Checking or savings account -- Managing an account -- Complaint #5502759
Complaint Overview
Complaint ID: 5502759
Company: Wells Fargo & Company
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Fee problem
State: California
ZIP Code: 92602
Date Received: 2022-04-26T12:00:00-05:00
Date Sent to Company: 2022-04-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
To my surprise, I was charged {$10.00} checking account monthly service fee with Wells Fargo. As far as I was aware, based on the account terms I agreed in XXXX, there shouldn't be any fees. The terms were : Direct deposit, daily account balance minimum of {$500.00} or a minimum {$25.00} automatic transfer to a savings account. I had a savings account to accommodate that requirement. Apperenty, Wells Fargo changed those requirements in XXXX and " notified '' me via monthly statement. The new requirements are : Maintain a {$1500.00}, minimum daily balance {$500.00} or more in total qualifying direct deposits Monthly, automatic payment to a Wells Fargo home equity/personal loan, personal line of credit or home mortgage I didn't receive any additional notifications to look for an important information on my statement. No additional notification letters or emails were sent in that matter as well. I use XXXX money management software and online banking to keep track of the transactions. I extremely rarely look at my monthly statement since all of my balances and transactions usually match. Therefor, I didn't receive notification about the changes to my account. I spoke to Wells Fargo more that once about this issue. They refunded {$10.00} fee I was charged. However, they refused to acknowledge the failure in communication with me about the changes to my account. I was told it is my responsibility to check my monthly statement and know about changes. They said I agreed to have any account terms changes by Wells Fargo at any time, according to the account agreement. " Per the Deposit Account Agreement ( page 38 ), we can change the terms, including account fees and features, at any time by adding new terms or conditions, or by modifying or deleting existing ones. We will describe the change along with the effective date in a message within the account statement or by any other appropriate means. '' I expressed my absolute disappointment with how Wells Fargo communicates with their customers. I didn't feel any appreciation for my business with them for almost XXXX years. I communicated that any important notifications should be sent via mail or email, based on a customer choice, and confirmed they were received and understood. I believe this is unfair practice by Wells Fargo and it should be addressed as there might be a very large group of people who were not aware of this or other kind of important changes to their account terms.
Frequently Asked Questions
What is Complaint #5502759 about?
Complaint #5502759 was filed against Wells Fargo & Company regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2022-04-26T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.