Consumer complaint received 2024-05-06
Product: Checking or savings account — Savings account
Issue: Opening an account — Confusing or missing disclosures
Company: WELLS FARGO & COMPANY (MD)

I have been pursuing this matter, documentation of proof as to Wells Fargo 's practices. There are many stories of them fraudulently opening accounts for others and about their employees under pressure to " obtain '' new accounts. The form attached clearly shows the {$25.00} per month as a REQUIREMENT, and which they have denied. I was misled, lied to and not only has this been costly in time, but also took a financial and emotional toll then and now. When opened the savings, was told it was " mandatory '' ( see document ) that I deposit {$25.00} a month for it to remain open as a viable account ; This proved a financial strain and stress. I eventually closed and withdrew any savings I had in it. It was a news item that fake accounts were being opened by Wells Fargo employees and false information given out in order to meet a quota which many employees did to protect their jobs. This is public record. In other words, the door was opened to fraud. I contacted them about this and how I had been caught in the web of this fraud. I heard from them in XXXX and was given {$1500.00} as compensation and told that I was still eligible for arbitration. They also read to me a list other accounts I was alleged to have opened or applied for including an application for homeowners insurance, something for which I never applied. They provided a hearing, XX/XX/XXXX with a mediator and one of WF 's personnel. My understanding of having a neutral mediator was that s/he would hear all sides and make a determination. This " mediation '' was no more than a messenger going back and forth with proposals and offers which I could have handled myself. They contend that I never made one of those {$25.00} payments and sent the mediator and I paperwork as " proof. '' It's not true, or I would not have gone back to close the account as being a hardship and part of the pressure they put on employees to open accounts ( even bogus ). There is no reason not to suspect and believe that the above paperwork was not doctored especially in view of their known fraudulent practices. When I filled out the forms, in the space for compensation, I entered {$25000.00} which would be minimal considering their obfuscation, and the financial, material and personal toll dealing with them has taken. Finally, the so-called mediation, such as it was, ended with an insulting {$150.00}. I can and will continue with my pursuit of justice which will include media and through the legal system, or they can adjust this now and be done with it. Considering Wells Fargos history and reputation there is no reason not to believe they doctored my account in their favor by them removing any mention of {$25.00} payments. In fact, I most likely would have allowed that account to exist had they not taken {$25.00} from my checking. I closed the account taking out the {$350.00} deposit plus any {$25.00} payments. Former employees of Wells Fargo have spoken of a toxic high-pressure sales culture at the bank drove some workers to deceive customers and open unauthorized accounts even in the bank 's own headquarters building in XXXX XXXX XXXX Wells Fargo is embroiled in a scandal for taking advantage of customers by opening as many as XXXX XXXX accounts without their consent. The bank fired XXXX mostly XXXX XXXX  over the wrongdoing. Thank you very much, Sincerely, XXXX XXXX XXXX