Consumer complaint received 2016-06-17
Company: WELLS FARGO & COMPANY
State: UT
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Deposits and withdrawals

Complaint:
I have had a safety deposit box with Wells Fargo dating back to their initial takeover of local banks. I have kept my most precious and valuable items in the perceived and presented safest place that I could think of. I have trusted my family precious items such as my father medals and many other rare items to the safety deposit box system. 
In XXXX 2015, I went to the bank to check an item out of my box at that time, I leaned that they have moved all the safety deposit boxes to another location due to their own valid reasons. The banker told me that I should have received a letter informing me about that action, but the banker also assured me that I should not worry, since my box has been transferred to repository and untouched. 
The banker advised and helped me to locate another deposit box in another branch, since they did not have XXXX available. I was told it will take three business days to get my box transferred from repository to the branch. 
A week later I got a disturbing call from the bank, while I was at the hospital with my father, informing me that they can not locate my box, but I should not worry! When the bank tells you, your are safe and you should not worry, they XXXX should worry! 
Prior to XXXX of XXXX weekend I contact bank to follow up on my missing box! The bank manager told me that she thinks they have located my box, but I need to go in and describe some of the unique items to validate it is my box. 
I rushed to the bank and passed the quiz and they verified that I am the owner of the box that has been marked as " Owner : Unknown! '' This validated the fact that the bank had not contacted me as they claimed that they had, since my box was marked Unknown. 
A week later the director of XXXX XXXX branch contacted me to inform me that they have the box. I asked if they could meet me at the other branch with security so I can check the box in to the new box. 
We met at the XXXX XXXX branch and my safety deposit box has transformed to a XXXX cardboard box. The card board box had a bag full of my empty containers and all my items were in another plastic bag wrapped in disarray in individual bubble wraps. 
My husband & I at presence of the Wells Fargo branch director spent two hours opening and setting items in order and back in original boxes & learned few major items missing. 
The containers were missing even according to the bank inventory listing. I had the director note this discrepancy & sign. 
The director advised me that may be they have been misplaced in another box and he asked me to allow him to check that out. 
Later he contacted me and sent me a claim and bank complaint form, since they could not find my missing items. 
I also called the police department and reported the missing items and given a case number. 
After I submitted the form, the bank representative contacted me and asked me if I have insurance on my items, I said no. The next question was how the bankers have not handle things the right way and I should not have ever given the inventory list ... .. 
The last contact I had with bank representative was a letter informing me that bank liability due to the bank negligence is limited to {$500.00} per item! 
Then I reached out and hired an attorney, a year later, I have learned that I can not go to court, since I have agreed to arbitration, when signed the contract. 
Also I have learned that arbitration that is done by a lawyer may cost up to {$100000.00} depending on the length of the process. My attorney is not backing out, since Wells Fargo has deep pocket and attorneys on their payroll. Please help me to expose these giants. They ripped the country apart and got bailed out. Is this a common pattern for these financial institutions, just because " They Can? '' I can not replace my items but I expect compensation close to my losses.

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