Consumer complaint received 2021-08-17 00:00:00
Product: Debt collection — Mortgage debt
Issue: Attempts to collect debt not owed — Debt was paid
Company: WELLS FARGO & COMPANY
State: GA

Complaint narrative:
XX/XX/XXXX This is formal notice to the Consumer Financial Protection Bureau ( CFPB ) reporting the fraudulent credit accounts opened in my name at Wachovia and Wells Fargo - these accounts included among other things : a {$25000.00} credit card, a {$40000.00} overdraft protection account. The XXXX overdraft protection account " equity line of credit '' account used by Well Fargo to defraud me out of nearly {$400000.00} in payments and late fees and penalties - specifically detailed on the attached Statement and XXXX report summary, including : 64 Cash Advances - Totaling approx. {$220000.00} 335 Overdraft Advances - Totaling approx. {$230000.00} Many Finance Charges - Totaling approx. {$10000.00} 19 Bank Penalties ( categorized as " new purchases '' ) Totaling approx. $ XXXX XXXX Late Fees - Totaling approx. {$2200.00} 2 Bank Payment Adjustments - Totaling {$1700.00} 10 other account garnishment - Totaling {$11000.00} These facts were reported to Well Fargo over and over again. They failed to take action on the account worse the bank never even responded to such claims. Yet they continue to pursue foreclosure, garnishments, pursued back fees and made purchases ( to hide penalty and fees ) knowing the prior dispute were never reconciled and the account was opened without authorization. To document my claims I filed a police report and a notice to the internal revenue service for potential identity theft and bank fraud, I also filed a complaint with the CFPB. 

Recently I received a letter from Wells Fargo dated XX/XX/XXXX stating " As a part of our commitment to make things right for customer ( letter attached ) and the bank enclosed {$150.00}. I appreciate the acknowledgement of the damages incurred they fell short on the damages created. That said the bank finally released the deed in XXXX and sent me a copy last week, however all the fees and penalties were never reimbursed and they remain outstanding. 

Some background : In XXXX Well Fargo claimed the overdraft account liked to a already stratified security deed attached to my prior primary residence in XXXX one by which I had closed in XXXX and moved. The primary reason the account was close other than I paid in full, and hat I was moving from the property and it was required to close per the original loan contract. At the time I formally wrote the bank ( XXXX XXXX VP Private Banking at the time ) confirming he account was paid and closed in XXXXto and the deed and forward to my new home ( XXXX XXXX XXXX XXXX ). In fact the bank loaned me more money ( {$220000.00} ) for the new home line of credit. Again, these are important detail as the security deed contract detailed the equity line loan must be paid and closed if the property is no longer the primary residence.

Some Reference - During this time period there was the financial crisis going on in the US, Wachovia filed for bankruptcy and became Well Fargo. It was Well Fargo that became the aggressor and I was unfortunately was in the cross hairs as they claimed an equity line opened in XXXX was now due in XXXX. I immediately and raised concerns of the mistake, unfortunately my original contact at the bank left during the crisis. At a number points while the bank was pursuing me I ask the bank formally to produce a complete account entire detailing the account back to original contract and they failed to do so every point, ignoring every request for documentation. Also important is the said fraudulent Wachovia Wells Fargo security would have been in 3rd position on a property and notable without sufficient equity to cover any such 3rd mortgage. What was worse is that account had already been reported to the bank as fraudulent and I filed an identity theft claim as several credit accounts were being opened up my SS # the bank failed to take any action.

What is very clear, I never created the accounts and they were without my form of authorization or any documentation supporting an application for approval of credit when he bank failed to respond, I contacted local police as well as other federal agencies ( FTC and IRS ). The overdraft protection account becomes the vehicle by which all my saving and retirement funds were taken from me - this unauthorized overdraft protection account was also attached without authorization to several other checking accounts of mine - worse as detail on the bank statements, were designed to be impossible to tract where funds were going - specifically the bank used a 16 and 17 digits reference # ( the reference numbers were a mixture numeric and alphabetic letters ) to prevent me from tracking the activity quickly. The statement stated you would need to write the bank to uncover where the funds were going. 

