Consumer complaint received 2015-08-31
Company: WELLS FARGO & COMPANY
State: IA
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
XX/XX/XXXX, my ex-wife and I opened a new small business and our business loans were financed through Wells Fargo Bank. Our home mortgage, checking, savings and home equity loan were also financed through Wells Fargo. We separated XX/XX/XXXX. My ex-wife and I met with our business banker on XXXX/XXXX/XXXX, in order to separate the accounts and open new accounts under our own names. My ex-wife was to keep the business and I would keep the home. The bank manager also attended a portion of the meeting. We had a business credit card with XXXX balance and my name was to be removed from it. My ex-wife had maxed out our personal line home equity loan and business line equity loan at approximately XXXX under each to pay for business expenses. I was to be responsible for the home equity line as I was keeping the house and mortgage, and my ex-wife was to keep the business line equity a she was keeping the business. The banker told us that the only thing he could not separate was the mortgage/home equity which would have to be closed and a new one opened up in my name only. The business equity line did not require any action on my part according to the banker. I sold all my shares in the business to my ex-wife on XXXX/XXXX/XXXX, and a copy of the sale was provided to our banker. The divorce decree was signed and finalized on XXXX/XXXX/XXXX, with the stipulation that I remove my ex-wife from the deed to the house and the mortgage. I refinanced the mortgage and home equity line with Wells Fargo which was finalized on XXXX/XXXX/XXXX. Wells Fargo Mortgage raised some questions about the business and if there were any outstanding liabilities as it related to the business so I provided them with the proof of the sales transaction along with the name of my business banker. They investigated and deemed that I did not have any liabilities as it related to the business which was reflected on the mortgage under liabilities section. Fast forward to XXXX/XXXX/XXXX. Wells Fargo sent me a letter and stated that the business credit card was delinquent and I was still listed as a guarantor ; consequently, I owed {$12000.00}. I called Wells Fargo Bank Recovery on XXXX/XXXX/XXXX, and attempted to explain what had transpired. The lady was very condescending and told me there was no recourse available except to pay the amount. Our Wells Fargo business banker no longer worked for the company ; however, the bank manager was still employed so I got into contact with her. I provided her with all of the documentation I had regarding our meeting and the refinancing of my mortgage. She assured me she would look into it. On XXXX/XXXX/XXXX, I received another letter from Wells Fargo stating that I owed {$19.00}, XXXX. I misread it and believed the letter was referencing the credit card debt and additional fees/charges for it being delinquent ; however, the letter was actually referencing the business equity line. On XXXX/XXXX/XXXX, Wells Fargo removed $ XXXX from my savings account to pay off a portion of the business card. I have been meeting with the bank manager for the past month to resolve this. Since then, Wells Fargo has determined they had made a mistake and my name should have been removed from the business card. The money was to go back into my account on XXXX/XXXX/XXXX. I received a phone call from the bank manager on XXXX/XXXX/XXXX, and she said that Wells Fargo would take that $ XXXX and apply it towards the business equity line balance. My ex-wife and I acted in good faith that the information our Wells Fargo banker provided to us was accurate and correct. Had Wells Fargo informed me that the business equity line also had to be closed and reopened in just my wife 's name, and that I was financially responsible for the balance on XXXX/XXXX/XXXX, then this would have completely changed our divorcee decree and monies owed to one another.

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