Consumer complaint received 2017-10-20
Company: WELLS FARGO & COMPANY
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
To whom it may concern : Back in XXXX XXXX, XXXX I paid off a term loan that I had with Wells Fargo Bank. The balance that was paid off was approximately {$230000.00}. Even though the balance was paid in full at the time, Wells Fargo has failed to release the XXXX and/or XXXX until the present day. This came to my attention when I applied for new financing and my application was fully accepted and approved by the new financial intuition back in XXXX XXXX. Since XXXX XXXX my new financial institution and I have been contacting Wells Fargo in this matter with no result and my new financing has been up in the air since then. Since then, on an almost daily basis, I have been requesting a copy of the release of the lien in writing from my Wells Fargo 's Relationship Manager ( XXXX ) by emails, dated XXXX XXXX, XXXX, XXXX XXXX, XXXX, XXXX XXXX, XXXX, XXXX XXXX, XXXX, and XXXX XXXX XXXX. In addition, I also had several phone conversations before and after the emails, including today, XXXX XXXX, XXXX. These calls were with upper management. Today, I found out that the staff at this bank is giving me a run around and after getting transferred today from one department to another the mediation department gave me a fake fax number that they claimed was a Wells Fargo fax number for me to submit my request in writing. I put my personal and financial information on that fax as directed and faxed it to the number I was given. This could jeopardize my privacy. Then, after sending this fax I called back to make sure that the right department got my written request. At this point I realized that the previous Wells Fargo staff lied to me and misled me and that this number is not a existing Wells Fargo fax number. It was a fax number that has nothing to do with Wells Fargo bank. After explaining to the staff on the phone, the new staff opened a reference number which I can provide if it is necessary to see what happened with my request. After that she transferred me to her supervisor to see if she can get me something in writing. The supervisor referred me to what she called customer service center and she said that they monitor everything that is going on. I believe I spoke to XXXX and after I explained what has been going on he confirmed that the request was never submitted and that their loan servicing team needs a written request to remove the lien. I explained that my new financial institution has already faxed a written request and that I have the confirmation receipt and the copy of it from XXXX XXXX, XXXX and still no response from their loan servicing team. I also indicated that this loan balance was fully paid off 8 months ago and I do n't see any reason why the lien is still showing in the city. I even explained that based on my agreement and the law they needed to remove this lien a long ago. I also explained that they ca n't refuse and push me around to not provide me with a written proof that this request is getting done or is already done. XXXX said he ca n't be of any other help at this point and the conversation was over. Wells Fargo 's conduct not only has caused harm and jeopardized my personal and financial privacy but it also has harmed my business and caused my business to suffer financially since we could n't book the new financing in time to order our Christmas inventory and receiving it on time for sale. This was directly a strict business related financing. It also cost me to update my financials that cost {$10000.00} since the original financials submitted to the new financial institution were not acceptable anymore because they were now outdated due to Wells Fargo 's delay tactics. It is my right to have proof that Wells Fargo institution has terminated my XXXX lien. This is the law.

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