Consumer complaint received 2026-05-31 00:00:00
Product: Checking or savings account — Checking account
Issue: Opening an account — Unable to open an account
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
I am filing this complaint after exhausting all internal appeal processes with Wells Fargo and receiving a final written determination that the bank will not reconsider its decisions. Timeline In XX/XX/XXXX, I deposited approximately {$500000.00} with Wells Fargo Advisors. In XX/XX/XXXX, I opened a teen checking account for my minor son. Shortly thereafter, he became the victim of an online scam involving the sale of a XXXX card. As part of the scam, counterfeit checks were sent to him and deposited into his account. Wells Fargo identified the checks as fraudulent, reversed the transactions, and recovered the funds. To my knowledge, Wells Fargo suffered no financial loss from this incident. Despite my son being the apparent victim of a scam rather than the perpetrator of XXXX, Wells Fargo closed his account and informed us that he would be permanently prohibited from having an account with the bank in the future. Over the following months, I repeatedly appealed the decision through Wells Fargos internal processes. Each appeal was denied. The consequences then expanded beyond my sons account : In XX/XX/XXXX, I attempted to open a business account and was denied. In XX/XX/XXXX, I attempted to open a teen account for my other son and was denied. The denials appeared to be connected to the prior incident involving my first sons account. Despite these actions, I continued my relationship with Wells Fargo and deposited an additional approximately {$300000.00} with Wells Fargo Advisors in XX/XX/XXXX. After receiving no meaningful explanation and no relief through the banks appeal process, I ultimately moved my assets and banking relationship to another financial institution in XX/XX/XXXX. That institution approved my personal, business, and family banking needs without issue. In XXXX, Wells Fargo provided a final written response stating that it would not reconsider its decisions and that no further action would be taken. Basis for Complaint My concern is not merely that Wells Fargo closed an account. Banks have discretion regarding account relationships. My concern is that : XXXX. A minor who appears to have been the victim of fraud was treated as though he posed an ongoing banking risk. XXXX. Wells Fargo appears to have extended adverse consequences to other family members who were not involved in the incident. XXXX. I was denied banking services, including a business account, despite no allegation that I engaged in misconduct. XXXX. My other son was denied a teen account despite having no connection to the original incident. XXXX. Wells Fargo has not provided a clear explanation of the basis for these family-wide restrictions. XXXX. Wells Fargo continued to maintain substantial investment assets while simultaneously denying normal banking services to members of my household. Requested Resolution I respectfully request that Wells Fargo be required to : Conduct an independent executive review of the decisions affecting my family. Provide a written explanation of the policies and criteria used to impose restrictions on my son, myself, and my other son. Review whether a minor fraud victim was improperly classified as a banking risk. Review whether restrictions placed on other family members were appropriate and supported by Wells Fargo policy. Correct any inaccurate internal records, risk designations, or account restrictions if they are not supported by the facts. I believe consumers deserve transparency when banking services are denied, particularly when the denial appears to stem from a fraud event in which the consumer was the victim rather than the wrongdoer. I have attached Wells Fargos final written response and supporting documentation showing my efforts to resolve this matter directly with the bank. * XX/XX/XXXX : {$500000.00} deposited with Wells Fargo Advisors * XX/XX/XXXX : Teen account opened/ scam occurs * XX/XX/XXXX : Account closed, lifetime ban imposed * XXXX XXXX : Appeals denied * XX/XX/XXXX : Business account denied * XX/XX/XXXX : Second teen account denied * XX/XX/XXXX : Additional {$300000.00} deposited * XX/XX/XXXX : Assets transferred toXX/XX/XXXX * XX/XX/XXXX Wells Fargo final denial letter

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