Consumer complaint received 2024-06-06 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: WELLS FARGO & COMPANY
State: IN

Complaint narrative:
My complaint is with Wells Fargo. 

Multiple events have occurred, leading up to this official complaint. 

In XXXX of XXXX, I attempted again to create a Wells Fargo IRA account. I submitted the paperwork. ( I have paperwork from XX/XX/XXXX showing an attempt to create a Wells Fargo IRA account, but despite submitting all the paperwork and working with the brokerage agents, the account did not " exist. '' ) In XX/XX/XXXX, I submitted all the paperwork again, however the account still did not properly exist no matter how many times I attempted to fill out the paperwork or prompts through the Wells Fargo site. 

From XXXX XXXX XXXX, I received multiple notices that Wells Fargo Overdraft Protection had been triggered ( some in the {$500.00} ). 

When I looked through my bank statement, Wells Fargo had made an unauthorized decision to make a full withdrawal on XX/XX/XXXX from my checking account to pay my credit card bill of {$2100.00} ( line titled as " autopay '' ). My credit card bill had always been limited to an automatic, minimum of {$25.00} previous to this point, but as of XX/XX/XXXX, Wells Fargo began to take make automatic, large withdrawals from my checking account to be applied to my credit card. On XX/XX/XXXX, Wells Fargo removed {$580.00} from my checking account to pay my " automatic '' credit bill. Two Overdraft Protection payments followed ( XXXX and XX/XX/XXXX ). 

In XXXX, I had almost no money in my bank account and had to rely upon my credit card for most purchases. I try to only use my credit card in emergencies. I received alerts that my XXXX score was impacted. As XX/XX/XXXX, I still have not paid off the bills from this period in time. 

My complaint was forwarded to the Wells Fargo Executive Case Management Office ( Case Number : XXXX ). They apologized for the inconvenience, and I eventually was able to get my credit payment reversed back to my checking account, though it was not until XX/XX/XXXX that funds were approved to be reversed back to my checking account. 

I would have complained about this earlier, but I just wanted it to all go away. 

On XX/XX/XXXX, I bought a ticket for an academic conference for {$950.00} and flight insurance for {$76.00}. Because I needed to cover my checking account, I transferred {$1500.00} from my savings account into my checking account. I confirmed that the money went into my checking account. It was visibly present and changed the balance of my checking account. The money arrived with enough to cover the purchase of my plane ticket with several XXXX dollars of largesse for safety. 

I received an email on XX/XX/XXXX, stating that my Overdraft Protection had been triggered, for which {$520.00} had been transferred my savings into my checking. I checked my banking account directly after and saw that my checking had {$0.00} dollars, while my savings had {$1500.00} ( it previously had close to $ XXXX previous to my transfer of {$1500.00} into my checking to buy the plane ticket ). I had no idea where any of the money I had transferred had gone. 

I called into Wells Fargo on XX/XX/XXXX to ask where the money had gone. After some investigating, they said that the money had gone into the Wells Fargo Brokerage IRA. Because it was an IRA account, I would have to fill out a paperwork. I filled out the IRA Recharacterization or Removal of Excess Contribution form. I received on email on XX/XX/XXXX, stating that the request had been denied because the date of the contribution didn't match any contribution. 

I called into Wells Fargo again on XX/XX/XXXX. I told the agent that my money had been transferred without my approval into a Brokerage IRA account that had never been fully approved. I had tried multiple times to get the Brokerage IRA to become approved, but the forms were never processed correctly ( not by me ). I told her that I was absolutely positive that I transferred my original transaction from my savings into my checking account, but that it somehow appeared into my Brokerage IRA account. I told her that essentially the IRA account did not really exist and that it, along with my money, was just drifting out somewhere in cyberspace. 

The agent said she could send me an approval for distribution, which would return my money to me by tomorrow. 

Wells Fargo has charged me in overage fees or overdraft protection. I do not know that they have continuously made decisions about and withdrawals from my accounts without my permission. They have quite literally made a dummy brokerage IRA account that they housed my money in, while they charged me exorbitant fees. They have also made my money inaccessible to me on a consistent basis. 

I do not make a great deal of money. Their actions have left me stressed out and panicking. They are quite literally a predatory company. 

For the documents I have included below, I have obscured or removed all sensitive information.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation