ComplaintsforWells Fargo Advisors

• Initial Complaint

  10/03/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  The clarity of the bank's letter to the consumer needs to be improved. Key aspects the consumer needed to understand were unclear; the letter did not clearly explain pertinent financial information concerning the consumer. Similarly the letter did not clearly explain the reason for the bank's decision. Adding insult to injury the letter had financial and legal terminology that would be difficult for a layperson to understand. Furthermore, the letter did not clearly explain the bank's actions. *The financial institutions actions are inconsistent with applicable banking statutes, regulations, or policies.*

  Business response

  10/09/2024

  ***************************************
  PO Box 5133
  *********************
  
  October 9, 2024
  
  ***** H. ******
  PO Box 866
  **********************
  
  
  Subject: Were responding to your concerns
  Wells Fargo case number: ***************** and *****************
  Account number ending in: 4603
  **********************, case number: ********
  
  
  Dear ***** H. ******:
  
  Thank you for contacting us. We completed our research and are providing details to address your concerns
  regarding your expressed dissatisfaction with an exit recommendation letter sent to you on September 9, 2024.
  You expressed that the letter's financial and legal terminology was difficult to understand and did not
  appropriately explain the situation or reasons for the decision. You stated, "the financial institution's actions are
  inconsistent with applicable banking statutes, regulations or policies". You requested the account restriction to be
  removed so that you could transfer or close the account prior to October 10, 2024.
  
  Wells Fargo Advisors strives to provide our clients with the most outstanding customer service, and we sincerely
  regret that your experience has fallen short of your expectations. Please allow us to apologize for any frustration
  or inconvenience this matter may have caused.
  
  The relationship between a client and financial firm is a mutually agreed upon relationship that can be terminated
  at any time without reason by either party. This information is outlined in the General Account Agreement and
  Disclosure Document (GAADD) states the following, We have the right to close your account at any time without
  prior notice to you. The principal decision to hold an account comes down to a review conducted by our qualified
  supervisors. The information and decisions regarding closure are kept confidential. We have included a copy of the
  GAADD for your convenience.
  
  We could not locate any attempted contact from you with our ************************* representatives to
  discuss this matter, and we were unable to contact you to discuss the matter through our call attempts.
  
  
  We may collect personal data as part of the complaint resolution process. For the categories of personal data that Wells Fargo may collect and
  how we use it, see the Wells Fargo California Consumer Privacy Act Notice at Collection at *********************************************************************
  security/notice-of-data-collection/. See additional Wells Fargo privacy notices at *********************************************************************security/.
  
  We confirmed that the last statement sent from your account covered May 1, 2024, through May 31, 2024. A
  negative debit balance of $ ********** was written off by the Firm on May 23, 2024, and there was a closing
  balance of $0 on the account as of May 31, 2024. There has been no balance on the account since then through the
  writing of this letter.
  
  Wells Fargo Advisors will close any account that no longer holds securities positions or asset balances on or after
  the reassignment date of October 10, 2024, as outlined in the Additional important information section of the exit
  recommendation letter sent to you. Your account will remain restricted until that time. As there are no securities
  or balances in your account your request to transfer the account cannot be accommodated. We trust the
  preceding provided you with a better understanding of our firms position about this matter.
  
  Case status
  
  We have closed the case as of the date of this letter. If we receive additional information, we will open a new case
  to address any remaining or new concerns.
  
  How to contact us
  
  We appreciate the time and effort you took to contact us. If you have questions, you may reach us at
  ***************************, Monday through Friday from 8:00 a.m. to 5:30 p.m. Central Time. We accept
  telecommunications relay service calls.
  
  Sincerely,
  
  ****** *.
  Escalations Representative Registered
  ***************************************
  **********************************
  
  Enclosures: May 2024 Statement, GAADD, Exit Recommendation Letter
  cc: Better Business Bureau

• Initial Complaint

  08/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been dealing with Wells Fargo Financial Services for over 8 months ever since my wife passed away, trying to close my account and receive my money. Their customer service is beyond horrible. They have continually sent me the wrong paperwork to fill out 5 times! And every time I send the paperwork back to them, they either tell me its incorrect or they "haven't" received it. Even though I fax it to them (have confirmation) and mail it to them in the envelope they provided. They tell me there is no office for me to actually go and sit and speak to someone in person but yet they had no problem finding an office when the account was opened and taking my money. Everything is done over the phone by incompetent staff. This is beyond unacceptable. I would NEVER recommend Wells Fargo to anyone. The only option they have left me is taking them to COURT.

