Consumer complaint received 2018-06-13 00:00:00
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Incorrect exchange rate — 
Company: WELLS FARGO & COMPANY
State: WA

Complaint narrative:
On XX/XX/XXXX I sent a secure email message through my account on Wells Fargo Bank 's website. It read : ORIGINAL MESSAGE : -- -- -- -- -- -- -- -- - On XX/XX/2018, the XXXX XXXX XXXXXXXX XXXX wired XXXX Yen to my savings account. Wells Fargo shows a conversion to U.S. dollars of {$780000.00}. When I checked with the conversion of yen to dollar, there is always a much greater dollar amount that the conversion should have showed. The amount of the difference of what is shown and what Wells Fargo deposited in my account ranges between {$7100.00} and {$11000.00} more than what was shown in my account. Wire transfer fees from Wells Fargo are {$15.00} for any amount. How can you deduct this large sum from the conversion of my funds? 

They responded : Thank you for contacting Wells Fargo. My name is XXXX, and it is my pleasure to assist you today. 

I received your email regarding your traveling in XXXX. I can understand that you will be using your Wells Fargo debit Card while you are traveling. You have a question on the Yen 's going to U.S. dollars. I do understand and see how important the concern is. If I was in your situation, I too would like the concern resolved. I appreciate the opportunity to provide you with the following information. 

While we make every effort to handle as many of your banking needs through email as possible, I am not able to update travel plans on your behalf via email, but you can update and manage your travel plans online or from your mobile device by following the instructions listed below : 1. Select the " Accounts '' drop-down menu or tap " Account Services '' from the mobile menu 2. Select " Manage Travel Plans '' 3. On the Manage Your Travel Plans screen under the Scheduled Travel Plans section, you can view, edit, or delete your existing travel plans Alternatively, you may also call us anytime at XXXX ( XXXX ), or collect at XXXX. I apologize that I am not able to make the updates for you through email. 

Wells Fargo assesses an international purchase transaction Fee which is 3 % of the transaction amount for each purchase made with your debit card in a foreign currency that has been converted into a U.S. dollar amount by a network.

You can withdraw funds from an ATM outside the United States that displays the PLUS network logo.

The ATM access fee for each international non-Wells Fargo ATM cash withdrawal is {$5.00}. Please note that fees charged by the non-Wells Fargo ATM owner/operator may also apply ( unless waived by terms of your account ). For more details, refer to the specific account section in your Wells Fargo Consumer Account Fee and Information Schedule. You can withdraw funds from an ATM outside the United States at a Shared Network ATM. The Shared Network company logos are listed on the back of your card. The ATM you visit will display the Shared Network companies it accepts.

The daily limits on your card are set to U.S. dollar amounts. When you are initiating transactions using your card in foreign currencies, the amount is converted to U.S. dollars.

Please make sure that you know your current Personal Identification Number (
PIN ) before you leave. If you do not know your current PIN, you may take your card into any Wells Fargo branch before you leave to select a new PIN. We are not able to issue or change your PIN through email. Additionally, most foreign ATMs require a four-digit numeric Personal Identification Number ( PIN ). If you have a PIN that is more than four- digits, please change your PIN before you travel. 

For tips on using your Wells Fargo card while traveling, please visit wellsfargo.com/XXXX To reach us toll-free from outside the United States, please visit wellsfargo.com/XXXX for the International Access Code list and calling instructions or call the toll-free international number on the back of your card. 

I hope you have a safe and enjoyable trip. 

As a valued customer, we want to ensure that you are provided with a banking experience that provides you with convenience and gives you peace of mind. 

On behalf of Wells Fargo, thank you for your business. We are happy to have you as our customer and appreciate the opportunity to assist you today. 

Sincerely, XXXX XXXX. 
Wells Fargo I responded : I have no idea what you are referring to. I did not state I was traveling in XXXX. None of what you referred to was in the email I sent you. 
I received a wire transfer from the XXXX XXXXXXXX XXXX in Yen. There was no ATM involved. There was no travel to XXXX. There was no purchase made. I was told by my branch manager in XXXX XXXXXXXX there would only be a {$15.00} wire transfer fee to receive money from the XXXX XXXX XXXXXXXX. 
No other fees were mentioned. 

