Consumer complaint received 2023-04-13
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Getting the loan — 
Company: WELLS FARGO & COMPANY (FL)

Since XXXX, I have been a customer with Wells Fargo Bank, I have had millions of dollars deposited into my account with this bank ( this bank has had several names ). For over 20 years, my Employer deposited my payroll, IRA and other funds into this account. I said all that to inform you that I have been a loyal customer. In the past few years, I have attempted to secure a loan from a place that has proof that I have consistent finances deposited into their Bank. Each time, in the past, they informed me that my credit score was not acceptable for this loan. Recently, I needed a loan to assist with doing some work to my new home purchase. Again, I attempted to secure a loan from my bank that has proof that I have funds to repay any loan and at this time my credit score was above XXXX. In typical Wells Fargo fashion, I was denied!!! 

To my dismay, I was denied again. I made a complaint. I felt that there is no reason that I should have been denied for this loan. I strongly believe it was due to my XXXX background. The denial letter had XXXX concern as to why they denied me. I formed a complaint. Upon speaking to XXXX ( the Wells Fargo staff that addressed my complaint ) he advised that at XXXX point I had a mark on my credit for a civil judgement. I informed XXXX that the judgment had been resolved/paid. I further informed him that how was it that a Bank I have had a 25 year relationship with deny me for a personal loan of an amount that was no where near the amount I had been recently approved for to purchase my home. I purchased my home for {$440000.00} and had no issues being approved. I was approved for a {$6000.00} XXXX XXXX XXXX credit card XXXX I had no issues being approved. XXXX continued to say that their system is different, and they have a computer system that uses some formula as to whether or not one may be approved. I have not qualified for any loan at any time with this Bank... I have good credit and I receive a good pension and it is deposited monthly. This loand denial is unacceptable for a company that has a long standing history of discrimination. Wells Fargo mission says " customers can be better served when they have a relationship with a trusted provider and one that can serve their full range of financial needs. '' Wells Fargo has never been able to help me meet my financial needs and I have XXXX trust in this company. I am XXXX and I really could have used this loan at this time in my life. My XXXX passed away in XXXX. He assisted me alot financially. I was so optimistic that for once Wells Fargo would respect me as a long standing customer with a loan amount that was no where near the amount I was easily approved for to purchase my home. 

In XX/XX/XXXX, CFPB ordered Wells Fargo to pay {$3.00} XXXX for " illegal activity, '' including unjust foreclosures and vehicle repossessions. This widespread mismanagement over multiple years harmed over XXXX XXXX consumer accounts. The Consumer Financial Protection Bureau said Wells Fargo 's illegal activity included repeatedly misapplying loan payments, wrongfully foreclosing on homes etc. So with this history in play, am I to believe that this company is being fair in my loan decision? 

Again, any intelligent person can understand that a mortgage company would not take a chance lending a half of XXXX dollars to one who does possess good credit, stable funds and a good history of repaying loans or credit cards. I find it unfathomable that Wells Fargo system is so stringent that I cant qualify for {$50000.00} but yet my mortgage approved me 5 months ago for {$440000.00}. My case is a simple case of " predatory lending. '' I'm saddened to say that nothing has changed since CFPB investigated Wells Fargo in XXXX. In XXXX, they are still taking advantage of customers.