  Business response

  08/20/2024

  Please see the attached Bank response. 

• Initial Complaint

  08/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have spent the past month trying to rectify my deceased Mother's account with no avail. I have been hung up on more than twice, have received mis-information and still the account is not correct. I have sent in the correct documents requested of me, but again, the account is still not correct. Well Fargo has my Father's name misspelled on the account and has yet to correct it, even with a call directly from my Father (whom I have a POA). I was told my POA wasn't allowed because my Father is still living. Make that make sense. I need my deceased Mother taken off the account, and my Father's name corrected so that we can move any monies out of Wells Fargo as we will no longer allow Wells Fargo to control the funds. I have been given the run around every time I call or email and I will no longer allow this. My next step is to notify the *************************

  Business response

  08/20/2024

  Please see the attached Bank response. 

• Initial Complaint

  07/28/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My father passed away in 2022. He left his small *** to my brother's and I split 3 ways. The amount is approximately 1000 dollars each. Despite multiple attempts to get this money wells fargo will not complete the transaction. In the beginning they said that we could not cash out because the money were assets. We gave up for a time due to the amount of trouble they were giving us. I recently started trying to get my portion again with the help of my finance advisor. He suggested I ask to liquidate the assets, which wells fargo refused to do. We decided the best course of action was to do a transfer to an external inherited ira ******** Each time we fill out the paper work and submit wells fargo comes up with yet another reason the paperwork is incorrect. Wr have submitted multiple times since May to the point of exhaustion. They state they don't have the death certificate (provided multiple times), the wrong form was submitted, an additional form needs submitted, we didn't check the correct boxes, etc etc etc. They have been withholding for 2 years and it's ridiculous. I'm a masters educated nurse and my financial advisor is educated as well. We aren't doing this many things incorrectly. Please help us rectify this. This is prolonging closure of accounts and in turn grief. Can submit additional documents to bbb if needed

  Customer response

  07/30/2024

  Account number *********

  Customer response

  08/04/2024

  Authorization form attached

  Business response

  08/22/2024

  Please see the attached Bank response.      

  Customer response

  08/29/2024

  Complaint: 22055815
  
  I have reviewed the business' response and am rejecting it because: once again additional information is being requested that is trivial and different from what we were originally told. Wells fargo now requesting us to use my dad's name in section 3 instead of wells fargo. We are going to follow these instructions and re fax but I have fear the outcome will be the same and they will continue to request something else be changed. 

   

  ***** and I spoke the other day and he stated he tried to contact the estate **** on my behalf from his **** (complaints and appeals) and they would not speak to him. Even he isn't sure how we are going to escalate if they shoot down this request. 

  
  
  
  Sincerely,
  
  ***********************

• Initial Complaint

  07/16/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have had a Traditional *** with Wells Fargo for 10 years and have successfully accessed this account, until July 2, 2024. While at my local bank branch I did my normal routine of bringing in a Roll-over check to deposit and wanted to set up a Distriibution. On that day I was informed ** had changed it's policies on the Brokerage Accounts, such as mine. Now there would be no local branch access to facilitate ANY activity. My rollover check form state of CA was then. overnighted to the ** Trade Brokerage in ********. From there have been told my account information is not up to date.... and they sent me 2 new forms to complete (one of them being for NEW accounts- even though mine is 10 years old). Since July 8 I have submitted and resubmitted these forms and keep. getting rejected- EACH time I resubnit-- it takes 2-3 business days to get a reply. Meanwhile there is a restriction on access to my recent roll-over of $9,200. The funds cleared, but I cannot get access and have been frustrated by numerous calls and on-line chats to the ** Trader offices- no one tells me what is wrong with the forms. So yesterday I went to certified ** broker near me. He and staff tried to call the St Louis office to help facilitate - but were told they are NOT allowed access until the restrictions are lifted. Now broker says they cannot handle my small account ( less than a Million). I cannot even move my money.I went back to ******** customer assistance and they said actually I need to fill out (another) new form because my signature doesnt match my name spelling on rollover check and forms signed. I submitted that-- and was told that it is another 2-3 days wait and no guarantee it lifts the restrictions. All feedback is contradicting and unclear. I am literally running out of money for ********** and running negative in my ** checking accounts, racking up NSF charges. This situation is damaging my personal finance, my credit score, and standing with my auto finance company.

