Consumer complaint received 2025-04-24 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:
i deposited a {$24000.00} settlement check that was drawn from XXXX XXXX and i deposited it into my Wells Fargo account. i was given {$400.00} instantly and a receipt saying the funds will be available the following day. the next day my account is negative- {$400.00} and Wells Fargo is saying for me to contact the issuer and that the funds will be available in 10 days. when i contact XXXX XXXX, they said the funds were released without any holds. well fargo lied to me and is purposely holding {$24000.00} of mine for 10 days and putting my account negative and bouncing checks i wrote to pay bills. how is this legal? My XXXX XXXX  credit card payment of {$370.00} bounced twice due to this. My bank account is negative- {$400.00} also due to the reversing the original credit of {$400.00}. When I spoke with Wells Fargo the first supervisor was telling me the check bounced and they couldnt receive the funds. He then said I need to contact the issuer and it just sounded like he was reading a script. However, in my case, XXXX put a phone number on the check itself to contact for verification due to the amount of the check. So, I instantly contact XXXX and I was informed that the check was processed and the funds were released without any holds. They then continued to explain the process of it going through the clearing housing and getting final approval from the fed to release the funds. Standard practice for checks this size. What is not standard practice tho is taking someones money and holding it for ten days without any reason, but the fact that you can and will. If I were to go into the bank and just take {$24000.00} from them and then say Ill give them the money back in 10 days and I left the bank, what would happen to me? Id go to prison for a very, very long time, and Ill have to pay hundreds of thousands of dollars in fines and restitution. However, my bank that Ive been banking with for over a dozen years is allowed to mislead me into believing that the issuer of a settlement check from a lawsuit gave a check that bounced. Also, led me to believe that theyre attempting to redeposit the check, but the funds are not available to them. However, they know the exact date that the funds will be available which is 10 days away from the date of deposit. If they can not get the funds, how do they know the date the funds that they could not receive would be available? I literally contacted XXXX using the phone number on the check and they clearly said the check was processed/cashed/funded without any holds or restrictions. When I spoke with a representative from XXXX she told me that Wells Fargo is misleading me. My bank is negative- {$400.00} and my electric, cable, phone, credit card payments are all going to bounce or have bounced due to this evil practice that Wells Fargo loves doing! Why lie to us? Why steal our money for 10 days? This is ruining my life and it is intentional. When I deposited the check, the teller XXXX verified the funds and she gave me a receipt saying the funds will be available the next day. With how the stock market been due to trumps recession, I believe Wells Fargo needs to recoup the billions it has been loosing so they decided to go to war with little guys like me. This is going to cost me so much, but they dont care and have the nerve to say my finances are my responsibility when theyre 100 % responsible for this and numerous other incidents. They literally get sued for billions every year, but continue to do this evil stuff. Its like they plot and plan on ways to steal.

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