Consumer complaint received 2025-01-25 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: GA

Complaint narrative:
I am filing this complaint to address Wells Fargos failure to properly resolve the issues raised in my original complaint regarding a prolonged and unjustified hold placed on my business funds, totaling {$120000.00}. Despite multiple attempts to work directly with Wells Fargo, they have failed to adequately address my claims, particularly the serious financial harm caused by the hold on my funds and the subsequent actions taken by the bank.

Summary of Original Complaint : In my original complaint, I detailed the following key issues : 1.Excessive Delay in Investigation Wells Fargo placed a hold on a deposit of {$120000.00}, and despite multiple communications, the hold lasted over XXXX months. This far exceeded the XXXX day timeframe allowed under R

egulation CC , which governs fraud-related holds and outlines the requirements for provisional credit. Wells Fargo did not provide provisional credit during the investigation, and the delay caused severe financial losses to my business.

2.Failure to Provide Timely Updates or Explanations Throughout this process, Wells Fargo failed to provide sufficient communication regarding the legal basis for the extended hold, nor did they offer updates on the progress of the investigation. The lack of clarity and failure to comply with the timelines set forth in federal regulations left me in a state of uncertainty and financial distress.

3.Funds Moved to Unclaimed Properties Without Proper Notice After the extended hold, Wells Fargo transferred the funds to Unclaimed Properties without notifying me or providing justification for this action. This further delayed my access to the funds and compounded the financial hardship my business faced. 
4.Financial Harm to My Business The prolonged hold caused my business to incur significant losses, resulting in its eventual closure. My Profit & Loss statement clearly shows a total of {$210000.00} in damages directly attributed to the actions taken by Wells Fargo. Despite this, the bank only offered {$3600.00} in compensation, which I believe is wholly inadequate given the scale of the financial harm caused.

Wells Fargos Response : Wells Fargo responded by claiming that they had complied with their internal policies and provided some compensation. However, their response did not address the central issues raised in my original complaint, specifically : The violation of Regulation CC and the Expedited Funds Availability Act ( EFAA ) by failing to resolve the hold and provide provisional credit in a timely manner. 
The inadequate communication and lack of updates during the investigation. 
The unjustified transfer of my funds to Unclaimed Properties without proper notification or explanation.

Wells Fargos explanation that they reviewed my case and provided compensation is not sufficient to cover the damages I incurred. Their failure to properly address the federal regulatory violations, or the severe financial losses I faced due to their actions, has left me with no viable recourse other than to escalate this issue to the CFPB for further investigation and resolution. 

Request for Resolution : Given the severity of the situation and the substantial financial harm my business has suffered, I am requesting that the CFPB assist in resolving this matter. Specifically, I seek : 1.A thorough investigation into Wells Fargos failure to comply with Regulation CC and the Expedited Funds Availability Act.

2.A reevaluation of the compensation provided to reflect the true financial impact of Wells Fargos actions .

3.Immediate action to restore the funds in question, or compensation for the full damages of {$210000.00} incurred due to the banks delays.

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