Consumer complaint received 2019-12-04
Company: WELLS FARGO & COMPANY
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I have a Wells Fargo " everyday checking '' account. They are restricting me from transferring money to a domestic external account ( owned by me ) at another FI. They say there is a 30 day maximum transfer limit of {$6000.00}. I did not think checking accounts could have transfer limits for such small amounts. I tried to execute transfer on XX/XX/29, XXXX, XXXX, XXXX and was blocked. 

There is no information anywhere online, in the terms and conditions, or anywhere else explaining transfer limits. 

I contacted Wells Fargo online customer service chat on XXXX and they did not have information to resolve my complaint. Here is a transcript of my convo. 


Wells Fargo : For your security, please don't enter sensitive information into this chat. Conversations are monitored and retained. 

How can we help you today? 
You : XXXXmy everyday checking account is restricting me from making a transfer to an external account owned by me Wells Fargo : XXXXAll of our Specialists are chatting with other customers. Someone will be with you as soon as they can. 
You : XXXXbecause it says i've reached my " transfer limit '' XXXX : XXXXHello and welcome. Thank you for reaching out through chat today. Oh goodness, that doesn't sound right. 
XXXX : XXXXAre you trying to setup a bank to bank transfer by chance? 
You : XXXXno. the bank is set up XXXX : XXXXI have a gut feeling you may have met your limit on how much can be transferred. 
You : XXXXyes. it says there is a {$6000.00} limit XXXX : XXXXHave you done any transfers yet this past month? 
You : XXXXyes You : XXXXi was not aware that checking accounts have transfer limits You : XXXXand this is not mentioned anywhere on the website or in the Everyday Checking PDF Guide XXXX : XXXXLet me do some checking on your behalf. Please give me a quick moment. Thanks. 
XXXX : XXXXJust curious how long have you been doing these transfers? 
You : XXXXi opened the account 2 months ago You : XXXXsince then XXXX : XXXXThanks again for sharing. I am still trying to find the information that states your limit for now starts at {$6000.00} and after you have been established it will increase. 
XXXX : XXXXJust curious how much are you wanting to transfer by chance? 
You : XXXX {$3000.00} XXXX : XXXXA couple of options to consider may be to setup a XXXX transfer for the interim however there is a monthly limit at first of {$2500.00} and the funds may take a business day or two to appear at the other account. 
You : XXXXyou can't use XXXX to transfer between two accounts owned by the same person XXXX XXXX XXXXI know the email or phone number can not be the same between the accounts. 
You : XXXX is for peer-to-peer transfers, not account to account transfers between my own accounts You : XXXXthere is nowhere in the Everyday Checking terms and conditions that explains these arbitrary transfer limits XXXX : XXXXIf I may suggest contacting our Online experts directly for guidance at XXXX who can address this in more detail. 
You : XXXXI 'm filing a complaint with CFPB

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