Consumer complaint received 2024-10-04 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
Dear Wells Fargo Arbitration Team, I am writing to formally request arbitration regarding the unlawful retention of {$730.00} of my funds by Wells Fargo for a period of eight years. This action constitutes a violation of federal and state consumer protection laws, and I seek immediate resolution, including restitution of the principal amount along with 100 % compound interest over the period. 
Reference Case number : XXXX Account number ending in : XXXX Closed Charged off. I received a letter dated XX/XX/year> from Wells Fargo Customer Care XXXX. This letter was pertaining to fees that were charged per the letter " when a restraint was present on the account. Per the letter, " the restraint may have prevented deposits to and/withdrawals from the account ''. Per the letter, " As a result we are enclosing a check for {$730.00}. The letter had a contact number that I called in between XXXX XXXX XXXX. I spoke with XXXX at XXXX ( XXXX ), she directed me to call Wells Fargo at XXXX, I spoke with XXXX there, he offered me an additional {$500.00} for the inconvenience, but I declined. I wanted ( past tense ) {$15000.00} in damages. I was XXXX  at the time, I lost my vehicle, and I didn't have an account. I also this account was reported to the consumer reporting agencies where there was an adverse affect on my credit, which is a violation of the FCRA, due to the bank reporting incorrect information, not to mention the bank held my money for seven years in which I would like for the bank to pay me compound 200 % interest, nowhere does it state in the paperwork I signed when setting up the account that I could not charge the bank compound interest for withholding my money. It's not an interest bearing account, but this is my time, effort and energy, which it costs per hour. In the letter that I still have, the bank doesn't reserve their right to tell me what I have to accept in terms of a settlement for their error. A representative by the name of XXXX XXXX XXXX XXXX XXXX Specialist reached out to me via email on XX/XX/year> to confirm she had my case. I then contacted XXXX XXXX the next day and she confirmed it was a charge off and reported to the consumer reporting agencies, I provided the same information that is when XXXX XXXX confirmed another department handles cases pertaining to the Fair Credit Reporting Act, so then that is when my file was transferred to XXXX XXXX XXXX XXXX XXXX Specialist from the Enterprise Complaints Management Office check with another department to decline my claim, she stated I would need to contact the consumer reporting agency to correct their error. Then she stated I closed my own account, but her colleague just confirmed before transferring my file that the ac count was charged off and sent to collections by Wells Fargo. She proceeded to tell me I would need to sort it out on my own. I asked multiple times why the account was closed, XXXX stated '' the account information has been purged and I can't see why the account was closed. But how could she not see when the account was closed due to the information being purged, when she sent me pdf documents of the account information and charges. It stated that she is an advocate for the consumer, I think not, she is an advocate for hiding errors made by the bank. 

This had an adverse affect on my credit due to them reporting an error, which has since been deleted, but was on my credit for 7 years. Wells Fargo is just rectifying seven years later with a {$730.00} check, I think not. XXXX also stated they had to report the account, but it's not my error as a consumer that their system failed to provide accurate information about my account. Acting in good faith is rectifying the error before closing my account and reporting incorrect information that violates the Fair Credit Reporting Act and my consumer rights. I have the original letter Wells Fargo sent as well, confirming their error. XXXX also stated I would receive information to obtain all of the recording with my voice which is my intellectual property. 

Violations of Consumer Protection Laws : Unfair or Deceptive Practices ( UDAP ) : Under federal law, particularly the Dodd-Frank Act ( 12 U.S.C. 5531 ( a ) ), it is illegal for financial institutions to engage in unfair, deceptive, or abusive practices. Wells Fargos retention of my funds without due cause for this length of time is a clear violation of these protections.

Electronic Fund Transfer Act ( EFTA ) : The EFTA ( 15 U.S.C. 1693 et seq. ) protects consumers in electronic fund transfers. Retaining funds without authorization or clarity violates the EFTAs provisions on transparency and accessibility of funds. 

Truth in Lending Act ( TILA ) : Under TILA ( 15 U.S.C. 1601 et seq. ), I am entitled to clear and accurate statements of account balances. Wells Fargos failure to release my funds over this extended period constitutes a violation of TILAs requirement for accurate disclosure of account information. 

State Consumer Protection Law : In addition to the federal laws mentioned above, Wells Fargo has likely violated [ insert your states consumer protection law, e.g., the California Consumers Legal Remedies Act or Florida Deceptive and Unfair Trade Practices Act ], which prohibits unfair trade practices in retaining funds without due authorization.

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 non-monetary relief