Consumer complaint received 2024-08-07 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: WELLS FARGO & COMPANY
State: MI

Complaint narrative:
Dear CFPB, I am writing to file a formal complaint against Wells Fargo for wrongfully closing my credit card account in XX/XX/year>. Despite being a responsible customer who has never missed a payment, I found my account closed due to a payment issue that arose from a fraudulent incident. On a XXXX afternoon in XX/XX/year>, I made a payment of 25 % of my credit limit, believing all was in order. Unfortunately, my check bounced due to fraud, leaving the funds unavailable. XXXX days later, after resolving the issue with my bank and reapplying the funds to my Wells Fargo credit card before the due date, my account was abruptly closed by Wells Fargo XXXX after the payment did not clear ( XXXX business days, not XXXX weeks not XXXX  months, XXXX business days ), citing misuse of the card. Wells Fargo claimed that a {$2000.00} payment in XXXX and a {$50.00} payment in XXXX did not go through. However, aside from the {$2000.00} payment affected by fraud, my payment history has been impeccable. I even have a mortgage with Wells Fargo, underscoring my reliability as a customer. Despite my efforts to rectify the situation and plea with Wells Fargo to reconsider, they declined to reopen my account, causing a significant drop in my credit score by XXXX points across all three credit bureaus. Furthermore, the closure of my cash back card meant that {$25.00} in cash back rewards remained unapplied, which I rightfully earned. In light of these events, I am deeply troubled by Wells Fargo 's actions, which have not only damaged my credit but also left me feeling disregarded as a valued customer. Given the impact this has had on my financial standing and the apparent injustice of the situation, I am seeking the intervention of the Consumer Financial Protection Bureau to address this matter and seek resolution. I appreciate your attention to this issue and hope that your intervention can help rectify the situation. I have now after reaching out to a legal firm, they have ask me to open another case in attempt to re-open the account, after the team reviewed my case, they inform me that I indeed have a great case against Wells Fargo, for the purpose of the last payment mishap was due to fraud and upon looking into the credit card account documentation. They have found substantial evidence, and they are looking forward to taking on this case if Wells Fargo does not do the right thing. They also wanted me to point out this is not the first time Wells Fargo have provided the consumer a injustice and cost a consumer a great harmful hit on their credit score, I stated the first one that Wells Fargo was not true if the payment was tried again the next day from Wells Fargo and was completed, the second payment did not clear because of fraud. Thank you for your time and assistance in advance. Sincerely, XXXX

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