Checking or savings account -- Managing an account -- Complaint #7392026

Complaint Overview

Complaint ID: 7392026

Company: Wells Fargo & Company

Product: Checking or savings account

Sub-Product: Savings account

Issue: Managing an account

Sub-Issue: Deposits and withdrawals

State: Maryland

ZIP Code: 21117

Date Received: 2023-08-12T12:00:00-05:00

Date Sent to Company: 2023-08-12T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American, Servicemember

Consumer Narrative

You may refer back to complaint XXXX. I have been pursuing this matter, and will continue, and have attached a document of proof as to Wells Fargo 's practices. This has been ongoing as there are continuous stories of them fraudulently opening accounts for many others and about their employees under pressure to " obtain '' new accounts. The form attached clearly shows the {$25.00} per month as a REQUIREMENT, as I have been saying all along. I was misled, lied to and not only has this been costly in time, but also took a financial and emotional toll then and now. Here is a copy of the original complaint : I have had a credit card, a checking account and savings account ( XXXX ) with Wells Fargo. All closed. When I tried to open the savings, was told it was mandatory that I deposit {$25.00} a month for it to remain open as a viable account ; This proved a financial strain and some stress. I eventually closed and withdrew what savings I had in it. It was a news item that fake accounts were being opened by Wells Fargo employees and false information given out in order to meet some quota which many employees did to protect their jobs. This is public record. In other words, the door was opened to fraud. I, among others, was lied to and mislead. I contacted them about this and how I had been caught in the web of this fraud. I heard from them in XXXX and was given {$1500.00} as compensation and told that I was still eligible for arbitration. They also read to me a list other accounts I was alleged to have opened or applied for including an application for homeowners insurance, something for which I never applied. They provided a hearing, XX/XX/XXXX with a mediator and one of WF 's personnel. My understanding of having a neutral mediator was that she or he would hear all sides and make a determination. This " mediation '' was no more than having a messenger going back and forth with proposals and offers which I could have handled myself. They contend that I never made one of those {$25.00} payments and sent the mediator and I paperwork as " proof. '' It's not true, or I would not have gone back to close the account as being a hardship and part of the pressure they put on employees to open accounts ( even bogus ). There is no reason not to suspect and believe that the above paperwork was not doctored especially in view of their known fraudulent practices. When I filled out the forms, in the space for compensation, I entered {$25000.00} which would be minimal considering their obfuscation, and the financial, material and personal toll dealing with them has taken. Finally, the so-called mediation, such as it was, ended with a measly, insulting {$150.00}. I can and will continue with my pursuit of justice which will include media and through the legal system, or they can adjust this now and be done with it. Considering Wells Fargos history and reputation there is no reason not to believe they doctored my account in their favor by them removing any mention of {$25.00} payments. In fact, I most likely would have allowed that account to exist had they not taken {$25.00} from my checking. I closed the account taking out the {$350.00} deposit plus any {$25.00} payments. Former employees of Wells Fargo have spoken of a toxic high-pressure sales culture at the bank drove some workers to deceive customers and open unauthorized accounts even in the bank 's own headquarters building in XXXX XXXX XXXX Wells Fargo is embroiled in a scandal for taking advantage of customers by opening as many as 2 million accounts without their consent. The bank fired XXXX mostly lower-level workers over the wrongdoing. Thank you very much, Sincerely, XXXX XXXX XXXX

Frequently Asked Questions

Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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