Consumer complaint received 2024-01-29 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Trouble using your card — Can't use card to make purchases
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
Wells Fargo illegally discriminated against me with my business card royalty logistics for no reason at all and my Wells Fargo credit card WITHOUT MY CONSENT. See attachments and I had a great payment history on both accounts. Called about the business account and executive leadership couldnt find the information and then could not provide reason for the closure of the card. I would like to be provided the Point of Contact to direct my concerns and legal matters to expeditiously. 

Wells Fargo has 10 days to reopen both cards and provide the Highest level of credit limit possible for each card as Im the consumer exercising my rights to access portions of my credit line. The Consumer Financial Protection Bureau ( CFPB ) is ordering Wells Fargo Bank to pay more than {$2.00} XXXX in redress to consumers and a {$1.00} XXXX civil penalty for legal violations across several of its largest product lines. The banks illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank. Wells Fargo also charged consumers unlawful surprise overdraft fees and applied other incorrect charges to checking and savings accounts. Under the terms of the order, Wells Fargo will pay redress to the over XXXX XXXX affected consumer accounts, and pay a {$1.00} XXXX fine, which will go to the CFPB 's Civil Penalty Fund, where it will be used to provide relief to victims of consumer financial law violations.

Wells Fargos rinse-repeat cycle of violating the law has harmed millions of American families, said CFPB Director XXXX XXXX XXXX The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender. 

Wells Fargo ( XXXX : WFC ) is one of the nation 's largest banks serving households across the country. It offers a variety of consumer financial services, including mortgages, auto loans, savings and checking accounts, and online banking services. 

According to todays enforcement action, Wells Fargo harmed millions of consumers over a period of several years, with violations across many of the banks largest product lines. The CFPBs specific findings include that Wells Fargo : Unlawfully repossessed vehicles and bungled borrower accounts : Wells Fargo had systematic failures in its servicing of automobile loans that resulted in {$1.00} XXXX in harm across more than XXXX XXXX accounts. The bank incorrectly applied borrowers payments, improperly charged fees and interest, and wrongfully repossessed borrowers vehicles. In addition, the bank failed to ensure that borrowers received a refund for certain fees on add-on products when a loan ended early. 
Improperly denied mortgage modifications : During at least a seven-year period, the bank improperly denied thousands of mortgage loan modifications, which in some cases led to Wells Fargo customers losing their homes to wrongful foreclosures. The bank was aware of the problem for years before it ultimately addressed the issue. 
Illegally charged surprise overdraft fees : For years, Wells Fargo unfairly charged surprise overdraft fees - fees charged even though consumers had enough money in their account to cover the transaction at the time the bank authorized it - on debit card transactions and ATM withdrawals. As early as 2015, the CFPB, as well as other federal regulators, including the Federal Reserve, began cautioning financial institutions against this practice, known as authorized positive fees. 
Unlawfully froze consumer accounts and mispresented fee waivers : The bank froze more than XXXX XXXX consumer accounts based on a faulty automated filters determination that there XXXX have been a fraudulent deposit, even when it could have taken other actions that would have not harmed customers. Customers affected by these account freezes were unable to access any of their money in accounts at the bank for an average of at least two weeks. The bank also made deceptive claims as to the availability of waivers for a monthly service fee. 
Wells Fargo is a repeat offender that has been the subject of multiple enforcement actions by the CFPB and other regulators for violations across its lines of business, including faulty student loan servicing, mortgage kickbacks, fake accounts, and harmful auto loan practices. 

15 U.S. Code 1637 - Open end consumer credit plans XXXX

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