Consumer complaint received 2016-05-04
Company: WELLS FARGO & COMPANY
State: NC
Product: Bank account or service
Sub-product: Checking account
Issue: Account opening, closing, or management

Complaint:
My wife deposited a {$750.00} paycheck into our Wells Fargo checking account on XXXX XXXX, which unfortunately bounced. It 's an oversight on the behalf of an employer in verified good standing with his bank, and understandable. The initial check was cancelled. A new replacement check was issued by the employer to my wife for {$800.00} dollars, the initial amount plus overdraft fees from the previous check. This replacement was subsequently deposited on XXXX XXXX. Wells Fargo evidently expected this second check to bounce, as our bank account was frozen almost immediately after this replacement check was deposited. Wells Fargo opted to let me XXXX this in the checkout line at the grocery store by having my debit card declined on XXXX XXXX. My wife and I visited a Wells Fargo branch on XXXX XXXX, and learned from an associate that our account is not only scheduled to be closed, but also the balance of {$180.00} in the account would be withheld until we provide a statement from our employer 's bank verifying all elements of the transaction, and certifying that this check has been paid. The employer 's bank expressed puzzlement at Wells Fargo 's action in this case, but was happy to furnish the requested documentation directly to Wells Fargo, which was performed immediately. Wells Fargo did not attempt to contact me after this was done, or at all regarding any detail of these events. I allege that this lack of communication is unreasonable. Also, Wells Fargo 's apparent failure to independently verify the validity of this check after already having taken payment on it is dubious at best, as the timeline of events will show. Instead, having me perform this step. The validity and financial backing of the " unexpectedly '' cleared replacement check for which our account is now being closed was never in question. Wells Fargo sought however to question it absolutely, as evidenced by an associate 's handwritten note in the margin of my bank statement, provided to me on my visit to a branch on XXXX XXXX. Referencing the replacement check with a certainty that it " will be returned for insufficient funds ''. Today on XXXX XXXX, I visited a branch to learn that the replacement check had cleared, but Wells Fargo still had no choice but to terminate our account with no explanation. While our current checking account with Wells Fargo is less than six months old, our relationship with the company as our only checking account provider spans many years of good standing, and satisfactory account behavior. We had the misfortune to heed the advice of a Wells Fargo banker, who, when we asked how to prevent a cancelled gym membership to continue to bill our account automatically every month, suggested we simply close the account, and open a new account. Had I known that this action would reset our years of good standing with Wells Fargo, I believe I would have just paid the gym membership. I allege that Wells Fargo 's aggressive loss prevention initiative has unfairly targeted us as high risk, as characterized by their punitive action against us, being that there is no just cause. An associate mentioned that our account history, less than six months, is a factor in Wells Fargo 's decision. The company is choosing to ignore our history as upstanding customers, based on the fact that although they have been our only bank for many years, we closed and opened an account in the same visit earlier this year, on their advice, and that act reset our entire relationship. This checking account was the sole financial resource of a struggling family of XXXX adults, and XXXX small children who live at or below the 2016 Federal poverty threshold for annual income. The sudden closure has caused damage to the tenuous financial structure of our family. For this reason and to ensure the return of the balance owed, I am lodging this complaint.

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 monetary relief