Consumer complaint received 2016-10-03
Company: WELLS FARGO & COMPANY
State: CO
Product: Bank account or service
Sub-product: Savings account
Issue: Account opening, closing, or management

Complaint:
Around XX/XX/XXXX I was checking my online savings account with Wells Fargo. I noticed that {$10.00} service fees had been deducted from my savings account for many, many months. These " service fee '' deductions had been occurring even past the statements I could access. I had stopped receiving paper statements when Wells Fargo promoted electronic statements as preferred means of sharing financial information. However, as a result they limit your ability to access the electronic statements to the previous 10 months only. ( The branches will also tell you that they and you are not allowed to access statements older than 10 months. ) I was shocked to discover the deductions when I thought my savings account was designated as a " student account. '' I had previously given Wells Fargo all necessary documentation confirming my enrollment in a XXXX program in XX/XX/XXXX and would be in said program for a minimum of 4 years. 

I was told when I called Wells Fargo to inquire about the service fees that my account status had been changed to a different account type, and therefore the terms of my account had changed and thus the service fees. I was shocked that I had n't been notified of the changes! What was more shocking is that they could n't tell me how many service fees had been charged, and I was also told that the electronic system would not allow them to see how far back the service fees went! I am great with my finances, and I check my online accounts frequently. I felt like the service fees had been charged retroactively, and more than that I could n't even get information on how many service fees I had been charged. It was a shocking and disturbing experience when today 's technology should not restrict this kind of electronic information, but furthermore even the branch tellers could n't tell me how much Wells Fargo had deducted from my savings account. From my knowledge of the balance before the service fees I estimate they stole about {$300.00} from me. 

I tried to dispute the charge contacting Wells Fargo by phone, email and finally going into the XXXX XXXX, CO branch several times. I was told there was nothing that could be done, and they reimbursed my only {$10.00}. It was infuriating. After many, many months of trying to resolve the issue, I closed my accounts with Wells Fargo XX/XX/XXXX. 

It was devastating to me to lose money that is so precious. As a student every penny I have, especially in my savings account, is precious. It was devastating also that my bank who I opened my very first account with at XXXX years old, and who I had carried credit cards with and opened student loans with, could steal from me so blatantly after they have already made money off of me though other financial services. 

I had given up hope of ever properly getting retribution from Wells Fargo, and even now I suspect I wo n't see a penny of the money stolen from me. Nonetheless I remain extremely angry that a bank could so audaciously steal precious savings from me. Thank you for attention to this complaint, and thank you for stopping these predators.

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 monetary relief