  Business response

  08/09/2024

  ***************************************
  PO Box 5133
  *********************
  
  
  August 9, 2024
  
  
  
  *************************************
  108 Tuxedo Court
  ***********************
  
  
  Subject: Were responding to your concerns
  Wells Fargo case number: 06202407304628416, 06202407294620585, 06202407294622741
  Account number ending in: 1267, 8919, 7987
  **********************, case number: ********
  
  
  Dear *************************************:
  
  We are responding to concerns expressed on July 16, 2024, and July 29, 2024, regarding the restriction on your
  account ending in 1267 and that you were required to submit new forms to have it removed. The forms were
  rejected multiple times, requiring additional submissions which created delays in the restriction removal, and
  resulted in your lack of access to funds. You suggested that you were not informed of why the forms were
  rejected. Despite the restriction, you had no trouble transacting within the account for the last several years. Due
  to your recent inability to access funds, you experienced a negative impact to your Wells Fargo checking account,
  including fees due to insufficient funds. You mentioned receiving contradictory instructions and information which
  led to repeated follow-up conversations both by phone and through online chat. You stated you were no longer
  able to be assisted with your Individual Retirement Account ***** rollovers and distributions in a bank branch, and
  that a Wells Fargo broker declined to service the account as it had a total asset value of less than $1 million. Thank
  you for contacting us. We completed our research and are providing details to address your concerns.
  
  Brokerage Concerns: What you need to know
  
  You stated that on July 2, 2024, you visited a Wells Fargo Bank branch to deposit a rollover check into your ***
  ending in 1267. Although you had previously been assisted with transactions such as these at the branch, you were
  told they would no longer be able to service the account. While the process may seem inconvenient, our policy
  states rollover checks must be physically sent to our *************** team for processing. You indicated the
  rollover check was overnighted to our Brokerage Services location in ***********. We can confirm the funds from
  the rollover check settled on July 8, 2024.
  
  
  We may collect personal data as part of the complaint resolution process. For the categories of personal data that Wells Fargo may collect and
  how we use it, see the Wells Fargo California Consumer Privacy Act Notice at Collection at *********************************************************************
  security/notice-of-data-collection/. See additional Wells Fargo privacy notices at *********************************************************************security/.
  
  
  Investment and Insurance Products are: Investment products and services are offered
  Not Insured by the **** or ***************************** through Wells Fargo Advisors, a trade name used by
  Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or ******** Wells Fargo Clearing Services, LLC, Member SIPC, a
  Affiliate registered broker-dealer and non-bank affiliate of
  Subject to Investment Risks, Including Possible Loss of the Principal Amount Wells Fargo & Company.
  Invested
  
  ECMO-BT173_Res_M_E_052024
  
  On July 8, 2024, you called from a bank branch to complete a distribution, at which point you were informed there
  was a restriction on the account that prevented this transaction. Our research shows a restriction was placed on
  the account on January 15, 2015, however, transactional activity was not prohibited until this year. Unfortunately,
  we were unable to identify what caused this oversight. At Wells Fargo, we pride ourselves on developing and
  maintaining quality financial relationships and strive to consistently deliver the exemplary service we know our
  customers deserve. We understand your deep frustration pertaining to this matter and sincerely regret that your
  experience has fallen short of expectations. Please allow us to apologize for any frustration or inconvenience these
  matters have caused, including inaccurate and conflicting information that you may have received throughout
  your experience.
  
  To remove the restriction, we required the submission of New Account Application forms, despite the account
  having been active for many years. On July 10, 2024, we received the completed forms. Unfortunately, there were
  pages missing and a required selection on the form was left blank. This led to the rejection of the forms. We
  informed you of these errors during a call interaction on July 11, 2024.
  
