Consumer complaint received 2026-01-23 00:00:00
Product: Checking or savings account — Savings account
Issue: Problem caused by your funds being low — Late or other fees
Company: WELLS FARGO & COMPANY
State: NC

Complaint narrative:
I am submitting this complaint regarding Wells Fargo Bank, N.A.s improper interest charges, delayed remediation, and lack of transparency involving XXXX consumer accounts, ( Checking and Savings account that included a minor account. ) On XX/XX/XXXX, Wells Fargo sent me a letter stating that during a prior internal review, it identified that an interest adjustment credit was not properly applied during the claim process. " As a result, Wells Fargo enclosed a {$5.00} check and issued an apology for the inconvenience. '' However, Wells Fargo did not provide any explanation, documentation, or accounting to demonstrate that all improperly charged interest was identified, calculated, and fully returned and how it happened. 

This admission raises serious concerns about Wells Fargos interest calculation practices, internal controls, and claim remediation procedures, particularly given that one of the affected accounts is a minor account, which should be subject to heightened safeguards and diligence.

Despite follow-up requests, Wells Fargo has failed to provide : Complete account histories for the affected accounts. 

The interest calculation methodology used, including applicable rates, accrual methods, and adjustment processes ; and The dates the error was known internally, including when the improper interest was first identified, reviewed, and corrected. 

Without this information, I can not verify : The scope or duration of the improper interest charges. 

Whether the {$5.00} payment represents a full refund or only a partial correction : or How long Wells Fargo retained funds after it knew the charges were improper. 

The fact that Wells Fargo identified the error during a claim process yet failed to promptly and fully remediate it or provide transparency, suggests deficiencies in compliance with federal consumer financial protection laws, including requirements related to accurate interest assessment, timely correction of errors, and proper handling of consumer claims. 

The involvement of a minor account who receives social security benefits in this account, further heightens concern, as errors affecting custodial or minor accounts require enhanced review, safeguarding, and corrective action. Wells Fargo has not demonstrated that such heightened protections were applied here. 

As a consumer, I have experienced financial harm, administrative burden, and loss of trust due to Wells Fargos actions and lack of responsiveness. The minimal refund, without explanation or supporting documentation, does not resolve these issues. 

I previously sent a certified letter on XX/XX/XXXX requesting this information, but I still have not received a response. I also sent a follow-up letter on XX/XX/XXXX addressed to XXXX XXXX, XXXX : Dear XXXX XXXX, I am writing to follow up on prior communications regarding my accounts ending in XXXX ( minor account ) and XXXX. You previously indicated you would contact me via email regarding these accounts ; however, I have not received any correspondence or documentation as promised. 

I am requesting that the CFPB : Require Wells Fargo to provide a full accounting and recalculation of interest for both affected accounts. 

Ensure that all improperly charged interest is fully refunded, not just a nominal amount.

Review Wells Fargos interest adjustment and claim-handling processes, including internal controls and timelines.

Evaluate Wells Fargos compliance practices for minor accounts ; and Require Wells Fargo to provide a written explanation of how the error occurred, when it was identified, how long funds were retained after knowledge, and what corrective measures were implemented to prevent recurrence. 

I am submitting this complaint to ensure accountability, transparency, and compliance with federal consumer financial protection standards.

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