Consumer complaint received 2024-02-09 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
I received two emails from Wells Fargo Bank on XX/XX/XXXX, regarding my joint checking and savings accounts, advising that Wells Fargo Bank was closing my accounts because of a deposit of one or more checks payable to a person not on the accounts ( i.e. third- party check ). Wells Fargo advised they would close my accounts by XX/XX/XXXX. 

When we went to the bank this morning regarding the email below, we were just advised the same information as the email verbiage. I don't understand why I am not able to access any of my funds when I don't know what Wells Fargo is talking about regarding funds from a 3rd party, I don't know is attempting to deposit funds into my account. About {$2500.00} of my funds are currently in the account and my spouses Social Security XXXX funds ( another {$2400.00} ) will be unfortunately deposited into that same Wells Fargo account since we were unable to update her direct deposit information in time to avoid being deposited into that Wells Fargo account. So, a total estimate of about {$5900.00} is being held by my Well Fargo Bank branch. 

Below is the XX/XX/XXXX, email notification I received from Wells Fargo notifying me that my bank accounts will be closed, and my funds are on hold until they decide to release those funds to me. 

XX/XX/XXXX Wells Fargo email : Wells Fargo performs ongoing reviews of its account relationships in connection with the Banks responsibilities to manage risks in its banking operations. We recently reviewed your account relationship, and as a result of this review, we will be closing your above referenced accounts because of the deposit of one or more checks payable to persons not on this account ( i.e., third party checks ). The accounts are expected to close by XX/XX/XXXX. Please note that the Bank reserves the right to close the accounts sooner if circumstances arise that warrant an earlier closing. 

Be aware that some circumstances XXXXay delay the closure of your accounts. To learn more, refer below to " What may delay account closure? '' Please review the following important information to help you prepare for this transition. 

What this means for the accounts listed above as of the date of this letter : Deposits have been blocked. 
If you have recurring deposits ( for example, your paycheck or pension ), please redirect the deposits to a non-Wells Fargo account. 
If your account balance is or becomes negative and you would like to make a covering deposit or transfer, contact XXXX to arrange for the temporary ability to make a deposit. 

Withdrawals and payments have been blocked. 
You may no longer access these accounts with your debit card. 
No new transactions will be authorized. However, we must pay certain transactions that are received for processing before your account is closed, even if this creates a negative balance in your account. 
This includes the payment of any previously authorized transactions ( for example, debit card purchases ), but no overdraft fees will be assessed if you do not have sufficient funds in your account. 
We must also process the reversal of any previously credited deposits that are returned unpaid and may assess a returned deposited item fee. 
Recurring payments you previously established will be declined and checks will be returned unpaid. While we will not assess an insufficient funds fee on these transactions, the merchant you attempted to pay may assess returned payment fees. Contact these merchants as soon as possible to make other payment arrangements. 

Any recurring or automatic bill payments set up from our accounts will need to be canceled or changed to a non-Wells Fargo account. 

You may continue to receive standard Wells Fargo communications or notices regarding your accounts, which may refer to services or features that are no longer applicable to or available on your accounts. Such communications and notices should not be understood as impacting our decision to close your accounts. 

While overdraft and insufficient funds fees will be waived following the date of this letter, other fees may continue to be assessed in accordance with your Account Agreement.

What may delay account closure?

Account closure may be delayed beyond the date listed above. The most common reasons include : your account has a negative balance, has pending transactions, or is subject to a legal order hold. Once the issue preventing closure is resolved, we will proceed with account closure and send you a final statement. 

What happens to the balance in your accounts when the account is closed? 
If the account balance is positive at closure, we will mail a cashiers check payable to you for all money due to you.

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