Consumer complaint received 2021-06-12
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/21 XXXX was deposited into my savings. A ppp loan. Fully approved by the SBA the bank account provided to XXXX, the originator by me. WF froze the account amd my checking and closed both. Wells Fargo despite at least 20 phone conversations with 20 different agents and at least 20 different managers within the fraud prevention department, failed to provide me with all of the options for resolution of this matter. The account was frozen/closed due to the name of the account being my business name and not my personal name. This was an oversight on the originators part that was not addressed by the third-party loan broker, XXXX XXXX. Wells Fargo excepted the deposit allowed me to use approximately {$5000.00} of the loan money prior to freezing it. On XX/XX/2021 the fraud department informed me that I could withdraw approximately {$2500.00} of this loan money from my checking account. This was allowed after Wells Fargo had repeatedly told me that I would not be able to access these funds. I was given no explanation as to why the funds would be allowed to be removed but was instructed that I could do so. I went to a local branch and remove the money. When I called the fraud prevention department to ask why I was allowed to use these funds and why I wasnt able to withdraw the rest they had no answer. Repeatedly I was told that the funds would be held until closure of the count and at which point the funds would go into a suspense account waiting for the originator to re-claim the money I was given zero detail as to A timeline of events or when I could expect some sort of end to this problem. I was left in the dark repeatedly. I received letters in the mail that contradicted the process that they had been telling me over the phone. Today I called in to discuss the discrepancy between a letter I received and what I was told over the phone would be happening to my account. An agent by the name of XXXX chose to take a personal approach towards my request to speak to a manager to get confirmation of what would be happening and told me that I had violated the policies and that it was my own fault and that I had to deal with the repercussions of no longer been a customer of Wells Fargo. He talk to me as if I was a second-class citizen and I strongly feel that this individual is a XXXX and has treated me with discriminatory actions. Furthermore upon speaking with XXXX the manager explaining my issue once again, and pleading with her once again in desperation asking why the money couldnt just be sent back to XXXX. Her response was that it could be sent back and that if I provided authorization the money would be sent back within 24 to 72 hours. How could Wells Fargo after all the conversations we have had and discussions and the arguments never have once listen to my pleads my desperation my request to have this done why did they ignore this why did it take we need to listen to me and say it can be done in it and it will be done within 24 to 72 hours. This is a violation of their policies they need to be held accountable I have suffered immensely due to the fact that I have had no financial him options Ive had no money because of their negligence.

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