Consumer complaint received 2022-03-07 00:00:00
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: WELLS FARGO & COMPANY
State: NE

Complaint narrative:
I have a Wells Fargo credit card with a {$2500.00} limit. On XX/XX/2022 I made an online ACH payment of {$2200.00}, the outstanding balance on that date, from a checking account at another financial institution. The payment cleared my checking account on XX/XX/2022. On XX/XX/2022 my Wells Fargo mobile banking reflected an outstanding balance of {$330.00} and an available balance of {$0.00}. However, the Wells Fargo mobile banking application shows that the payment amount of {$2200.00} posted on XX/XX/2022. The Wells Fargo mobile banking application says the following about posted transactions : " Posted transactions are fully processed and finalized credit card purchases and other transactions. '' I called Wells Fargo on XX/XX/2022 to inquire why my available balance was {$0.00}. I was told by the Wells Fargo representative that a 21 day hold was placed on payment. I asked that the hold be removed since the payment cleared and was told that could not be done. I asked to escalate the complaint and was transferred to another representative that told me the hold was for 15 days even though the payment cleared. I asked if the practice of placing holds on ACH payments was disclosed or communicated to customers and was told by the representative that the bank does not disclose the hold to customers unless the customer calls and asks about it after the fact. I again asked that the hold be removed and the representative said he was putting in a request for the hold to be removed. On XX/XX/2022 my available balance still showed that is was {$0.00} on my mobile banking application. I called the bank again on XX/XX/2022 and asked if the hold was going to be removed. The representative transferred my call to a manager who said that they would have to put in a request with the credit payment review department. He asked if I had an email or a fax machine so I could send in documentation. I asked what kind of documentation they needed to see that the payment was received. The manager could not answer my question other than saying they needed documentation to see if an ACH payment had been received. I gave them my email address. I asked if I could speak with someone in the credit payment review department and was told they do not have phones. On XX/XX/2022 my available balance on the credit card still reflected that it was {$0.00}. I received an email from the credit review department which requested that I send a copy of my bank account statement for the account that the payment was drawn on that shows the account balance before and after the the payment cleared. I do not want to send my bank account information from another financial institution to Wells Fargo because that is private information. Additionally, that information was not relied upon when XXXX XXXX made the credit decision to open my credit card line. On XX/XX/2022 I called the bank again to try to resolve my issue and I was transferred several times to different individuals. Almost an hour into the call I finally spoke with someone in the consumer advocacy department. I asked if the bank could verify that they received the ACH payment. I once again explained that the payment shows that it cleared my checking account at the other financial institution and that it also shows posted on my Wells Fargo mobile banking application. I was told by the individual in the consumer advocacy department that the bank has no way to verify that they received the funds, which I find hard to believe. I was told they could not help me. I think that the bank 's practice of placing a hold on my credit card account even though the payment cleared is both unfair and deceptive. During the period between XX/XX/2022 and XX/XX/2022 I have not had access to the {$2200.00} and I have not been able to use my card. This has caused me financial hardship as I needed that money to purchase goods and services. I made a payment for the full outstanding balance on XX/XX/2022 ; however, the minimum payment of {$25.00} was not due until XX/XX/2022. I have attached screenshots from my Wells Fargo online banking application, my most recent credit card periodic statement, communication received from the Wells Fargo credit payment review department, and information about the ACH payment that cleared on XX/XX/2022. I have spent more than 82 minutes on the phone with Wells Fargo regarding this issue with no progress toward resolution.

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