balance within 10-15 days. 

On XX/XX/XXXX, I contacted customer service to advise them that I had not received a statement. The representative said that they need to complete a manual calculation and it's very difficult and time consuming, so it's taking longer than expected. She did not tell me when, or if, I would receive a statement. 

I asked the representative for her full name. She declined and said that it's company policy not to provide. I asked to speak to a Supervisor and she said that she would put in a request to have one call me back within one business day. I asked her if she could provide me a written address to which I could file a written complaint. She did not respond. I asked her if this was her money, would these be acceptable answers to her and she said that it wouldn't really bother her if she couldn't get an answer. 

Subsequent to this phone call, I sent emails to the President, Executive Vice President and the Board of Directors of Wells Fargo outlining my concerns. Unfortunately, the emails to the executives were returned. 

I am a retired XXXX and the balance in this account is a portion of my retirement funds that I monitor regularly. I do not understand why I am unable to obtain a balance on this account, on line, in writing or verbally, when up until two months ago, I could check it every day on line. The last time I inquired, the balance was in excess of six figures. 

For the past two weeks, the site has stated " The XXXX site is currently undergoing maintenance. Please try back at a later time or call the Wells Fargo Retirement  Service Center at XXXX ( XXXX ) option XXXX, XXXX, XXXX. Representatives are available Monday through Friday from XXXX XXXX to XXXX XXXX Central Time.  Relay service calls are accepted ''. 

At this point, I would like to at least speak with someone who can explain to me why they need to manually calculate the balance, why it's so difficult and what is the current lump sum distribution balance. It is completely unbelievable and should be unacceptable that Wells Fargo is unable to provide this information in a timely manner unless there is some type of problem that they have not disclosed to me.

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