Consumer complaint received 2025-01-13 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: WELLS FARGO & COMPANY
State: AL

Complaint narrative:
On XX/XX/XXXX, I initiated two payments via Wells Fargos ACH transfer portal from my XXXX XXXX XXXX XXXX account to my Wells Fargo business line of credit. The first payment of {$20000.00} was processed without issue, but the second payment of {$19000.00} was inexplicably placed on a " fraud hold, '' preventing access to the funds until XX/XX/XXXX. Both payments originated from the same account, using the same portal, and were for the same purpose. Wells Fargos inconsistent handling raises serious concerns about procedural fairness and potential discrimination. I even requested a refund for the held payment and was told no. 

At the Wells Fargo branch on XXXX XXXX XXXX in XXXX, AL, Banker XXXX XXXX described the fraud hold as unusual, stating, Ive never seen a hold like this last for over 30 days. Branch Manager XXXX XXXX attributed the hold to the payment originating from a credit union, suggesting potential bias against such transactionsa violation of the Equal Credit Opportunity Act ( ECOA ). When I requested documentation to justify the hold, staff claimed they " couldnt provide it '' and instead filed an internal complaint ( ID : XXXX ), citing their lack of understanding of the situation. 

On XX/XX/XXXX, I received a letter from Wells Fargo, dated XX/XX/XXXX, misaddressed to my personal address rather than my business address. The letter demanded excessive and irrelevant documentation, including a voided check, a bank statement showing payment details, and a confirmation letter from XXXX XXXX XXXX XXXX. These requests were unnecessary, as XXXX had already verified the payment on XX/XX/XXXX. Such demands violate customer privacy and fail to meet regulatory obligations under Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ).

The delayed release of funds caused significant financial and emotional harm, including breach of contract for line of credit usage. Due to the unavailability of funds, I incurred overdraft fees and was forced to use a credit card to meet the XX/XX/XXXX, property tax payment deadline. This resulted in interest charges and financial strain on other accounts. Additionally, this situation created undue stress during a critical financial period and disrupted my business operations.

Several discrepancies highlight Wells Fargos unfair practices. Two payments made on the same day through the same portal were treated inconsistently, with no valid explanation. The hold was attributed to the payments origin from a credit union, suggesting discriminatory practices. Despite requests, Wells Fargo refused to provide documentation, obstructing my ability to challenge the hold. Their excessive documentation demands and misaddressing of correspondence delayed resolution further.

Wells Fargos actions violate multiple regulations. Discrimination against credit union payments breaches the ECOA. Their lack of transparency, refusal to provide documentation, and invasive demands violate UDAAP standards. Additionally, their actions breach implied duties of good faith and customer privacy expectations.

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