They responded by giving me a case # XXXX and saying they would look into it. And they would get back to me in 10 days. 
XX/XX/XXXX Called Foreign Currency Department XXXX XXXX XXXX # XXXX in XXXX XXXX. 
I spoke with XXXX XXXX about the rate of exchange. 
We spoke for over 30 minutes about how Wells Fargo deals with converting yen to dollars.

He told me various scenarios of how the bank puts the yen I received with other orders of yen to amass large amounts and then converts them.

I spent over 30 minutes asking XXXX XXXX what rules Wells Fargo has to adhere to when deciding when during a day of, ( his words ), " wildly fluctuating exchange rates, '' which they would use. Obviously, for me they used the largest Yen to dollar rate and I lost {$16000.00}. 
I questioned him to relate to me what rules Wells Fargo has to adhere to about when and at what rate my yen gets converted. 
He told me that the amount of yen I received was small. I said I disagreed. 
XXXX XXXX said my amount transferred wasnt high enough to warrant a better rate. 
He said that day XX/XX/XXXX the rate fluctuated wildly from XXXX Yen per dollar to XXXX Yen per dollar. I obviously got the high Yen to Dollar rate to benefit Wells Fargo. 
He began to tell me when the amount in question was between {$100000.00} - {$500000.00}, that wasnt enough to warrant a better rate. 
I told him he was incorrect. He tried to repeat himself and then said he was wrong. The amount was close to {$800000.00} if the lowest yen to dollar amount was used for that day when the transfer was complete. 

I thanked XXXX XXXX for his help and said that I was unsatisfied with the explanation and with Wells Fargo Bank and wished I had never used them in this transaction. I said that my confidence in their treatment of my account was severely changed and that doing future business with them was impacted negatively. I added that I hoped a manager or boss of XXXX XXXX would review my complaint. 
He said they would. 
The whole conversation was recorded. 


XX/XX/XXXX Wrote a secure email to Wells Fargo saying that the difference between what $ were deposited in my account and the conversion rate for that day was over {$16000.00} I said I had lost faith in Wells Fargo to deal fairly and wanted answers. 

Here is the email : Reference # XXXX. I have not heard back from you concerning my wire transfer from the XXXX XXXX  XXXX on XX/XX/XXXX. The representative who responded to my original email request for an explanation of the conversion of yen to U.S dollars gave atartlingly incorrect and lengthy explanation of traveling and purchasing items in XXXX and the fees involved. I have no faith in Wells Fargo to have handle my simple wire transfer ethically and with a mind to keeping my business. 
The rate of exchange for that day was XXXX yen to {$1.00}. XXXX Yen/ {$1.00} XXXX Yen = {$800000.00} On my Wells Fargo account the conversion is only for {$780000.00}. The difference is {$16000.00}. Wells Fargo charged me a huge amount of money for something. You either charged me for a purchase I did not make, a use of funds in a manner that did not happen, fees that were not disclosed to me or a far worse conversion rate of yen to dollars. 

I need a response. 

Subject : Re : Other questions or requests ( XXXX ) From : Customer Service XX/XX/XXXX XXXX XXXX Contact Us Thank you for contacting Wells Fargo. My name is XXXX, and it is my pleasure to assist you today. I am an Email Care Specialist and your concerns have been escalated to me for review. I have forwarded your concerns to our Executive Office to help ensure that this matter is properly addressed. Your case reference number is XXXX. A representative from the Executive Office will contact you within two business days at phone number XXXX. 

If you prefer to speak with a representative from our Executive Office immediately, or if at any time you would like information regarding your case, you can reach the Executive Office directly at XXXX. 
Their hours of operation are Monday through Friday from XXXX XXXX. to XXXX XXXX., Pacific Time. Please provide the case number above when you call. 

