Consumer complaint received 2025-10-10 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
During the years of XXXX and XXXX, my grandmother, who suffered from mild XXXX at that time, spent {$93000.00} on three Cds with the Wells Fargo branch in XXXX XXXX, Ca. These Cds were never made aware of to my mother who cared for her, and my grandmother stored them away in a strongbox underneath her bed. During XXXX, my mother developed XXXX to the severity of needing XXXX care. As I packed up her house to move her into my house and under my care, I discovered these Cds. At which point, I resolved to have them redeemed by the Wells Fargo company that issued them. Unfortunately, Wells Fargo balked at the notion and provided me with nothing other than long waits on hold and denials of accountability. I have called their customer service department approximately 12 times ( I also went into the XXXX branch and they subsequently copied/scanned all of my cds for their records ). On the last call, I was given a phone number for the State of California XXXX XXXX Department, and a comment from the Wells Fargo representative that stated the company had lost/deleted many records such as these during the XXXX 's when they upgraded to their all digital data storage platform. They also noted that this happened with enough frequency to be a known issue by Wells Fargo employees. I contacted the XXXX XXXX Department through the phone number provided me and this department had me send images of the Cds. The State of California researched them and stated that they had never received these funds from Wells Fargo and that it was Wells Fargo 's responsibility to redeem them. Since that time I have contacted Wells Fargo a multitude of times to no avail. They continually stonewall my efforts to have these redeemed or to provide me with any documentation that they were indeed redeemed. I know they were not redeemed because I have my grandmother 's taxes and her Wells Fargo bank statements from that time to when she was declared mentally incompetent in XXXX. My mother nor her brother were aware of these Cds when I asked about them. My mother has also been a lifetime customer of Wells Fargo. These Cds were never sent via escheatment to the State of California. According to the records I have, hese Cds were never redeemed. These Cds have no marking indicating they were ever redeemed. The State of California states that this is Wells Fargo 's responsibility to redeem. Wells Fargo continually states they have no responsibility nor obligation to redeem these FDIC insured Cds. I have brought this to the Better Business Bureau to no avail. I have raised this to Wells Fargo 's escalated complaint department multiple times to no avail. I have sent a letter to their XXXX XXXX headquarters to no avail. Wells Fargo is willfully committing fraud against my family by denying their promise to my family. There was never any legal notification of escheatment, nor of the existence of the Cds ever sent to my mother 's home, which I still own to this day. Wells Fargo is willfully defrauding my family and I am reaching out to the CFPB for assistance in remedying this unethical denial and theft of my family 's prior financial investments. Thank you.

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