What appeared to be a harmless overdraft protection account when the account was opened in. XXXX turned out to be a scream in my case the bank used the account with the objective to max out the credit line and ideally keep it maxed and hide the data. No matter how much I voiced my concerns the bank took zero action to investigate.

Again in XX/XX/XXXX the bank would call the loan, claiming a balloon payment was due. When I communicated again there was fraud on the account, the bank had no interest and took no action to investigate. I filed a police report and contacted a bankruptcy attorney as the bank continued to harass me and further began sweeping my other business and personal accounts - the lawyer reached out to the bank failed to initiate a settlement or a restructure of the loan. When the bank decline or respond to workout agreement the attorney stated a " stay '' necessary to prevent foreclosure on my home knowing a bankruptcy would permanently ruin my excellent and extensive credit. 

The bank continued to damage my by harassing me daily with numerous phone calls and threats - at times the collection agency was literally screaming at me through the phone " WE WANT OUR MONEY '' the bank also jeopardized my ability to pay any obligations while they simply removed revenue from my other accounts very aggressively, as well as actively pursue foreclosure on my home the bank recklessly sweep out nearly {$11000.00} from the checking accounts. The bank willfully took all the revenue I communicated was earmarked to be paid to other financial obligations such us medical expenses, food and my primary mortgage. The bank did all this even while I remained in dispute of the legitimacy of their claims. 

Virtually every nasty technique surrounding this overdraft protection collection activity was implemented unnecessarily and potentially fraudulent. The bank over reached at every turn from how the account was opened without authorization to the bank implementation of auto payment to multiple unidentified accounts " without authorization '' to the applying random over the top penalties to advanced collection attempts and from they moved and aggressively attempted foreclosure. All this effort attached to a property that I had move out of more than 6 years prior, thereby breaching their own contract. 

It was reckless and abusive and without any regard for me or my family as the banks moved more than {$400000.00} in saving and retirement funds through the account - just from this 1 overdraft protection account the bank ruined by credit profile for the rest of life and I nearly lost my house as the bank used the account to leverage all my saving. The fact the bank tactics of pursuing me was to literally take all the revenue out of my accounts - all this occurred while the bank was on notice that the account was being investigate for fraudulent bank activity and theft, by the bank. 

My attorney suggested a good faith attempt to avoid bankruptcy, he offered Wells Fargo a very generous settlement or that account be refinanced anything, anything the bank could to do to get the account in a workable solution. To my surprise the bank denied all the request, so I were forced to seek the necessary bankruptcy protection. Worse even after the bankruptcy cleared Wells Fargo reinitiated another attempted to me via foreclose - once again attempts to settle were submitted to protect the property all denied and thereby triggering a second BKO. 

All these tactics were implemented by the bank even after the bank failed produce the necessary documents that support the account was secure by the said deed at the county. It fact Well Fargo in a letter to me communicated. Later in XXXX the bank stated they were unable to produce the account history supporting the account was secured to a security deed, but yet still never worked toward a resolution or at least release the security deed. That said, last week I receive the notice of release. 

Despite all written communication, legal representation and all the necessary documentation that supported our position that the bank had made an error by claiming the accounts were secured by a deed - there clearly was a mistake. Later it uncovered many credit accounts were opened fraudulently by the bank and the process and tactics to collect used by the bank were unbelievable abusive and in some cases criminal. 

Not only had the bank moved to have my property foreclosed to pay off XXXX ( of which more than XXXX was in penalties and late fees ) - they also reported the account to the credit bureau 's notable while the account remained in dispute / further damaging me. 

It is my hope that we can finally reach a reasonable resolution to make things right. 

Sincerely XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Georgia XXXX XXXX

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