  Forms submitted on July 12, 2024, were also rejected due to a mismatch between your first name written on the
  form versus your first name as listed in our records. We communicated this information to you in a call interaction
  on July 16, 2024, and advised you to submit a One and Same Letter to rectify the issue. We received the letter the
  same day.
  
  The restriction was successfully lifted on July 17, 2024. Our records show a distribution was completed on July 18,
  2024, and funds in the amount of $2,340.00 were transferred to your Wells Fargo Checking account ending in
  7987 the same day.
  
  In your correspondence with the Better Business Bureau on July 16, 2024, you mentioned you visited a certified
  Wells Fargo Broker for assistance but were met with the same issues regarding the restriction. You further noted
  the Broker was unable to service your account due to its total value of less than $1 million. Please know that while
  some of our Advisory Programs have a minimum account size of $1 million, there are other options that offer
  services to accounts with a lower minimum value. If you are looking to work with a Financial Advisor, please reach
  out to us by calling ************** Monday through Friday 8:30 a.m. to 9:30 p.m. Eastern time.
  
  On July 29, 2024, you contacted us using our online chat feature to inquire about a secure message you received
  which you stated requested a co-applicant signature on your *** forms. During the interaction you were informed
  there were no further requirements, and the account is unrestricted. Please allow us to apologize for any confusion
  that may have been caused.
  
  Should you have any additional questions about your brokerage account or this process, please contact our
  WellsTrade representatives at 1-800-TRADERS ***************). They are available Monday through Friday,
  8:00 a.m. to 12:00 a.m. Eastern Time.
  
  Banking Concerns: What you need to know
  
  The deposit account is currently enrolled in **************************** (****). This is an optional service that
  allows Wells Fargo, at its discretion, to approve and pay eligible ATM and debit card transactions when the amount
  of the transaction exceeds the available balance in your checking account or in accounts linked for overdraft
  protection. Standard overdraft fees and policies will apply.
  
  **** does not apply to the following transactions:
  
  Recurring debit card transactions
  Pre-authorized transactions
  Checks
  Bill pay transactions using Wells Fargo Online
  
  If sufficient funds are not available in the account, debit card transactions, ATM transactions, and the transactions
  listed above may continue to be authorized into overdraft and assessed an overdraft fee, regardless of whether
  you have added the **** to the account.
  
  If you would like to remove this service, you may do so at any time by:
  
  ************************ at ******************/7. We accept telecommunications relay service calls.
  Signing on to Wells Fargo Online from a computer or tablet (search Overdraft Services).
  Visiting a Wells Fargo ATM (select More Choices).
  Speaking to a banker at any Wells Fargo branch. To locate a branch near you and schedule an
  appointment online, access wellsfargo.com/locator.
  
  If you wish to remain enrolled in this service, you may be assessed an overdraft fee for ATM and everyday
  (onetime) debit card transactions approved into overdraft.
  
  Fee Concern
  
  Our records show the account became overdrawn by the ******************* transaction for $39.00 on June 3,
  2024. We paid the transaction into overdraft and assessed a $35.00 overdraft fee on June 4, 2024, because the
  available balance at the time the transaction was presented was $0.42.
  
  The account also became overdrawn by the Petaluma UB transaction for $145.00 on July 8, 2024. We paid the
  transaction into overdraft and assessed a $35.00 overdraft fee on July 9, 2024, because the available balance at
  the time the transaction was presented was $-17.20.
  
  We understand your concerns, and confirm we appropriately assessed the fees based on the Deposit Account
  Agreement and the Consumer Account Fee & Information Schedule. A full copy of the Deposit Account
  Agreement is available at your Wells Fargo branch or by visiting our website at wellsfargo.com.
  
  While we realize the information provided may not alleviate your frustrations, we hope this correspondence helps
  to clarify our actions about this matter. We strive to provide exceptional service and were sorry we didnt meet
  that expectation in this instance.
  
  Case status
  
  We have closed the case as of the date of this letter. If we receive additional information, we will open a new case
  to address any remaining or new concerns.
  
