Consumer complaint received 2024-03-19 00:00:00
Product: Money transfer, virtual currency, or money service — Money order, traveler's check or cashier's check
Issue: Lost or stolen money order — 
Company: WELLS FARGO & COMPANY
State: TX

Complaint narrative:
" Wells Fargo case number : XXXX Account number ending in : XXXX and XXXX Dear XXXX XXXX : Thank you for contacting us regarding receipt of account closure cashiers checks. We completed our research and are providing details to address your concerns. 

On XX/XX/2024, your savings account ending in XXXX was closed with a positive balance of {$1900.00}. The savings account ending in XXXX was also closed on XX/XX/2024, with a positive balance of {$300.00}. After the account is closed, a cashiers check is mailed within three business days for the positive balance remaining in the account at the time of account closure. Please allow up to 15 business days for the cashiers check to be received.

If it has been longer than the allotted mailing time of the standard 15 business days, you may request a stop payment and reissuance on the lost, stolen, or destroyed cashiers check. A stop payment and reissuance can only be completed within a branch location. As a condition of stop payment and reissuance, Wells Fargo Bank will require an indemnity agreement. In addition, for cashier 's checks over {$1000.00}, the waiting period before the stop payment and reissuance of an outstanding cashier 's check may be processed is 90 days ( 30 days in the state of Wisconsin and 91 days in the state of New York ). 

However, the waiting period can be avoided with the purchase of an acceptable surety bond. This can be purchased through Wells Fargo 's approved insurance carrier or through an insurance carrier of the customer 's choice. The cost of a surety bond varies depending on the amount of the bond and the insurer used. For a check less than {$1200.00}, the cost of the surety bond is {$25.00}. Surety bonds are subject to the insurance carrier 's underwriting requirements before issuance. If the surety bond is not provided, the waiting period applies. 

On XX/XX/2024, our Account Closures and Partial Withdrawals department, in a separate communication, mailed you the Declaration of Lost, Stolen, or Destroyed Official Check and the Indemnification Agreement for the missing cashiers check. You may also visit your local Wells Fargo branch to complete the required documents and purchase of an surety bond. 

We understand that you didnt get the information you needed or the service you deserved when you visited your local branch on XX/XX/2024, regarding this matter. As a result, we have communicated this information regarding your inquiry to the XXXX XXXX branch located on XXXX XXXX XXXX XXXX XXXX XXXX, TX XXXX. We recommend making an appointment so you can have confidence a banker will be available to meet with you at your chosen time and discuss your financial needs. You can make an appointment by calling your local branch or you can visit us online at ATM and Bank Locations - Find Wells Fargo Bank and ATM Locations, find the location that meets your needs, and click on the blue Make an Appointment box, and follow the directions. 
If you need additional assistance or have any further questions, please contact our Account Closures and Partial Withdrawals department at XXXX, Monday through Friday XXXX XXXX. to XXXX XXXX Central Time. 
We understand that you didnt get the information you needed or the service you deserved when you first contacted us regarding this matter. Were sincerely apologize for any inaccurate information, inconvenience, or unsatisfactory service you might have received as a result of this matter. We hold all our bankers to a strict code of conduct and expect them to provide accurate and helpful information in a courteous manner. While it is never pleasant to learn we have failed to meet a customer 's expectation, we appreciate your bringing this situation to our attention. 



Case status We have closed the case as of the date of this letter. If we receive additional information, we will open a new case to address any remaining or new concerns. 

How to contact us We appreciate the time and effort you took to contact us. If you have questions, you may reach us at XXXX, Monday through Friday from XXXX XXXX. to XXXX XXXX. Central Time. We accept telecommunications relay service calls. 

If there is an attachment to this email and you can not read it, please contact us. 

Sincerely, XXXX XXXX. 

Escalations Representative Consumer Small & Business Banking Escalated Complaints Office po box XXXX, XXXX XXXX, SD XXXX '' As explained in the email I received above, on XX/XX/XXXX I decided to close my Wells Fargo Checking and Savings accounts.I was told a Cashiers check was sent and should arrive no later than XXXX business days for the funds remaining in my account. 

Fast-forward to XXXX XXXX, I had still no yet received my check. I called into Customer Service, they told me the check was not mailed, and that I would not receive it for 90 days due to " company policy '' because the amount of the check was too large. Very frustrating since I was told 15 business days originally, 30 days ago. 

I decided to visit a branch for more information. I made an appointment, after explaining the situation to the person helping me, they called customer service, and the whole process took around an hour. I ended up leaving with even less information than I showed up with. All I was told was that they would put in a complaint on my behalf. 

Then today on XX/XX/XXXX, I received the email above regarding my complaint. The status was surprisingly closed, after not having helped whatsoever. Saying that I would need to give over 2 % of the check as a XXXXSurety Bond ' In order to receive my money, or put in a stop pay on the original Cashiers check. That process as explained in the email above would take 90 days, plus another 15 days in order to resend the check ( assuming it is actually sent this time ). that would put my entire wait to right around half a year. 

I called into customer service today, they said they are sending me paperwork, that I would then need to bring into the branch to purchase said XXXXSurety Bond '. But I would not receive that paperwork for 7-10 business days. Then after I receive the paperwork and find time to go into branch, I would need " to wait 48 business hours '' for the paperwork to be processed before I then need to give them 2 % of my check, because they did not ship me the check in the first place.. Then after all these steps. I would have most* of my money returned to me. I refuse this is a real process, it feels to me that because I decided to switch bank providers, I am being punished by Wells Fargo, and Tricked into paying them. 

Every time I have called, I have received conflicting information regarding my situation. Even today when talking to someone in account closure department, I was told they were forwarding me to the 'escalation team ', when they actually sent me to a dead extension where the phone call suddenly ended. After trying to re-reach the same person, I was greeted by a very rude women who once again, gave conflicting information and was not helpful. 

I have been told that If I do not choose to pay for the surety bond or do the stop-pay on my check to wait another 90 days, that my funds would be turned over to the State of Texas, and I would not receive them at all. 

I made another appointment for Friday XX/XX/XXXX with a branch. I am hoping this time the result is different. 

Sad to see such a large company do so much in order to prevent me from receiving My money I am due. Especially when it comes at the expensive of their customer service representatives. This entire process has cost myself, and themselves much more money and time than this issue is worth. Alas, this is why myself as so many choose to no longer bank with Wells Fargo. 

Many friends and family members have also decided to switch banking providers after hearing how little they are willing to do in order to solve issues.

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