I appreciate your patience and apologize for any inconvenience you may have experienced. We look forward to speaking with you soon. 

Thank you. We appreciate your business. 

Sincerely, XXXX XXXX. 
Wells Fargo XX/XX/XXXX I Called the Federal Reserve to register a complaint about Wells Fargo Bank Spoke with XXXX # XXXX Went to online Wells Fargo Account and searched for terms and agreements-NO search results, told to go to link for our public website. 
I searched the website of Wells Fargo online for Account Terms and Agreements and got NO search results. There is nothing for me to have informed myself about how Wells Fargo receives a foreign currency or when or how it is converted into U.S. dollars. NO information on whether I need to be contacted with the rate that will apply NO asking me for permission to do so, NO rules that need to be complied with for Wells Fargo. 
I logged onto XXXXXXXX XXXX XXXX XXXX on XX/XX/XXXX. 
I understand your concerns regarding your recent incoming wire transfer. I am grateful that you brought this matter to our attention. 


XX/XX/XXXX I Called the Federal Reserve to register a complaint about Wells Fargo Bank Spoke with XXXX # XXXX Went to online Wells Fargo Account and searched for terms and agreements-NO search results, told to go to link for our public website. 
I searched the website of Wells Fargo online for Account Terms and Agreements and got NO search results. There is nothing for me to have informed myself about how Wells Fargo receives a foreign currency or when or how it is converted into U.S. dollars. NO information on whether I need to be contacted with the rate that will apply NO asking me for permission to do so, NO rules that need to be complied with for Wells Fargo. 
I logged onto XXXXXXXX XXXX XXXX XXXX on XX/XX/XXXX. 


I researched XX/XX/XXXX for the conversion rate on several sites. 
Web search indicates on XX/XX/XXXX an exchange rate of XXXX Yen/ {$1.00} XXXX Yen = {$800000.00} On my Wells Fargo account the conversion is only for {$780000.00}. 

That is a difference of {$16000.00} that I did NOT get because XXXX Yen per $! was used. 
XXXX Yen / {$1.00} XXXX Yen = XXXX I want to lodge a formal complaint starting with Wells Fargo Bank officials. 
I think they used the worst possible conversion rate on that day and somehow covered up the real transaction amount by compiling my funds with other funds, converting them for more U.S. dollars and then hiding the actual transfer in paperwork I am not privy to. The amount they gave me in my account was the worst possible rate fro that day and they profited on my Yen transfer because no one is keeping tabs on their movement of funds and conversions. 

On XX/XX/XXXX I emailed that I did not want to receive a phone call from the executive office but wanted a response in writing. On Monday, XX/XX/XXXX,  I received a letter from Wells Fargo : Dated XX/XX/XXXX Case Reference XXXX Transaction Amount {$780000.00} Work of Date XX/XX/XXXX Our records show Wells Fargo received XXXX XXXX Yen at the current exchange rate of XXXX resulting in a credit to your account for {$780000.00}. For any further assistance please contact directly our Foreign Exchange Wire services at XXXX XXXX XXXX. 
We apologize for any inconvenience this may have caused you.

I searched the Wells Fargo Website on my online account for any information on wire transfer regulations and found nothing. I searched for the general terms and agreements on my account and found nothing. I searched for terms and agreements on currency conversions and found nothing. There is no way I could have understood the conditions of receiving the Yen into my bank account. The manager of the Wells Fargo XXXX XXXXXXXX branch did not direct me to read any terms and conditions. I informed her of the upcoming wire transfer in Yen and all she told me was that it would be a {$15.00} fee no matter how much Yen was transferred. I asked if the bank performed any special tasks to receive the funds and she said no that the bank received millions of large transfers daily and that there was nothing special for me to do or know. 
Wells Fargo did not inform me of the conversion rate before they applied it. 
They are known for fraudulently setting up accounts in people 's names that did not request those accounts. Now, I believe they make fraudulent conversions of foreign wire transfers and mix up the paper trail to cover their manuevers. 
Thank you for helping me.

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