Consumer complaint received 2024-02-06 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: WELLS FARGO & COMPANY
State: NJ

Complaint narrative:
I have attempted several times through register mail filed XXXX forms to collect my principal and security interest from WELLS FARGO BANK ( formerly WACHOVIA ) with no response. I am requesting my principal, security interest and overdraft fees, be redeemed to me. As well as my FEDERAL RESERVE NOTES redeemable to me made through my several Wells Fargo accounts. My credits and debits are not matching/nor add up. 

PER WELLS FARGO & COMPANY PROSPECTUS, Indentured agreement, Terms and Conditions, Customer account agreement Neither 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. 
General 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. 

The indenture does not contain restrictions on our ability to : incur, assume or become liable for any type of debt or other obligation ; WELLS FARGO & COMPANY has not addressed these issues As I have been seeking remedy since XX/XX/XXXX. I did not give WF permission to give out my PERSONAL INFORMATION TO ANYONE. However, If in ANY case I retake my permissions back to redeem what is due to me. And which Wells Fargo & Company also has been reporting to credit reporting agencies and this horrendous act has had effects on me, my family and household. Wells Fargo & Company have also denied me an extension of my own credit. 

12 CFR - PART 1016PRIVACY OF CONSUMER FINANCIAL INFORMATION ( REGULATION P ) Providing my personal information without my consent. 1016.4 Initial privacy notice to consumers required. ( a ) Initial notice requirement. You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to : ( 1 ) Customer. An individual who becomes your customer, not later than when you establish a customer relationship, except as provided in paragraph ( e ) of this section; and ( 2 ) Consumer. A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party, if you make such a disclosure other than as authorized by 1016.14 and 1016.15 of this part. All of 15 USC 1602 Definitions Rules of Construction clearly defines the roles between the two parties involved and who is extending the line of credit! 12 CFR 1002.2 DEFINITIONS ( a ) Account means an extension of credit. When employed in relation to an account, the word use refers only to open-end credit. ( b ) Act means the Equal Credit Opportunity Act ( Title VII of the Consumer Credit Protection Act ) ( e ) Applicant means any person who requests or who has received an extension of credit from a creditor and includes any person who is or may become contractually liable regarding an extension of credit. For purposes of 1002.7 ( d ), the term includes guarantors, sureties, endorsers, and similar parties. ( i ) Contractually liable means expressly obligated to repay all debts arising on an account by reason of an agreement to that effect. Just as Wells Fargo & Company Indentured Agreement states and prospectus states who is obligated. 12 CFR 1002.2 ( h ) Consumer credit means credit extended to a natural person primarily for personal, family, or household purposes. ( k ) Credit card means any card, plate, coupon book, or other single credit device that may be used from time to time to obtain money, property, or services on credit.12 CFR 1002.2 ( q ) Extend credit and extension of credit mean the granting of credit in any form ( including, but not limited to, credit granted in addition to any existing credit or credit limit ; credit granted pursuant to an open-end credit plan ; the refinancing or other renewal of credit, including the issuance of a new credit card in place of an expiring credit card or in substitution for an existing credit card ; the consolidation of two or more obligations ; or the continuance of existing credit without any special effort to collect at or after maturity ). ( 2 ) The term does not include : ( i ) A change in the terms of an account expressly agreed to by an applicant ; make any. Under 15 USC 1692g -I am entitled to have the Debt validated and which I have requested numerous times. credit reporting agencies. ( p ) Empirically derived and other credit scoring systems ( 1 ) A credit scoring system is a system that evaluates an applicant 's creditworthiness mechanically, based on key attributes of the applicant and aspects of the transaction, and that determines, alone or in conjunction with an evaluation of additional information about the applicant, whether an applicant is deemed creditworthy.

Which has caused erroneous harm to me, my family and my ability to properly provide for my household. Causing me to have to relocate in order to maintain my employment and lose of personal items. Also, the language of the terms and agreement is very unclear as to what my rights are as a consumer. I have found several violations within the agreement between I and Wells Fargo & Company there to in excess. Based upon the language. NOWHERE DOES THE CONTRACTUAL AGREEMENT, INDENTURED AGREEMENT OR PROSPECTUS ask, demand or request payments in the form of FEDERAL RESERVE NOTES. PLEASE REFUND ALL OF MY FEDERAL RESERVE NOTES FROM any and all accounts starting date XXXX ( Some are with Wachovia now Wells Fargo & Company ) 12 CFR 226.10 - PaymentsXXXX XXXX  Payments. ( a ) General rule. A creditor shall credit a payment to the consumer 's account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge or except as provided in paragraph ( b ) of this section. ( b ) Specific requirements for payment ( 1 ) General rule. A creditor may specify reasonable requirements for payments that enable most consumers to make conforming payments. ( 2 ) Examples of reasonable requirements for payments. Reasonable requirements for making payment may include : ( i ) Requiring that payments be accompanied by the account number or payment stub ; ( ii ) Setting reasonable cut-off times for payments to be received by mail, by electronic means, by telephone, and in person ( except as provided in paragraph ( b ) ( 3 ) of this section ), provided that such cut-off times shall be no earlier than XXXX XXXX  on the payment due date at the location specified by the creditor for the receipt of such payments ; ( iii ) Specifying that only checks or money orders should be sent by mail ; ( iv ) Specifying that payment is to be made in U.S. dollars; or Another thing, TILA was never explained nor followed. The Truth in Lending Act ( TILA ) is a consumer protection law enacted in 1968 in response to exceedingly predatory loan practices. Prior to the TILA, lenders would use a variety of terminology and forms of lending that manipulated uninformed borrowers. The TILA changed this by requiring a uniform system of disclosures and terminology to be used for lending like credit cards or mortgages. Creditors were required to disclose details like the annual percentage rate and repayments details in a clear way to borrowers or else the borrower may be able to rescind the debt. TILA also limits the amount of late fees creditors can charge. Overall, the TILA since its signing has been updated to respond to changing lending practices to ensure borrowers clearly understand the terms and conditions they agree to. GAAP stands for Generally Accepted Accounting Principles and refers to the standard accounting rules regarding the preparation, presentation, and reporting of financial statements in the United States. This definitely wasn't explained nor indicated. 12 CFR Part 226 - PART 226TRUTH IN LENDING ( REGULATION Z ) 226.1 Authority, purpose, coverage, organization, enforcement, and liability. ( c ) Coverage. ( 1 ) In general, this regulation applies to each individual or business that offers or extends credit when four conditions are met : ( i ) The credit is offered or extended to consumers ; ( ii ) The offering or extension of credit is done regularly ; In conclusion, if the debt can be validated, I have no issue remedying the situation. As I have been a loyal customer of Wells Fargo & Company ( and formerly Wachovia ) for several years.

( a ) In general The Bureau may take any action authorized under part E to prevent a covered person or service provider from committing or engaging in an unfair, deceptive, or abusive act or practice under Federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service.

In conclusion, if the debt can be validated, per the credit extensions I have no issue remedying the situation.

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 monetary relief