Wells Fargo Bank Landings

DO NOT DO BUSINESS WITH THIS BANK!! I saw an ad on the internet that Wells Fargo was offering a $300 bonus for anyone opening a new checking account. Minimum deposit was $1,000. So, I opened the account online and was approved immediately. I entered the bonus code to receive $300 and entered my credit card for the initial $25 deposit. The bonus was confirmed.

The next day I wired $5,000 to my new Wells Fargo account (which cleared immediately.) The online instructions said the forms were filled out properly, and I should make an appointment at a local branch to show ID and order checks.

Within (2) days, I made the appointment with a loan officer. He said the bank received $5,000 and all he needed were two IDs. Then, I asked about the confirmed $300 bonus as a credit to my account. Incredibly, he said, "you're not entitled to the $300 because you didn't send the initial deposit by direct debit. You received an email explaining this, and it was in the fine print, so we got you on a technicality – you've got to read the fine print."

Meanwhile, I never received such an email, nor was I directed to send funds via direct debit. This was the scam, and the false justification for not crediting the bonus to my account.
I told him this was an unfair trade practice, and a typical trick (loophole) to justify not paying the $300 bonus. Then, I reminded him of the scams and criminal activity Wells Fargo had been charged with over the last several years.

For example, the Federal Trade Commission issued a 2021 press release with the headline, "Wells Fargo Agrees to Pay $3 Billion to Resolve Criminal and Civil Investigations into Sales Practices Involving the Opening of Millions of Accounts without Customer Authorization."

Additionally, the BBB in San Francisco (where the company is headquartered) states the following: BBB rating: F (no accreditation with BBB): Reason: Failure to respond to complaint(s) filed against business. Government action(s) against the business, 6,325 complaints over the last 3 years. Customer Reviews Score (1 worst/ 5 best): 1.05.

So, defrauding the public is nothing new to this bank. However, they just wanted to wiggle out of paying the $300 bonus with a pathetic, false excuse. True to their reputation, Wells Fargo is still preying on the public with false advertising.

Update: Review of Response from Wells Fargo:

Next, the "manager" came over and sternly directed the loan officer to "close this account immediately and return his deposit!!" She just bullied her way into the conversation in a pompous manner, would not listen to the details of the situation, nor attempt to resolve the matter amicably.

This manager is the consummate unprofessional: arrogant, rude, and contemptuous. She needs retraining and a lesson on how to treat customers. In fact, she did not even introduce herself nor offer any reason for closing the account. When I mentioned filing a complaint with the FTC – she just smiled and giggled. There is another complaint here about this manager as being "rude and unprofessional."

I am moved to say that this situation was avoidable. In terms of "receipt of funds" – there is no difference between a one-day wire-transfer and a direct deposit. Again, I did not receive instructions that a direct deposit was necessary. This is simply Wells Fargo playing "gotcha."

Due to the manager's lack of discernment, she believed it was worth losing a high net-worth client, rather than crediting the $300 bonus. Little did she know that I had a check for $15,000 to deposit that day and was going to speak to the brokerage advisor about investments. This manager is obviously inexperienced, irrational, and woefully impulsive.

When I arrived home there was an email from the "Wells Fargo Resolution Team." I called and spoke to a genuinely nice woman who wanted to hear what happened. After I finished speaking, she was outraged and said this is not the way Wells Fargo does business. She assigned a case number to the complaint and told me to expect a call in a few days. So now, we will see what happens