Consumer complaint received 2023-08-08
Company: WELLS FARGO & COMPANY
State: PA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
( XX/XX/XXXX ) I was investigating my savings account where I noticed a interest rate deposit of {$3.00}. I became curious of my banks interest rate so I went to their website under XXXX ( Wells Fargo ) and saw the rate of .15 %. My savings account balance was {$25000.00}. When I ran the math myself, .15 % of XXXX was roughly {$41.00}. 
I called at XXXX PM to speak to XXXX, a service rep. who confirmed the company 's Interest rate for savings accounts was .15 % but when I compared the two, I asked why there was such a large difference. She sent me to a website called " TheCalculatorsite.com '' to help do the math. She followed up by transferring me to XXXX in the Escalation department who confirmed exactly what she had told me. When i proceeded to ask again, he refused to explain any further then that, so I asked to speak to " someone who CAN explain this to me '' and he told me " No '' and stated it would be an " annoying '' process that would get me nowhere, he could submit a complaint for me and I would get a call in 2 business days.

I immediately dug into my savings account statements for the past 4 months from when I initially deposited the XXXX. Each months interest rate was XX/XX/XXXX {$0.00}, XX/XX/XXXX {$3.00}, XX/XX/XXXX {$3.00}, XX/XX/XXXX $ XX/XX/XXXX, over those months, the rate was coming up as .012 % which was calculated by the website provided. 
( XX/XX/XXXX ) After hearing nothing for 6 days, I reached back out at XXXX AM and spoke to a representative who, once again, confirmed the company 's interest rate for the savings account. We looked at the statement for XX/XX/XXXX where I received {$3.00} IR. I asked him " XXXX is .15 % of XXXX? '' Once he did the math, he attempted to transfer me to another rep who stated " we are investigating the problem now '' and hung up on me. I was on the phone roughly XXXX minutes I called back immediately where I spoke to the representative XXXX, who transferred me to a customer service representative named XXXX who transferred me, again, to XXXX in the complaints department who, again, transferred me to XXXX who was handling my case. Her responses were cold and short and incorrectly explained my concerns, rudely asking " what were you expecting? XXXX dollars a week? a day? because that's not how that works ... '' So when I started I confirmed what XXXX other agents have stated to me on a recorded line, along with what was posted on the company website. She quickly followed up with " I have XXXX XXXX business days from the time I accept this case to give you an answer. I have other cases I am working on, you are NOT the only one i'm working on '' she then stone walled every question I had, stated she would call me XX/XX/XXXX and our conversation ended. 
Another XXXX minute phone call. All these calls where on a recorded line as stated at the start of each call plus each time i was transferred The following attachments are XXXX bank statement ( cleared of all personal information ) XXXX seperate clips from TheCalculatorSite.com XXXX : XXXX XXXX .009 % IR reflected on my bank statement ( withholding my {$100.00} deposit that month ) XXXX : Wells Fargo .15 % IR XXXX : The Interest rate compound calculated from XXXX with a clear projected balance to compare to the bank statement Lastly, the published .15 % IR on Wells Fargo XXXX XXXX site under /Savings-cds/rates/

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