  How to contact us
  
  Should you have additional questions or concerns regarding this letter, I can be reached directly at
  ****************************, Monday through Friday, 9:00 a.m. to 3:00 p.m. Eastern Time. We accept
  telecommunications relay service calls.
  Sincerely,
  
  ******************
  Escalations Representative Registered
  ***************************************
  **********************************
  
  

• Initial Complaint

  07/16/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Our agent for 20+ years recently retired though we now see with on-line research that there is litigation with WFA & over ****** employees have resigned @ Wells Fargo Advisors due to fraudulent activity on customer accounts.... big news we will let our friends know- online research-Can Wells Fargo Advisors be trusted?We checked and Wells Fargo Advisors is not regulated by a top-tier regulator, so you are better off avoiding it. We don't recommend opening an account at ************************ agent assigned to us when ********************* retired recently said- quote- 'I will reverse your charges after you transfer more into WFA'. Upset at this comment of manipulation, I requested our fee charges recently noticed on statements be reversed; he, *************************, instead of helping, has moved the fee reversal to Corporate, (who have NOT CONTACTED US over a lengthy period of time also seen on-line to have POOR ***************** & DENIED putting our money back into our accounts. WRONG! Our fees for purchase of BONDS have always been paid up front & this is DOUBLE DIPPING; our accounts have NEVER HAD FEES though recently we see News reports of over ****** employees departing the Company (over 20%) & WFA is not a trusted bank to work with, as WE are experiencing. Fees- MUST BE RETURNED TO OUR ACCOUNTS IMMEDIATELY. Thank you for your help- The *******

  Customer response

  07/17/2024

  form attached

  Customer response

  07/19/2024

  Requesting a call from upper management after a brief call with ***********************, a 'Case Specialist' at Wells Fargo.  My 25 yr++ business has been with WFA as a loyal -4- generation customer with our long term agent recently retiring and replacement has been difficult.  We are seeking HONEST BANKING RELATIONSHIPS and request followthru via ****************** as requested.
  

  Business response

  07/23/2024

  Enterprise ****************************
  PO Box 5133
  *********************
  
  July 23, 2024
  
  
  ****************************
  ****************************************************************************
  
  
  Subject: Were responding to your concerns
  Wells Fargo case number: *****************
  Account number ending in: 8270 and 1309
  **********************, case number: ********
  
  
  Dear ****************************:
  
  Thank you for contacting us. We completed our research and are providing details to address your concerns.
  
  First and foremost, we acknowledge that Wells Fargo has been involved in litigation due to the opening of
  unwanted accounts and apologize if this has contributed to a negative perception of our Firm, and for any
  inconvenience these matters may have caused. Wells Fargo Advisors (WFA) strives to provide outstanding
  customer service in the financial industry, and we regret to hear of your experience.
  
  Wells Fargo Advisors is regulated by the same federal regulators that apply to all securities broker institutions, and
  by all state regulators that would be applicable to security brokers in any given state. Wells Fargos top priority
  remains building a risk and control infrastructure appropriate for its size and complexity. The Company is subject
  to a number of consent orders and other regulatory actions, some of which are described below. These regulatory
  actions may require the Company, among other things, to undertake certain changes to its business, operations,
  products and services, and risk management practices. Addressing these regulatory actions is expected to take
  multiple years, and we are likely to continue to experience issues or delays along the way in satisfying their
  requirements. While we still have significant work to do and have not yet satisfied certain aspects of these
  regulatory actions, the Company is committed to devoting the resources necessary to operate with strong
  business practices and controls, maintain the highest level of integrity, and have an appropriate culture in place.
  
  
  We may collect personal data as part of the complaint resolution process. For the categories of personal data that Wells Fargo may collect and
  how we use it, see the Wells Fargo California Consumer Privacy Act Notice at Collection at *********************************************************************
  security/notice-of-data-collection/. See additional Wells Fargo privacy notices at *********************************************************************security/.
  
  Investment and Insurance Products are: Investment products and services are offered
  Not Insured by the **** or ***************************** through Wells Fargo Advisors, a trade name used by
  Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or ******** Wells Fargo Clearing Services, LLC, Member SIPC, a
  Affiliate registered broker-dealer and non-bank affiliate of
  Subject to Investment Risks, Including Possible Loss of the Principal Amount Wells Fargo & Company.
  Invested

  
  ECMO-BT173_Res_M_E_052024
  
  If you have questions, please visit the Investor Relations area of wellsfargo.com to view our news items, regulatory
  filings, and regulatory actions, including the United States of America Security and ******************* (SEC)
  10-Q filing, or Quarterly Report.
  
