Wells Fargo Bank Complaint - Wire Transfer Screwup
SANTA CLARA, CALIFORNIA -- In order to purchase an out-of-state property, I went to my Wells Fargo branch to arrange a wire transfer of funds to close escrow. I filled of the forms correctly including all inter-bank routing numbers and account numbers, and agreed to the (outrageous) fees. This was all done on Thursday morning (3/28), with the anticipation that the transaction would be completed overnight and the funds transfered on Friday (3/29).
On Friday afternoon I received a call from the escrow company that the funds had not yet been received. I called Wells Fargo and was told (in no uncertain terms) that the funds had been transferred. I requested that they investigate and trace the transaction, which they agreed to do. A check of my checking account via the ATM showed that the funds were no longer in my account.
On Monday (4/1) I received another call from the escrow company that the funds had not yet been received. I again called Wells Fargo. They assured me once again that the funds had been transfered, but they had no record of my request for a trace. They agreed once again to trace the transaction to determine where the funds had gone.
On Tuesday (4/2), I receieved another call from the escrow company. Still no transfer. I grabbed my paperwork and went back to the bank to talk to them in person. The branch manager was out, so I spoke to one of the assistant managers. After half an hour and several phone calls, it was determined that the transfer was "on hold" waiting for an additional signature from their district manager. Because the transaction was in excess of some amount (I never found out what that amount was), it required approval from the district manager.
After much finger-pointing by the assistant manager (and the branch manager who had returned by this time), and threats of litigation on my part, they agreed to waive the wire transfer fee and complete the transaction. They also admitted that they knew the district manager was on vacation, and that they knew the transaction wouldn't have gone through without his approval.
I finally got confirmation from the escrow company on Wednesday (4/3) that the funds had been received and the escrow closed. They were also very understanding regarding the situation and told me that they'd had problems with Wells Fargo in the past.
Time, effort and aggravation on my part. The posibility of messing up my property purchase by not being able to close escrow. Taking the money out of my account and placing it in "limbo" for 5 days. Refund of a $27 "transfer fee". No apology.
Thank G*d I no longer have to deal with those a**h*les at Hells Cargo!