Consumer complaint received 2024-06-21 00:00:00
Product: Debt collection — Other debt
Issue: Took or threatened to take negative or legal action — Seized or attempted to seize your property
Company: WELLS FARGO & COMPANY
State: GA

Complaint narrative:
My name is XXXX XXXX, and I am currently facing significant challenges due to what I believe are unfair practices involving XXXX XXXX and Wells Fargo Bank NA. On XX/XX/XXXX, my business, XXXX XXXX XXXX XXXX, had its accounts and assets frozen by Wells Fargo Bank under a legal hold initiated by XXXX XXXX. This hold was based on a judgment against a previous business I owned in Michigan called XXXX XXXX XXXX XXXX XXXX XXXX, which unfortunately closed in XXXX due to pandemic-related sanctions. 


XXXX XXXX XXXX XXXX XXXX XXXX had taken a loan of {$8500.00} from XXXX XXXX XXXX in XXXX. However, the business did not survive the pandemic, and I had to cease operations in early XXXX. Subsequently, I started XXXX XXXX XXXX XXXX in Georgia in XXXX, where the business has been thriving with XXXX locations and was in the process of finalizing a significant merger and franchise deal with an investor and the XXXX. This progress was abruptly halted by the illegal hold imposed by XXXX XXXX on XXXX XXXX XXXX XXXX accounts. 


Despite numerous discussions between my legal representatives and Wells Fargo, it was confirmed that the legal hold documentation provided by XXXX XXXX did not include a court order signed by a judge, as required by Wells Fargo 's own policies for such actions. Despite this, Wells Fargo refused to release the funds until authorized by XXXX XXXX, with whom they have had prior business dealings. 


Under severe financial distress and pressure, I reluctantly agreed to settle the debt claimed by XXXX XXXX, amounting to {$11000.00} on XX/XX/XXXX. However, since agreeing to the settlement, XXXX XXXX has failed to respond to my attorney 's attempts to finalize the payment and release the hold on my accounts. This delay has severely impacted my business operations, leading to the inability to meet payroll, frozen client refunds, loss of crucial clients, and damage to the reputation and creditworthiness of XXXX XXXX XXXX XXXX. 


The financial and emotional toll on me personally has been devastating. I have been unable to meet personal financial obligations and have lost over {$100000.00} in income due to the inability to provide services during the peak tax season. Furthermore, the collapse of the merger deal and the withdrawal of my investor have jeopardized the future of XXXX XXXX XXXX XXXX. 


I urgently request your intervention to compel Wells Fargo Bank to conduct a thorough investigation into the legality of the hold imposed on my accounts and to release the funds immediately. XXXX XXXX 's failure to communicate or resolve the matter in a timely manner is pushing my business to the brink of closure, jeopardizing not only my livelihood but also my family 's stability and our home. 


I am in deep mental and financial distress and fear losing everything I have worked so hard to build. Your assistance in resolving this matter swiftly and justly is greatly appreciated. 

I have attached to this complaint proof of the forged document submitted by XXXX, my attorney letter addressing the settlement and illegal hold and the original judgment from the courts. All documents prove that XXXX XXXX XXXX XXXX was not a interest party to this case.

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