Consumer complaint received 2024-12-23 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
I have been with Wells Fargo since XXXX. Biweekly I have my paycheck direct deposited to my Wells Fargo account. 

On XX/XX/XXXX I visited Wells Fargo on XXXX XXXX XXXX XXXX, CA XXXX to deposit a check from my previous Apartment Complex in the amount of {$5000.00}. The check was issued by XXXX. I had initially requested to cash the check and was told by the teller I could not and only deposit the check, I later found out this was not true. The check was deposited and I {$400.00} was made available immediately in my account and I was told that there was no hold on the check and the remaining {$4600.00} would be available tomorrow, XX/XX/XXXX. At XXXX on XX/XX/XXXX I received an alert via Wells Fargo that my the funds were placed on Hold due to Suspicious activity and my funds would now not be available until XX/XX/XXXX. Furthermore, the {$400.00} that had been in my account were removed, resulting in my account being over withdrawn. Thankfully, I have a saving account with a Credit Union and was able to prevent the Overdraft fees. Due to the length of the hold and the mention of Suspicious Activity in the morning/early afternoon on XX/XX/XXXX I visited the same Bank to inquire further details I was notified that the funds were on hold due to " funds not collected '' and was told by the Teller this was due to the Issuer of the check not having sufficient funds available. As my former apartment complex is managed by one of the top Real Estate Companies in the world with over {$76.00} XXXX in assets I found this hard to believe. I reached out to the Checking Account Customer support while still in the Branch and was told the same information that the check was on hold as the account from the company had non-sufficient funds. I reached out to the issuer of the check and notified them of this information and was not polite about it as now I would be without my funds until after XXXX and while I receive my paycheck biweekly was looking forward to getting my family some XXXX present from this deposit. The company reached out to their accountant who confirmed the funds were available and furthermore Wells Fargo received those funds on XX/XX/XXXX immediately when the check was attempted to be processed. On XX/XX/XXXX they provided me documentation supporting this claim showing the {$500.00} had in fact been taken from their account on XX/XX/XXXX. They also provided proof that their bank had not placed any hold on the account. 
Upon receiving this I immediately reached out to Wells Fargo and spoke with them over the phone. This time I was provided another lie. Whereas first it was non-sufficient funds from the check issuer I was told it was Suspicious Activity on their account. An account that manages XXXX of properties in XXXX XXXX and issues Security Deposit Checks daily to former residents. I again reached out to the Property and they notified me there was no truth to this lie as they had spoke with their fraud department and no such Hold existed. While on the phone with Wells Fargo I was also told nothing could be done and that the Prevention Contact Center had attempted to reach out to the bank who was the issuer of the check to confirm and had not received ANY such request. Furthermore, I received a document from Prevention Contact Center on XX/XX/XXXX which stated the check was on hold due to " Unusual deposit account activity. '' As I previously stated I have been with Wells Fargo since XXXX, I direct deposit my paycheck biweekly. There was NO SUCH suspicious activity. When speaking with leadership on the phone on XX/XX/XXXX denied that it had to do with what the letter emphatically states that Fraud suspected on MY ACCOUNT was the issue and that it was the issuers bank that had placed a hold on the funds. Again I reiterated I had documentation Wells Fargo had in fact received the {$5000.00} on XX/XX/XXXX and they were deducted from the issuers account with NO HOLD. At this point the Leader reached out to Fraud Preventation and they stated they were unable to contact the issuing bank and I would need to call back tomorrow. If they are unable to reach them my funds will again be held until XX/XX/XXXX. 
In closing, Wells Fargo received funds on XX/XX/XXXX, marked my account as potential fraud despite my XXXX years of being a member and direct depositing my paychecks, and now will be holding my money for close to XXXX weeks. Wells Fargo is intentionally holding funds and either collecting interesting or using them for other needs to benefit their business and needs to be held accountable to the highest degree possible. I received XXXX separate reasons, all of which were proven LIES as to why the check was held. Do not Bank with Wells Fargo, they already had to issue checks for a settlement of fraudulent fees and this is just another fraudulent practice they are doing to millions of members. 
I WILL HAPPILY PROVIDE TO CFPB the letter Wells Fargo Provided stating Potential Fraud on my account was the reason for the hold and proof provided for me by the issuer of the check showing that the funds were received on XX/XX/XXXX by Wells Fargo. I will also provide my statement showing the {$400.00} funds made available on XX/XX/XXXX that were subsequently removed and making my account have a negative balance. These documents are not included as they include Confidential Information on them that I would not want to be part of my published description. 

FDIC States {$220.00} must be made available the next business day FDIC States {$220.00} - {$5500.00} must be made available within 2 Business Days.

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