Consumer complaint received 2015-08-08
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Other mortgage
Issue: Credit decision / Underwriting

Complaint:
Loan originated XXXX/XXXX/XXXX - -This complaint follows-up a prior complaint # XXXX. We tried to respond to Wells Fargo 's response to above complaint - but could not at this CFPB website, we could not find the way to do this at this CFPB website. -- Our new complaint below - related to our prior complaint and answering Wells Fargo 's response ( number above ) follows here : Wachovia Bank, who the loan was originated with, failed to comply withtheir agreement and terms of this loan. XXXX we accepted a purchase order from XXXX of our customers and needed to access the {$7000.00} available in our line of credit. To our surprise, Wachovia Bank, without notifying to us, cut back our {$250000.00} line of credit to {$240000.00} -- without notifying us. 

The document for this loan clearly indicates that they would notify us if theyever cut back our loan, they did not. 
When we asked Wachovia, for the reason they had cut back the loan, theydid not have a reason and came up with several different reasons, including:1-not enough equity in our property, used for collateral for the loan. This was, and is, an inaccurate statement. 
2-The bank accused us of cashing a {$7000.00} check against this loan. When we asked to provide a copy of this " check '' they could not provide it as this never occurred. 
3-The business credit and financial trade lines were past due, this was totallyinaccurate, as a matter of fact, our credit line was never past due with Wachovia Bank, ever. 

*Please note that all of the representatives that we attempted to resolve thisissue with we 're completely baffled as well - as to why the line would be cut back, and promised they would reinstate it, after many attempts they never did. 
In the meantime, we were unable to fullfill our small businesses orders, which set back ourbusiness considerably in XXXX and ensuing years. We have had to lay off all our employees and we are working very hard to recover from this cut in our available credit and the ensuing treatment by Wachovia and Wells Fargo - all tracedto Wachovia 's reneging on the terms of their agreement with us, then an ever-changing story every time we tried to correct the situation - after many offers to correct it on their part. 

*After filing a complaint with Wells Fargo , who has since taken over WachoviaBank , they responded with inaccuracies, including claiming a letter was sent to us in XXXX alerting us that the loan had been restricted and our credit abruptly cut. 
There was no possible way we would have received this letter as the address on the letter was RECREATED - with a NEW ADDRESS WE WERE NOT LOCATED AT WHEN WELLS FARGO CLAIM THEY SENT THIS LETTER TO US! When brought up to Wells Fargo they recently responded that this was a " recreation '' of a letter sent by Wachovia. WE ASK : Why would a letter need to be recreated if they could just pull a copy from their file - just as it was sent?? 
This letter was sent only this year, XXXX, we believe was fabricated as we never could have received this letter in the first place. Please see attached copy. 
Please note, even if we had received this letter as they allege, the reasonsprovided for the reduction of the line of credit did not comply with Wachovia'sreasons for doing so, according to page XXXX of the section marked " suspensionand/or reduction of credit limit '' as non of the reasons listed pertained to our business. 

Therefore, due to Wachovia 's total disregard for the terms of their document, their false claim of " informing us '', as well as the subsequent mishandling of this line of credit, which has resulted in an almost total demise of our business, we request 100 % forgiveness for this line of credit. 

Please also note : Wachovia Bank never even signed the documents for this line of credit. 

Thank you for your attention, XXXX 
XXXX, N.Y. XXXX XXXX XXXX

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation