Consumer complaint received 2017-08-28
Company: WELLS FARGO & COMPANY
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
On Saturday XXXX XXXX, XXXX I received an email from Wells Fargo stating that my mother 's Qualified Income Trust account, for which I am the trustee, was closed with no explanation why. I had never received an email, written letter or phone call of notification that the account would be closed. In their own instruction manual that the bank gives you when opening an account, it states " Your account becomes dormant if you do not initiate an account-related activity for 12 months for a checking account ''. I was told by the banker on XXXX/XXXX/XXXX that their policy had changed a few months ago stating that an account can be closed after 2 months of inactivity, however, when I had to open a new account, and handed the same brochure, it does not reflect this change. 

I opened the account on XXXX XXXX, XXXX with a cash deposit of {$3300.00}. Subsequently, on XXXX XXXX, XXXX I made a deposit for {$2700.00}. Subsequent to that there have been direct deposits and auto debits. 
XXXX/XXXX/XXXX -Bill Pay of {$3200.00} XXXX-Direct Deposit of {$500.00} XX/XX/XXXX-Transfer from another bank of {$2700.00} XXXX/XXXX/XXXX -Auto Debit of {$3300.00} XXXX/XXXX/XXXX -Direct Deposit of {$500.00} XXXX/XXXX/XXXX -Direct Deposit of {$2700.00} XXXX/XXXX/XXXX - Auto Debit of {$50.00} XXXX/XXXX/XXXX -Auto Debit of {$3200.00} XXXX/XXXX/XXXX CLOSEOUT - NON-INTEREST BEARING {$0.00} Despite all of the above activity, including 2 teller transactions the account was unilaterally closed with no notice by Wells Fargo. By virtue of this account being closed, I, as trustee for my XXXX year old wheelchair bound mother, Wells Fargo may have allowed my mother to be put in a position of violating XXXX rules. 

I then went immediately to the branch and asked for an explanation as to why the account was closed if Wells Fargo 's written policy ( as of XXXX XXXX, XXXX ) states that checking accounts with activity will not be closed unless dormant for at least 12 months. I dealt with a private banker at Wells Fargo who informed me that he did not understand why this was closed. He then called several people on supervisory levels at Wells Fargo who could not or would not provide a logical answer why the account was closed. One statement was that it was closed because there was no direct teller transactions within 60 days. I then asked for that statement in writing and they refused to provide any written explanation for closure of this account in. As of this date, XXXX/XXXX/XXXX, pension fund checks have been initiated for direct deposit into this closed account for XXXX XXXX, XXXX. I find myself in a situation that payment will not be available in a timely fashion to my mother 's long term care facility. Wells Fargo forced me to open a new account for future transactions and stated they would " try '' to redirect the pre-initiated funds into this new account with no guarantee. 
With no written or logical explanation available, I am hard pressed to believe that this was a legitimate or even possibly a legal closing of my mother 's account by Wells Fargo.

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