Wells Fargo & Company Complaint - Unreasonable wait for bank to correct THEIR mistakes
ROCKPORT, TEXAS -- #1. My bank statement indicted that two checks with the same number had cleared my business checking account. I had written one for $25.00, the other one was for 25% of my bank balance. They could find no image of the second check I and was told it would take 7 to 10 working days for their research department to address this. I insisted that was not acceptable and the banker made a phone call, found that the bank had posted the larger check from another customer's account onto mine but I would still have to wait 7 to 10 for their research department to verify this. In the meantime, they are going to make a "conditional" deposit to my account which will automatically disappear at the end of each day and I will have to rely on an employee to remember to manually put it back in first thing every morning for up to 2 weeks. So, the bank makes a mistake in a heartbeat, they find their error as soon as they made a phone call, but cannot actually use 25% of my bank balance.
#2. Several months ago Wells Fargo charged me a fee for depositing $1500 cash. I was told that this was to cover the time to count the money. There were 23 bills, no coins and the machine counted it in less than a second, which, based on the fee, is about $900,000.00 per hour for Wells Fargo.
#3. Wells Fargo did not credit me for a deposit I made and had a bank receipt for. I was told I would have to pay a $45 fee for them to research the error that they made! It was nearly 3 months before the money was put in my account. I then had to fight to get the fee waived. I am moving my checking account to another bank.
#4. I chose Wells Fargo for a reverse mortgage despite these problems because of the new federal consumer protection laws and, out of 9 banks, Wells Fargo's "good faith estimate" for bank fee charges was the lowest. After applying for the mortgage, the fees jumped 400%. Fees are added onto the mortgage and interest is charged everyday. When I told them I would not use them for the mortgage, they found their "error": one large fee had been added in twice, others were incorrect. The day before closing, they again added charges for fees I had paid out of pocket. Throughout the process the Wells Fargo associate complained about the new consumer protection laws, was evasive about giving me information I asked for because she "didn't want to bother me with details because I was so busy" or that there were some answers I "did not need"! On the day of closing, I waited 2 and 1/2 hours because they spent the time following their GPS in the wrong city (11 miles away) rather than going to the right city after I gave them the correct directions 4 times on the phone. I finally had to drive to where they were and have them follow me! Now sufficiently stressed, we finished the closing and was told for the first time that funds (the equity in my home that they now own) would not be available to me for 45 days even though I had previously been told I would receive a check for a requested draw at closing. Interest is paid on the fees and the draw I did not get for the entire 45 days. I went through with this mortgage despite my misgivings simply because my persistence forced them to correct their errors and honor their promises and I believe that I have FHA protection hereon.
Conclusion: Wells Fargo was the very first in line for federal bail-out money in 2008. They have since repaid the money, but public funds saved them and they are arrogantly resisting making money in the form of loans available to the public. And apparently, are making every effort possible, large and small, to treat their customers with disdain and gouge those who are not observant nor tenacious.