  On February 2, 2010, you signed for the account ending 5195, and on January 22, 2018, you signed for the
  account ending in 1309, both attesting to having read and abiding by the Account Agreement which reads in
  section 13. Fees and Charges: We may assess your Account with charges to cover our services, or the termination
  of services, including, but not limited to, an annual household fee, operational and service fees, custodial fees, and
  transaction fees and commissions. This is not double dipping but separately both maintenance, and use fees,
  which are not one and the same. You spoke with your Financial Advisor, *************************, on May 24, 2024, who
  explained the nature of the fees and the fee waiver criteria. ****** also explained that when you transferred assets
  out of Wells Fargo, your household balances no longer qualified for those fee waivers.
  
  WFA provides reductions of fees for clients who maintain certain volumes in their WFA accounts. This practice is
  not a punitive action, rather it rewards clients who wish to do more business with Wells Fargo. Your request for the
  fee reversal of $75.00 charged to two of your WFA accounts was escalated to a supervisory review, and we have
  deemed the 2023 Annual Fees appropriate for the level of business you are currently conducting with Wells Fargo
  Advisors.
  
  We have responded to your concerns about the annual fees in a letter sent June 13, 2024. We have included, in this
  mailing, that response letter; the Annual and Operation Fees notice sent to you on March 28, 2024, with your
  March monthly statement; and the Customer householding insert sent to you on June 27, 2024, with your June
  monthly statement. If you have questions about your fees, please contact your Financial Advisor ************************* at
  ************ or **************.
  
  We realize the information provided may not alleviate your concerns. We hope this letter helps to clarify Wells
  Fargo's actions with regard to these matters.
  
  Case status
  
  We have closed the case as of the date of this letter. If we receive additional information, we will open a new case
  to address any remaining or new concerns.
  
  How to contact us
  
  We appreciate the time and effort you took to contact us. If you have questions, you may reach us at
  **************, Monday through Friday from 9:00 a.m. to 6:30 p.m. Eastern Time. We accept
  telecommunications relay service calls.
  
  Sincerely,
  
  **************
  Escalations Representative Registered
  Enterprise ****************************
  **********************************
  
  enclosures
  cc: Better Business Bureau
  

  Customer response

  07/23/2024

  Complaint: 21998270
  
  I am rejecting this response because:

  #1- ********************* was our Advisor & retired; as over ****** agents did as we now see these difficulties in acquiring services and lack of choices for reinvestments as Bonds came due.  We were not aware of why dollars were not replaced as had happened for a 20+ yr history-  FEES NEED TO BE REVERSED FOR OUR ACCOUNTS AT ONCE.
  

  #2- We have not signed on with any WFA agent; **************** tried to 'bribe' us which has made us feel uncomfortable as we see some WFA history shows.

  #3-  Honesty is MOST IMPORTANT- ESPECIALLY IN A BANKING INDUSTRY!  LET"S MOVE ON & GET THIS RESOLVED & REFUNDED.  YES- WFA MADE ERRORS-  IT"S CLEAR-  MOVE FORWARD IN *******.... WAITING FOR REFUND & ESCALATION CORPORATELY ABOVE THE COMPLAINT MANAGEMENT OFFICE IMMEDIATELY.   NO FEES ARE AUTHORIZED & IF THE *** WAS DONE CORRECTLY WITH $$'s INVESTED, NONE OF THESE PROBLEMS WOULD HAVE OCCURRED!

  NEED THIS ESCALATED & A PHONE CALL WHICH HAS NEVER BEEN RECEIVED MONTHS LATER.
  
  Sincerely,
  
  *************************

  Customer response

  08/13/2024

  Additional fees charged notated as Account termination fee, charged on 3 accounts. I did not request for the accounts to be terminated, only to have funds moved. Until fees are reversed as previously completed.

  Business response

  08/22/2024

  Please see attached bank response; enclosures have been forward to the customer. 

