- Report: #1060999
Report - Rebuttal - Arbitrate
Complaint Review: Wells Fargo Property Loss Department
Wells Fargo Property Loss DepartmentInternet USA
Wells Fargo Property Loss Department Wells Fargo Bank is Holdign Property Loss Checks to Earn Interest on the funds Internet
*Consumer Comment: Understood
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Farmers insurance cut a check for a property loss on my roof on May 8 2013. The check was made to both my name and Wells Fargo. I went into the branch to cash the check and have a representative sign off on it. The branch instructed me to mail the check off to the property loss division. Almost two months later...no check. Each time I call it's excuse after excuse and additional documents needed etc... The reason why they say they could not turn right around and pay the check out was because I was going through a loan modification and they were holding the funds in the escrow account. The modification was complete on 6-1, I received all documents in the mail in regard to escrow etc...guess what, no credits were made to the account.
Wells Fargo makes their money off of interest and fees. If they held each check for a minimum of 30 days depending on the amount they have earned enough to pay a small branch of workers salary for a pay period. Now, imagine how much they would earn if they held several checks over 30 days, perhaps 60-90 days....??? Every person that has written a complaint indicates that Wells Fargo has held their funds well over 60 days. If you will notice, they send a packet asking the contractor to sign a document that indicates they will not put a lein against the property for payment..... Now, I understand why!
This report was posted on Ripoff Report on 06/21/2013 10:23 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Property-Loss-Department/internet/Wells-Fargo-Property-Loss-Department-Wells-Fargo-Bank-is-Holdign-Property-Loss-Checks-to-1060999. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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