Consumer complaint received 2022-08-02
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: WELLS FARGO & COMPANY (CA)

I am a XXXX who own and operate an XXXX XXXX. I had personal and business accounts with Wells Fargo, each in separate accounts. My personal account was used to purchase personal, family and household items. My business accounts were used for business purposes only. 
In XXXX XXXX, my XXXX XXXX was retained to distribute closing bonuses to the employees of a long term client ( XXXX XXXX ) which was purchased by another entity. The clients Company was sold and the Management of the Company Hired my XXXX XXXX to receive and disburse the final pay and closing bonuses of its employees worldwide. 
To complete this task, approximately {$2.00} XXXX was wired into my accounting firms Wells Fargo client trust account ending in XXXX. 
Throughout XX/XX/XXXX, my XXXX firm distributed these funds to employees of the client, per the clients specific instructions, through wire transfers and checks. 
On or about XX/XX/XXXX, Wells Fargo made the unilateral decision to close my business accounts and personal accounts without any notice. 
Wells Fargo never reached out to me or anyone at my Company before closing the accounts. Wells Fargo never performed any investigation into any transactions that occurred in the account before it decided to close the account, despite its business bankers working knowledge of the transactions that my XXXX was conducting for the Client of my XXXX. 
When I asked Wells Fargo why they closed the accounts, the only explanation that Wells Fargo gave was that Wells Fargo performs ongoing review of account relationships in connection with the banks responsibilities to ensure accounts continue to meet our business and operational guidelines and based on this review the decision was made to close the accounts. Furthermore, Wells Fargo stated that it also closed the accounts under its right to unilaterally close accounts under its Deposit Account Agreement. 
When I asked Wells Fargo employees why his account was closed, they could not state any specific reason and in fact often said that they did not know why the accounts were closed. 
I had a 30 year relationship with Wells Fargo and never operated my personal or business accounts in a way that conflicted with XXXX XXXX policies and procedures. 
Upon information and belief, Wells Fargo closed these accounts solely for its own self-interest and had nothing to do with my actions or my business actions. 
Sometime soon after the closure of these accounts, Wells Fargo began inaccurately furnishing to Early Warning Services that my personal Wells Fargo accounts had been Closed for Cause. 
Closed for Cause means that the accounts were closed because the account was not handled in a manner consistent with bank policy. 
On or about XX/XX/XXXX, I sent EARLY WARNING SERVICES a detailed REBUTTAL letter in which I explained that EARLY WARNING SERVICES and XXXX XXXX reporting that the account was Closed for Cause is inaccurate. 
In this REBUTTAL, I explained that I believed that Wells Fargo erroneously filed a Suspicious Activity Report ( SAR ) due to the large wire transfers in the business account. Wells Fargo then erroneously decide to close the accounts believing they lacked compliance with the Bank Secrecy Act and Anti Money Laundering Regulations. The letter then explained that Wells Fargo never did any investigation into this matter, but instead just unilaterally closed the accounts and reported My account as being Closed for Cause. 
I also included XXXX pages of supporting documentation showing letters, instructions, and emails from client with instructions and spreadsheets to where and to whom all of these funds were to be sent to and that all the transactions were legitimate transactions on behalf of the client. Furthermore, an a sworn affidavit signed under penalty of Perjury from the Chief Executive Officer of the Client ( the client who engaged my Firm to disburse the final pay and bonuses for its employees ) was provided with a REBUTTAL letter and supporting documents. 
In XX/XX/XXXX, EARLY WARNING SERVICES received this REBUTTAL and shortly thereafter notified Wells Fargo of the REBUTTAL. 
Wells Fargo was then required to conduct a reasonable reinvestigation into these specific accounts on My consumer report pursuant to 15 U.S.C. 1681s-2 ( b ) ( 1 ) ( A ). 
The EARLY WARNING SERVICES was also required to conduct its own reasonable reinvestigation into the REBUTTAL account information on My consumer report pursuant to 15 U.S.C. 1681i. 
On XX/XX/XXXX, EARLY WARNING SERVICES reported that it received the REBUTTAL and responded by stating that the reinvestigation confirms that the information contained in your file is accurate and complete as of the date it was furnished to our database. 
To date, Wells Fargos inaccurate credit reporting remains on My EARLY WARNING SERVICES consumer report and negatively affects his ability to open lines of credit and new bank accounts. 
The EARLY WARNING SERVICES did not provide notice to me that My REBUTTAL was frivolous or irrelevant, pursuant to 15 U.S.C. 1681i ( a ) ( 3 ). 
Wells Fargo and EARLY WARNING SERVICES investigations were erroneous and unreasonable as they did not examine the enclosures that I provided and their conclusion that the account was Closed for Cause is incorrect. 
More specifically, Wells Fargo should have discovered from their own records, including My formal REBUTTAL, that the information being reported was inaccurate and materially misleading and damaging since I provided information and documentation showing that I did not utilize my accounts in a manner inconsistent with bank policy. 
It was erroneous and unreasonable for WELLS FARGO AND EARLY WARNING SERVICES to not contact me for further information if needed or to not contact the Clients CEO ( who provided a sworn affidavit ) regarding the movement of these funds. 
Accordingly, Wells Fargo failed to conduct a reasonable investigation with respect to the Disputed information as required by 15 U.SC. 1681s-2 ( b ) ( 1 ) ( A ) by failing to remove all of the Disputed and incorrect information. 
Wells Fargo failed to review all relevant information provided by me in my Dispute to EARLY WARNING SERVICES, as required by and in violation of 15 U.SC. 1681s-2 ( b ) ( 1 ) ( B ).

Due to Wells Fargos failure to reasonably investigate, Wells Fargo further failed to correct and update My information as required by 15 U.S.C. 1681s-2 ( b ) ( 1 ) ( E ), thereby causing continued reporting of inaccurate and damaging information in violation of 15 U.S.C. 1681-s ( 2 ) ( b ) ( 1 ) ( C ).

By inaccurately reporting account information after notice and confirmation of its errors, Wells Fargo failed to take appropriate measures as required by 15 U.S.C. 1681s-2 ( b ) ( 1 ) ( D ) ; and, ( E ). 
Through this conduct, Wells Fargo violated California Civ. Code 1785.25 ( a ) by furnishing information to consumer reporting agencies that Wells Fargo knew or should know was inaccurate.

EARLY WARNING SERVICES also failed to conduct a reasonable investigation with respect to the Disputed information as required by 15 U.S.C. 1681i.