Consumer complaint received 2022-11-14
Company: WELLS FARGO & COMPANY
State: VA
Product: Money transfer, virtual currency, or money service
Sub-product: Traveler's check or cashier's check
Issue: Unexpected or other fees

Complaint:
On Wednesday, XX/XX/2022 I deposited a cashier 's check written from XXXX XXXX  to my Wells Fargo checking account in the amount of {$38000.00}. Prior to deposit, I verified XXXX different times with the teller that there would not be a hold on this check. She checked the bank system and noted " the system does not recommend a hold on this ; {$400.00} will be available today and the remaining {$38000.00} will be available tomorrow. '' The next day, XX/XX/2022, all of the funds were present and available in my account. After double checking availability of funds, I proceeded to make a payment to an auto loan servicer in the amount of {$38000.00}. 

On the morning of XX/XX/2022, I received an email stating my checking account had a balance of - {$38000.00}. I called the bank as soon as I could and checked on the matter. After explaining my concerns/situation, the banker at a local branch informed me that a hold was placed on the funds " after the fact '' because Wells Fargo had not yet received funds from XXXX XXXX  XXXX XXXX they had hoped ''. I informed the banker of my conversation and clarification with the teller on the day of the deposit and asked how this issue of not receiving funds from another bank was deemed a customer issue. I asked the reasoning behind a hold " after the fact '' and also asked why if there was to be a hold, why I was not notified. He then stated " someone had been in contact with XXXX XXXX  '' but there had not been any answer from them regarding the availability of funds at this time. This was a cashiers check and had been through a verification of funds prior to XXXX issuing the check to the individual who wrote it to me. 

I was instructed the only options were to make a transfer to cover the negative balance of - {$38000.00} ( which was not an option ), or to wait until the hold period was over on Monday XX/XX/2022. I asked about the timeline of the hold and he stated it was to be a XXXX day hold starting Monday XX/XX/2022. This is starting XXXX days after the deposit on which I was told there would be no hold. I inquired about waiving fees that would ultimately be incurred due to this bank-to-bank issue, and he stated " once the hold period is over, we can see which fees we are able to refund ''. I then asked at what point the customer is to be responsible for bank-to-bank transactions of this nature and he stated customers were not responsible for them. He informed me he would escalate this issue appropriately and I would receive an email with an escalation complaint number and hear from " someone in the escalation department within a few business days ''. 

This type of issue between banks is not acceptable and should NEVER reach the customer 's bank account ; especially after funds had been available for days prior.

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