Consumer complaint received 2024-12-19 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Opening an account — Unable to open an account
Company: WELLS FARGO & COMPANY
State: IL

Complaint narrative:
My wife and I set up a XXXX and XXXX in XXXX to own XXXX acres of property in XXXX XXXX We set up a business bank account through Wells Fargo in XXXX XXXX when we purchased the property. 

In XX/XX/XXXX we started receiving e-mails from Wells Fargo asking for information about the XXXX and XXXX 

We completed the forms and submitted them to Wells Fargo. I spoke to a Wells Fargo representative at the time who said everything submitted looked XXXX. 

On XX/XX/XXXX I received an e-mail from Wells Fargo saying they closed the business checking account. No explantion for the closure was given. This was a complete surprise because I provided the completed forms to Wells Fargo and when I spoke to them about the forms said they looked OK. 

I called Wells Fargo to ask for an explanation for why the account was closed and none was provided. They said we should go to a local Well Fargo branch and have them look into it and to re-open the account. 

In XX/XX/XXXX we went to the Wells Fargo XXXX in XXXXXXXX XXXX  to re-open the account. The bank representative spent about XXXX hours asking us questions about the XXXX and XXXX we set up. He could not and did not tell us why the account had been closed in the first place. He discovered while looking into it that the XXXX on the checking account had been administratively dissolved in XXXX XXXX, which was a surprise to us. He told us to get that fixed and then come back to re-open the accounts. 

We called the accounting firm that set up the XXXX and XXXX and they determined they inadvertently did not file an annual report for XXXX. They fixed this and the XXXX was re-instated in XXXX XXXX in good standing. 

We returned to the XXXXXXXX XXXX  Wells Fargo branch on XXXX XXXX, XXXX to re-open the accounts. We had to work with a new person. They were very rude and started aksing many questions about the corporate structure set up by our accounting firm and their lawyers. They started questioning the corporate structure and started asking for things like utility bills and leases for the building used as the address for the XXXXXXXX XXXX and the registered agent. It was clear from the way they were acting with us that they did not want to re-open the account and they were asking for things we could not provide that I've never had to provide to set up other business accounts. They never provided us with any kind of list of everything they would need to re-open a business checking account that shouldn't have been closed in the first place. We made XXXX trips to the local XXXXXXXX XXXX branch that were a total waste of time. 

The experience with Wells Fargo has been both disappoining and frustrating. We still don't have an explanation for why they closed the checking account in the frist place, and can't cash the checks for the account balance until we have a new account set up somewhere else.

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