  Customer response

  09/02/2024

  This Claim CANNOT be closed as I was asked to provide signature to access bank records & thus was completed & the last communication.
  BBB also felt the Attorney General of Missouri- ************** ***** should be involved as over ****** employees have left the company based on fraudulent activity with Customer Accounts as has happened here-
  Our long-term agent retired (?) and left WFA.  We did not find a match to take on our accounts- NO AGENT.
  NO BANK CHARGES $125 Transfer Fee moving money around to invest INCLUDING A CHILDs  **** set aside for education in the future!  $375 CHARGES because our agent retired???? This is NO FAULT of our own & MUST BE REVERSED IMMEDIATTELY.  You will see prior FEES had been reversed but not completed since late 2023.
  This is fraudulent Bank behavior -including the BRIBES mentioned made to us which felt scary &insecure at that time as we can now see with ****** searches continue for customers.  This activity MUST STOP & our FEES reversed.  We cannot be penalized because our AGENT RETIRES?

  Business response

  09/11/2024

  Please see the attached Bank response. 

  Customer response

  09/12/2024

  Complaint: 21998270
  
  I have reviewed the business' response and am rejecting it because:  We have NOT closed our accounts as stated.

  Fees have NOT been charged on these accounts in the past.

  $375 (or $123 per account) are not valid Service Charges as we wait for resolution.
  
  
  
  Sincerely,
  
  *************************

• Initial Complaint

  07/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I invest a portion of my paycheck every time I am paid. Approximately three weeks ago I once again visited the investment portal for Wells Fargo and placed orders for three different mutual funds. Some time later, I am unclear about how long it was. It was somewhere in the range of a day or two later, I went back to Wells Fargo's investment portal to look at something else and noticed that no mutual funds had been purchased and there were no pending orders shown either. I assumed that I had forgotten to confirm my previous orders so I placed them again. Later I found out that two sets of orders had been placed. This shouldn't have been possible since my account isn't authorized for trading on margin and didn't have enough cash to place two sets of orders. It appears that someone at Wells Fargo realized that a mistake had been made and independently decided to sell some but not all of the mutual funds. I DID NOT AUTHORIZE THIS! I did not intend for two sets of orders to be placed as their system showed that I hadn't placed the first set of orders. Wells Fargo charges $35 per mutual fund transaction. The additional three purchases and three sales cost me $210. I would like for that to be returned as I consider this to be theft.

  Customer response

  08/07/2024

  My complaint has been resolved.

• Initial Complaint

  06/29/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I asked to close my account with them 2 weeks ago. They told me disbursement would be 3-5 days which is absurd anyway. It's been 12 days, they haven't contacted me, and when I've contacted them they've told me TOMORROW, TOMORROW. Well I'm not Little Orphan ***** and after 12 days they've not contacted me to report and issue and they seem to refuse to return my funds. These guys appear to be crooks. I'm about 1 day from contacting the SEC and filing an official complaint. I would avoid these people at all costs.

  Business response

  07/16/2024

  Please see attached business response. 

• Initial Complaint

  06/20/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Wells Fargo Advisors incorrectly charged three fees on my accounts. ******************* stated the providing a refund for the fees is "not something we do," which is false. He backtracked and stated that "accommodations" can be made. My advisor, *********************, stated in writing that the fees did not apply to my account.

  Business response

  07/26/2024

  Enterprise ****************************
  PO Box 5133
  *********************
  
  
  July 25, 2024
  
  
  
  ****************************
  ****************************************************************
  
  
  Subject: Were responding to your concerns
  Wells Fargo case number: *****************
  Account numbers ending in: 8118 and 7353
  
  
  Dear ****************************:
  
  Thank you for contacting us. We completed our research and are providing details to address concerns you
  expressed to the Better Business Bureau regarding the *********** fees applied to you your Wells Fargo Advisors
  Individual Retirement Account ***** ending in 7353 and your *************** ending in 8118. These concerns were
  forwarded to the Enterprise **************************** in accordance with industry standards and Firm
  policies.
  
  We confirmed that a transfer of your *************** ending in 8118 to an outside firm was processed and a ***********
  fee in the amount of $125.00 was applied on April 15, 2024. The transfer of your *************** to the outside firm was
  completed on April 18, 2024, with a residual processed on April 26, 2024.
  
