• Report: #1060999

Complaint Review: Wells Fargo Property Loss Department

  • Submitted: Fri, June 21, 2013
  • Updated: Fri, June 21, 2013

  • Reported By: Wells Fargo is Slick!! — Birmingham Alabama
Wells Fargo Property Loss Department
Internet USA

Wells Fargo Property Loss Department Wells Fargo Bank is Holdign Property Loss Checks to Earn Interest on the funds Internet

*Consumer Comment: Understood

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Wells Fargo Property Loss Department

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Understood

AUTHOR: MochaG - ()

I understand what you said and I agree that they should never hold on money paid to you. However, your reason is a bit unrealistic for the current economy. Do you really know how much the interest is for a saving account today? It is normally around 0.1% per year or even much less! So if they want to get $100 worth in saving interest, they will need to hold $100,000 worth for a full 1 year!

Just to give you an idea how interest rate is now...

Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X