Consumer complaint received 2018-10-13
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: WELLS FARGO & COMPANY (DE)

Personal and Business Accounts and Credit Card Account I am writing your company today with serious concerns about my previous banking relationship with Wells Fargo organization. On XX/XX/XXXX in the year of XX/XX/XXXX, I deposited {$20000.00} in a State of XXXX branch. This {$20000.00} was for opening a business and saving account. A few days later I deposited {$17000.00} in a personal checking and saving accounts. At some point, I made a few more signifant deposits into Wells Fargo. During the month of XX/XX/XXXX, I moved to the State of XXXX. The first address I began to use was in XXXX, XXXX. 
At this time I owned a company by the name of XXXX XXXX XXXX dba XXXX XXXX XXXX.XXXX XXXX  This firm engaged in the business of retail clothing, economic development, public/private partnerships and consulting. During this move to XXXX, I needed to build a relationship with a local Wells Fargo branch so I can have a smooth transition into the State of XXXX. I was referred to the Wells Fargo location in XXXX XXXX XXXX XXXX in XXXX, XXXX  XXXX. During this visit I sat with a business banker, XXXX XXXX. 

During the visit I began to speak about my business history and goals. At this point in juncture, Ms. XXXX began to speak about the things Wells Fargo can assist me with my business goals in XXXX. During this time in my life, I had a credit score of 660-680 spread out through all credit bureaus. I also had few credit cards with XXXX XXXX and XXXX XXXX. Ms. XXXX insisted I should open up more accounts within the branch. 

My goals were to see how the bank could assist me with relocating my business in XXXX XXXX. I told her I was looking at numerous locations to place my business in XXXX  and I wanted to make sure my finances were sustained. She advised on opening up an additional 2-3 accounts. I was told splitting up my funds would be a good financial strategy to build a relationship with the bank and received a line of credit or a loan. 







She also insisted I get a secure credit card with my funds to build credit within the banking institution. Please understand, at this time I was financially solvent and my credit score was in good shape. I proceeded to listen to Ms. XXXX advice and I believed in her plan for my company was in line with the strategy of the bank. I interacted with a few of your banking employees and other individuals within the XXXX XXXX location. I was led to believe to this branch had my best interest and guidance with my funds, and a solid plan for my business. 

I followed the plan laid out from Ms. XXXX with my funds with opening these extras accounts, and putting money towards a credit card. I started asking how could the bank help me with a line of credit or a loan with my funds already in the bank. Ms. XXXX and your organization led me to believe this strategy she had for my funds was standard within the bank. Overtime I started to sense there was a problem. Ms.XXXX  and I spoke throughout this process and she always seemed to be busy after the initial opening of these accounts. She believed asking me to come to the branch and us speaking in person with other associates within the branch seeming friendly would keep me in a naive state concerning my business with Wells Fargo. 

I applied for the loan and line of credit eventually, and of course I was denied. ( Most recently in XXXX during a mediation hearing, Isaw a falsified loan document a way less than I applied for. Wells fargo employee XXXX XXXX send this document the day before my mediation hearing. This is after the XXXX XXXX District Attorneys office ruling for mediation. I also contacted them about this new tactics and Wells fargo breaking the rules in a mediation hearing. ) In XXXX=XXXX I received a call from the Wells Fargo branch back home in XXXX, XXXX. My original banker XXXX XXXX immediately told me I had too many accounts opened at this XXXX XXXX branch. She let me know I didnt need this many accounts and there was no way to justify opening this amounts of accounts at this branch. She said she would start to shut down some of these accounts. I proceeded to tell her why, and she stated it makes no sense for me to have that many accounts to receive any additional support from Wells Fargo. 
I also spoke with a branch in downtown XXXX  with a business associate within the bank and he said I was giving bad financial advice. He also proceeded to tell me he has seen worse within the Wells Fargo system. This is all before the scandal broke out with Wells Fargo opening numerous accounts without customers knowledge. By me taking this advice and believing in Ms. XXXX actions, this increased my burn rate with my business and projects for XXXX  XXXX XXXX. I was also treated very disrespectful by your credit card department as well for payments on a card account I never actually needed. And everytime I visited another branch in the valley of XXXX  or anywhere else, I was questioned about my business dealings. Your employees constantly looked for a angle to asked questions about my finances to sell me products and services. I always felt uncomfortable with your employees approach. 
These actions by your institution sent me on a downward spiral with the loss of a trademark, lawyer fees for my trademark, my credit score and the positioning of my business to at least be sustained moving forward. These actions also caused mental anguish and a spiral of negativity with my business and personal life. Its caused harm, loss of opportunities with projects, working with credible institutions I was looking to trade, and do business with. The confusion caused by Wells Fargo hindered me from making well informed financial decisions concerning my personal life, and business life. 