  A transfer of your *** ending in 7353 to an outside firm was initiated on April 12, 2024. The $125.00 ***********
  fee was applied on April 22, 2024. On May 1, 2024, a $125.00 reversal correction was processed for the duplicate
  $125.00 *********** fee applied in error on April 30, 2024. The remaining cash balance was transferred out on
  May 3, and May 13, 2024.
  
  In a June 20, 2024, email exchange with you, and Branch Manager, *******************, ******************* explained that the fee
  explained in writing was a portfolio management fee, which is separate and distinct from the account transfer fee
  charged for *********** and transfer of the account.
  
  On July 1, 2024, we sent you a letter regarding concerns you expressed in a May 21, 2024, email to your financial
  advisor about *********** fees. We explained that the initiation of a full outgoing transfer automatically
  
  
  We may collect personal data as part of the complaint resolution process. For the categories of personal data that Wells Fargo may collect and
  how we use it, see the Wells Fargo California Consumer Privacy Act Notice at Collection at *********************************************************************
  security/notice-of-data-collection/. See additional Wells Fargo privacy notices at *********************************************************************security/.
  
  
  Investment and Insurance Products are: Investment products and services are offered
  Not Insured by the **** or ***************************** through Wells Fargo Advisors, a trade name used by
  Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or ******** Wells Fargo Clearing Services, LLC, Member SIPC, a
  Affiliate registered broker-dealer and non-bank affiliate of
  Subject to Investment Risks, Including Possible Loss of the Principal Amount Wells Fargo & Company.
  Invested
  
  ECMO-BT173_Res_M_E_052024
  terminates the Wells Fargo Advisors brokerage account and charges a *********** fee and that this was processed
  correctly. We enclosed a copy of the fee brochure and explained that the *** *********** fee in the amount of
  $125.00 was explained in the fee brochure included with your March 2024 statement.
  
  On July 3, 2024, we received your concern expressed to the BBB. We escalated your concern regarding the request
  for reimbursement to our business channel leaders for review and consideration of this matter. After careful
  assessment, we are unable to honor an accommodation for reimbursement of the account *********** fees.
  
  We confirmed that on page 6 or 20, of the electronically signed account agreement, section 15, Fees and Charges
  states We may assess your Account with charges to cover our services, or the *********** of services, including
  but not limited to, an annual household fee, operational and service fees, custodial fees and transaction fees and
  commissions.
  
  We apologize for any confusion regarding discussions with your financial advisor about fees related to the fee
  structure and the management fees associated with the different managed account platform types. The managed
  account agreement discusses several different management platform fees, beyond the fees specific to the
  platform the that was selected.
  
  Wells Fargo Advisors regrets that you do not agree with our prior decision. However, a secondary review of your
  concerns has been conducted and no new information was presented to support a different conclusion. As such,
  Wells Fargo Advisors' position on the matter remains unchanged. We would like to wish you success with your
  future financial arrangement.
  
  Case status
  
  We have closed the case as of the date of this letter. If we receive additional information, we will open a new case
  to address any remaining or new concerns.
  
  How to contact us
  
  We appreciate the time and effort you took to contact us. If you have questions, you may reach me at
  *********************************. Were ready to help you Monday through Friday from 8:00 a.m. to
  4:30 p.m. Central Time. We accept telecommunications relay service calls.
  
  Sincerely,
  
  **********************
  Escalations Representative Registered
  Enterprise ****************************
  **********************************

• Initial Complaint

  06/19/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Wells Fargo is performing illegal false advertising by claiming to gve a $325 bonus upon signup and not giving it to there customers. I signed upthru the offer shown below(which as you can see doesnt have a bonus code) by logging into my online account. I met all the requirements(direct deposit of at least $1000 and maintain minimum balance of $500) Wells fargo however did not give me the promised $325 and gave as a excuse that I did not input a bonus code.(As ypu can see from mt screenshot there is no bonus code)

  Customer response

  06/27/2024

  Dear BBB Case manager,

   

  I have attached the requested signature form.  Please let me know if you have any further questions.

   

  Sincerely,

   

  *********************************

  Business response

  07/02/2024

  Please see the attached Bank response. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