Checking or savings account -- Managing an account -- Complaint #7575276
Complaint Overview
Complaint ID: 7575276
Company: Wells Fargo & Company
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-Issue: Banking errors
State: Florida
ZIP Code: 33145
Date Received: 2023-09-19T12:00:00-05:00
Date Sent to Company: 2023-09-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened two CD accounts online with Wells Fargo, a bank where I have had accounts for years and they have all my documentation on record and up to date. After the accounts were open, I noticed that the bank was withholding interest even though I am a U.S. citizen. I contacted the bank to get this fixed and after a lot of back and forth, they said I needed to sign a W-9 to get the withholding stopped. I went to the branch and signed the documents as instructed ; however, the monthly interest continued to be withheld on both accounts. Afterwards, I submitted a Consumer Financial Protection Bureau complaint and the bank took about another month to review my accounts. After they finished reviewing, they asked me to go back to the branch to sign another set of documents, and after that they stopped the withholdings. However, the bank did not return the interest that they had erroneously retained. I have been to the branch multiple times, I have continued to have telephonic conversations with representatives and no one has been able to explain the process to get my money back. Once again, they have all my information to certify my tax paying status since I have been a client for years, but also, they should have notified me that there was documentation that I needed to sign, which they did not. I believe that their online account opening process has gaps that resulted in this problem and the accountholders should not be made responsible for errors in their processes. I need them to refund me the interest that they have erroneously withheld from both of my accounts. Thank you.
Frequently Asked Questions
What is Complaint #7575276 about?
Complaint #7575276 was filed against Wells Fargo & Company regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2023-09-19T12:00:00-05:00.
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.