Consumer complaint received 2024-10-29
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: WELLS FARGO & COMPANY (GA)

I opened a business account with Wells Fargo around XX/XX/XXXX for my roofing company. At that time, I inquired whether I could deposit third-party checks into my account, as many checks I receive are from insurance companies made out to my customers. Instead of having them deposit these checks into their accounts and then writing new ones to me, it would be easier if I could deposit them with the required endorsement. 

The business banker, XXXX XXXX, initially informed me that I wouldn't be able to do so because it was a new account. However, a couple of months later, while depositing a check at the branch, she mentioned that I should now be allowed to deposit third-party checks without any issues. 

From around XX/XX/XXXX until XX/XX/XXXX, I successfully deposited these types of checks without any problems. However, I encountered issues when attempting to deposit a {$16000.00} check. Initially, I tried depositing the check through an ATM, but it didn't go through, and I received a legal copy. I then went to the branch and sought XXXX XXXX 's assistance, who directed me to a teller to deposit the check into my account. The transaction went through, and after the typical hold, the funds were cleared. 

A couple of days later, a hard hold was placed on my account. When I contacted the XXXX XXXX XXXX, they didn't provide a clear reason for the hold but requested that I bring the customer who paid the {$16000.00} check to a Wells Fargo branch to verify their identity. I complied, but then they began questioning more of my recent third-party deposited checks, even though all had already cleared, some months ago. They asked me to bring all these customers to a Wells Fargo branch for identity verification, requiring XXXX government-issued IDs. Some customers had to visit the branch multiple times, and in cases where both homeowners were listed on the checks, they required both to be present simultaneously. 

The branch bankers had no authority in this matter ; they merely followed the XXXX XXXX Department 's instructions. They seemed surprised and disappointed by the unfair treatment I received. They witnessed how the department changed its requirements every time I met their demands and even filed an internal complaint to help me recover my funds. 

Due to the numerous days I spent bringing customers to the branch and meeting these demands, I couldn't comply within the window of time given to prevent my account from being closed. Consequently, they closed it and retained the funds indefinitely, even though all checks had cleared and the balance was available before the hold. 

Subsequently, they required me to contact the mortgage company listed on some of the checks to provide a notarized letter stating the funds were authorized for the customers ' roof replacement. This has proven impossible, as no employee claims responsibility for this task. 

This situation appears to be a legal breach, and when I hit that wall, I stopped fighting. At that point, I was losing focus on my work, stressed daily while trying to recover my funds, and struggling to keep my company afloat, as I had started my business less than a year ago. The balance was crucial to maintain my business operations. 

I've since stopped pursuing this matter to focus on keeping my business barely afloat. However, I urgently need Wells Fargo to return my funds. 

The total balance they've held since XXXX this year to date is {$25000.00}.