Consumer complaint received 2024-06-27 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:
On XX/XX/XXXX I contacted Wells Fargo via their online instant chat messaging system regarding 4 monthly service fees ( {$5.00} each ) that were applied to my Savings Account XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. 

Per Wells Fargo 's Monthly Service Fee Summary, below are ways customers can avoid the monthly service fee.

Have any ONE of the following each fee period : - Minimum daily balance of {$300.00} - A daily automatic transfer from a Wells Fargo checking account ( min. {$1.00} ) - Save As You Go transfer from a Wells Fargo checking account ( min. {$1.00} ) - A monthly automatic transfer from a Wells Fargo checking account ( min. {$25.00} ) - Age of primary account owner ( XXXX ) During the months XXXX XXXX, I had pre-scheduled in advance two individual automatic transfers per month to take place the XXXX or XXXX in various amount ranging from $ XXXX {$350.00} each transfer. 

Below are the dates of my scheduled automatic transfers that took place from my checking to savings between XXXX XXXX XXXX XXXXXX/XX/XXXX - {$300.00} XX/XX/XXXX - {$400.00} XX/XX/XXXX - {$260.00} XX/XX/XXXX - {$260.00} XX/XX/XXXX - {$350.00} XX/XX/XXXX - {$350.00} XX/XX/XXXX - {$350.00} XX/XX/XXXX - {$350.00} Based on WF 's fee summary, I believe I had met their waived fee guideline under " A monthly automatic transfer from a Wells Fargo checking account ( min. {$25.00} ) ''. 
However, WF told me today that because my monthly transfers done manually and not automatically, I did not satisfy the " A monthly automatic transfer from a Wells Fargo checking account ( min. {$25.00} ) '' rule. Meaning because my scheduled automatic transfers were set up individually on specific dates ( i.e. WF 's definition of setting up my transfers manually ) and not on a reoccurring basis, I did not qualify for the monthly fee waiver. 

My complaint is that nowhere within Wells Fargo 's fee schedule language does it specify that the monthly automatic transfers had to be set up on a REOCCURING BASIS. As a normal person reading the fee summary, Wells Fargos definition of automatic transfer is open to interpretation and therefore is misleading. 

Wells Fargos monthly fee summary does NOT define what their definition of an automatic transfer is. As a customer, I believe that my monthly transfers from my checking to savings, which were pre-scheduled months in advance to with future dates to automatically transfer, and in various amounts well over their {$25.00} min. transfer requirement, meets Wells Fargos guidelines to have the monthly service fee waived.

When I asked Wells Fargos customer service to provide me with the appropriate documents/disclosure with Wells Fargos definition of Automatic Transfer, they could not provide me with it. Instead, they provided the following response : " I can advise that an automatic transfer, is a banking arrangement where transfers occur between your two ( or more ) accounts on a regular, periodic basis without your further instruction or action. Your manual transfer you set up the day before ( OF NOTE : my transfers were scheduled months in advance and not the day before ) is not considered automatic ... .I understand you would like a definition for " Automatic '' to be listed somewhere within your account, but since it is the standard definition we use, which I provided, it doesn't seem necessary to have it copied and pasted on your account. However, you can actually perform a definition search online and find it to be the same XXXX and I have given to you during this conversation. Considering the time you have already spent on this issue, I want to respect your time. Did you have any other account issues that I can address while we chat? '' BUT even with Well Fargos online definition of automatic transfer, " An automatic transfer of funds is a banking arrangement where transfers occur between your two ( or more ) accounts on a regular, periodic basis without your further instruction or action '' - I still believe I met the criteria with my monthly automatic transfers.

For ( 1 ) my automatic monthly transfers were set up months in advance, NOT the day before the transfer date as they claimed.

And ( 2 ), my transfers were pre-scheduled a head of time at x2 transfers per month on a regular/periodic basis and required no further instructions/action on my part.

Therefore my two reasons satisfies their definition : An automatic transfer of funds is a banking arrangement where transfers occur between your two ( or more ) accounts on a regular, periodic basis without your further instruction or action.

At the end, Wells Fargo 's default solution to me was escalating my complaint on to the next department and ending it with the following response : " A monthly automatic transfer would be a transfer that is created to start a schedule of at least {$25.00} to come out monthly automatically without continuing to log in each month to set it up. Regrettably, the fee decision tool can not be overridden. An adjustment to the account in the amount of {$10.00} has been completed and added to the available balance. '' Again, to the general population, an automatic transfer could be defined as an individual setting up in advance a future-dated transfer of funds to take place - automatically- on a specified date between two accounts with no further action/intervention needed from the individual on the specified date.

Wells Fargo 's Monthly Fee Summary language, " A monthly automatic transfer from a Wells Fargo checking account ( min. {$25.00} ) '', DOES NOT specifically call out that automatic monthly transfers have to be set up on a reoccurring basis to be eligible for the fee waiver. 

I have requested Wells Fargo to process a full reversal of the service fees to me in the amount of {$20.00}, but their response was that they charged me correctly based on their definition of " automatic transfer '' and as a courtesy they will only refund me {$10.00}. 

As a customer, I'm deeply concerned about how many customers out there have been charged monthly service fees based on Wells Fargo 's misleading language and their lack of clarification on what a qualifying automatic transfer is to avoid a monthly fee and how much Wells Fargo has profited off of their unclear definition of automatic transfers.

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