I also spoke with the district attorneys of XXXX XXXX and they proceeded to speak with me concerning my issues within your organization. 
This was before a settlement was made with their office. I still do not understand how the first settlement to XXXX XXXX DA office benefits the customers and the businesses that was harmed by your institution. 

I am looking to rectify this situation with some level of payment to make me whole from the losses I incurred, the trademark being lost, the lawyers fees I incurred and the lost of revenues for XXXX  XXXX XXXX. My credit score has dropped tremendously and by following the advice of Ms. XXXX I loss opportunities to purchase a home as well. Up until me banking with your institutional I constantly worked on projects and built a successful sustained organization. 

I have worked with and partnered with some very credible companies in this country. My career has spanned from scoring film, public/private partnerships in government, TV commercials and mentorship from some very elite members of society. XXXX XXXX, ( XXXX XXXX ) a XXXX and XXXX XXXX company, XXXX, City and State Government, and XXXX just to name a few. 

One key point is Ms. XXXX XXXX called my telephone from ( XXXX ) XXXX on XX/XX/XXXX at XXXX eastern time. I have not spoken with Ms.XXXX  for over 3 years because I had to give up my apartment in XXXX XXXX and move back across the country to XXXX. Obviously she felt internally, or spiritually this problem she caused, would be getting addressed. 
The uprooting of my life and business has cost me numerous funds, missed opportunities and a major setback to my professional life. 
I have since spoken with a few employees within different branches and they constantly say they would have never opened up that many accounts. I look forward to hearing from you, your bank and someone in upper management. 
As of now, I am out of over high 7 figures in gross receipts and 7 figures in net income along with missed opportunities from major corporations to carry one of my trademarked brands. I lost real estate investment opportunities because of how things were handled. Once again this situation increased my burn rate rapidly by being misled by your banking institution. My firm has not recovered economically since being involved with this XXXX XXXX, XXXX Wells Fargo branch. 
Last but not least during a mediation session on XX/XX/XXXX, Wells Fargo empoyee XXXX XXXX witheld 120 pages of contracts. Lawyers bills for trademarks, earned media, and leases with one of top developers on the east coast whom I was conducting a new opening for my business with. 
I am looking forward to there being some sort of mediation, funds for the damages done to my personal life, my trademark, the loss of revenue for XXXX XXXX XXXX and XXXX XXXX XXXX. I have had a total of 8 accounts Wells Fargo. I have direct damages from your company in the excess of {>= $1,000,000} US Dollars for loss of revenue. I have another {>= $1,000,000} in losses in direct losses behind the actions of your company. Hopefully we can come to some sort of resolution. 


Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX dba XXXX XXXX XXXX XXXX XXXX Wells Fargo Account Numbers Personal Checking way2save XXXX Personal Savings way2save XXXX Gold Business Service Package XXXX XXXX  XXXX LLC Business XXXX XXXX  XXXX XXXX Business XXXX XXXX  XXXX XXXX Business XXXX XXXX  XXXX XXXX