Consumer complaint received 2022-06-28
Company: WELLS FARGO & COMPANY
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
Wells Fargo closed my personal checking account on XX/XX/22 after opening the account on XX/XX/22. On the day of opening the account, I made a {$3000.00} transfer from a Bank XXXX XXXX personal checking account. It took about a week, but on XX/XX/22 the funds were verified and made available on my Wells Fargo personal checking account. I had made no other deposits or withdrawals since the original transfer. XXXX week later on XX/XX/22, I received a notice that Wells Fargo was closing my personal checking account and that it would be inactive as of XX/XX/22. I did not understand why it was closed, but the email said that the bank reserves the right to close the account and that they would email me a cashiers check upon closure of the account because no withdrawals would be allowed. However, on XX/XX/22 my funds of {$3000.00} were never sent out in a cashiers check but rather deducted from my account with the title Loss Prevention Closing Entry. Questions, Call XXXX. On XX/XX/22 I called this number listed on the withdrawal and had to wait XXXX min to be told that Bank XXXX XXXX would have to claim the money and that they could not disburse it directly to me. This made no sense to me because the transfer was clearly accepted and the funds were now in Wells Fargo possession. Following that phone call I went in person to my local Wells Fargo and met with a Relationship Banker. The banker had to call the same number listed on the withdrawal to understand what was going on with my funds. He was baffled himself that Wells Fargo would close my account when it was clear that my funds were legitimate and being transferred from another personal checking account in my very own name. After being on hold himself for XXXX minutes, this new representative over the line gave a completely different response than the original representative I had contacted. This representative said the money was taken out of my account due to FRAUD were the representatives exact words. The banker was told that there would be a XXXX day investigation and that these funds would possibly be given to the states unclaimed property and I would have to claim it from there. I am under the impression from hearing both representatives contradicting responses that these funds have been CONFISCATED by Wells Fargo and that they will be stealing my hard earned money. MONEY that I need as a college student who works a part time job. Wells Fargo has slandered my name and claimed that I am committing fraud with XXXX proof. It is unbelievable to me that a bank would commit such a blatant crime and withhold MY money from me. The banker I spoke with was furious with the person over the phone, because he himself knew that there was no valid reason to close my account ( which he explicitly said to me ). Wells Fargo now holds my {$3000.00} dollars, and I now have to wait XXXX days to find out that I may possibly never see this money again.

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