Consumer complaint received 2024-08-24 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
Wells Fargo closed my account alleging it was because of overdraft item fees. However According to the law of the FDIC overdraft protection is a service that consumers must opt-in if this the consumer desires this service. I know this account is insured through FDIC in the amount of {$250000.00}. I am aware that the banks draw {$250000.00} per transaction on each depositors account when the transaction is not in excess of {$250000.00}. I do know that the FDIC is not for the bank but for the protection of the depositor. In essence the insurance is in my name and it belongs to me the DEPOSITOR. I DID NOT and WOULD NOT EVER opt-in to Overdraft protection as I know that according to the Law Banks Can only borrow money from the Federal Reserve on behalf of the tendering of an instrument by a consumer. As banks are nothing more than security transfer agents and banks do not have the power to LOAN money. I do know that at account opening I tendered Wells Fargo more than one instrument granting them access to my unlimited credit. ( I know for certain one of these instruments are in accordance with 12 CFR 1002.2 ) I know said instrument granted me as a consumer an extension of credit. In which I'm certain Wells Fargo did a 1099OID for because any transaction above {$10.00} a 1099OID is issued for. While the other instruments can be found in the Uniform Commercial code under negotiable instruments to be exact in UCC3. As an investor of Wells Fargo I would expect Wells Fargo to act with more dignity then what they have been. I know that all banks are going through transformations as the new system is ushering in but yet Security Transfer agents must have some checks and balances in place to maintain the care, satisfaction and confidence of your investors. I thrive in an environment where I feel heard and my needs and obligations are met in a timely manner. As a busy entrepreneur I don't have the leisure to slow down and educate employees on rules and regulations of the " bank ''. In fact I'm certain that Security Transfer agents would rather there employees to lack knowledge thereof which is fine but in that any rate As an investor I acquire more care, attention and someone with some competence. As a business owner and a trustee I am looking to build a business relationship not tear any relationships down. I'm not looking to bounce from bank to bank. I need a space that I can handle my trust accounts and business bank accounts under one roof. I'm looking to grow a financial partnership with a financial institution as we have expanded beyond California and have expanded into XXXX XXXX and looking to expand into Texas by the end of second quarter of XXXX. Anyhow, Upon searching the XXXX XXXX ( SEC.GOV ) I found a few noteworthy reads. Wells Fargo Prospectus, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Bylaws and the likes ... ... .... Lets just say.. I know when things are out of order when I see it. I know that Wells Fargo owes me principal and interest to say the least amongst other things. I know you have been trading my securities as well.. As I read the prospectus now it states ... .. the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. These securities are the unsecured obligations of Wells Fargo & Company or Wells Fargo Finance LLC, as applicable, and, accordingly, all payments are subject to credit risk. If Wells Fargo & Company or Wells Fargo Finance LLC, as issuer, and Wells Fargo & Company, as guarantor, if applicable, default on their obligations, you could lose some or all of your investment. The securities are not savings accounts, deposits or other obligations of any bank subsidiary and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. The debt securities will be our direct unsecured obligations and will rank equally with all of our other unsecured unsubordinated debt. Payment on the debt securities is fully and unconditionally guaranteed by Wells Fargo & Company, as Guarantor. The indenture does not limit the amount of debt securities that we may issue. The assets of the Guarantor consist primarily of equity in its subsidiaries, and the Guarantor is a separate and distinct legal entity from its subsidiaries. As a result, the Guarantors ability to address claims of holders of our debt securities against the Guarantor under the guarantee depends on its receipt of dividends, loan payments and other funds from its subsidiaries. Various federal and state statutes and regulations limit the amount of dividends that banking and other subsidiaries may pay to the Guarantor without regulatory approval. In addition, if any of the Guarantors subsidiaries becomes insolvent, the direct creditors of that subsidiary will have a prior claim on its assets. The rights of the Guarantor and the rights of its creditors will be subject to that prior claim unless the Guarantor is also a direct creditor of that subsidiary. This subordination of creditors of a parent company to prior claims of creditors of its subsidiaries is commonly referred to as structural subordination. Holders of our debt securities are our direct creditors, as well as direct creditors of the Guarantor under the related guarantee. As a finance subsidiary, we have no independent operations beyond the issuance and administration of our securities and will have no independent assets available for distributions to holders of our debt securities if they make claims in respect of the debt securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by the Guarantor and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of the Guarantor. Holders of our debt securities should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of the Guarantor, including holders of debt securities issued by the Guarantor. Despite our rocky relationship I feel as though we can overcome these obstacles we once faced and develop a partnership. I ask you to act in a Fiduciary manner from here on out. I also ask that you fix the error that was made in the account creation of my trust account. I asked your employee to open a revocable trust and provided her the trust documents that she notarized that clearly stated revocable but yet she opened an irrevocable account that I did not ask for. Cease and Desist sharing my non-public person information without my written consentXXXX XXXX XXXX is a third-party entity and is not an affiliated party within the means of your privacy act.

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