• Report: #1123648

Complaint Review: Wells Fargo Bank

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  • Submitted: Fri, February 14, 2014
  • Updated: Fri, February 14, 2014

  • Reported By: maddog53 — RSM California
Wells Fargo Bank
27702 CROWN VALLEY PKWY D1 Ladera Ranch, California USA
  • Phone: 949-364-1035
  • Web:
  • Category: Banks

Wells Fargo Bank Does Not Honor Their Own Checks Ladera Ranch California

*Author of original report: Walk A Mile In My Shoes

*Consumer Comment: You need a better excuse

*Consumer Comment: Not exactly....

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Wells Fargo does not honor their own debt instruments (checks drawn on their own bank).  Due to unfortunate circumstances I was forced to liquidate an investment account with Wells Fargo Advisors (a division of Wells Fargo & Company).  I requested the funds be issued in the form of a check which I assumed would be cashed by Wells Fargo Bank since it would be drawn on their institution.  Not only was I wrong, I was treated as if I were attempting to scam the bank out of money that was not mine.  The check arrived with my name as the payee, my current address and drawn on Wells Fargo Bank, NA.  I presented this check to the Wells Fargo Bank Branch at 26042 Marguerite Pkwy, Mission Viejo, CA with valid California state issued identification (driver's license) and was refused assistance in cashing the check.  I was informed that this was a check issued by a third party and could not be honored unless I was a Wells Fargo account holder (which I am not).  Otherwise I would have to find another way to obtain cash for the debt instrument.

I then contacted Wells Fargo Bank Customer Service by phone and was informed that indeed Wells Fargo Advisors was a legitimate entity of Wells Fargo & Company and that the funds were being held by Wells Fargo Bank, NA.  I was advised by the representative that presentation of the check along with a valid picture ID was enough to cash the check at any of their branches (remember, this is Wells Fargo's corporate call center).  With the representative on the phone I attempted to cash the check at the Ladera Ranch, CA branch.  I was told by the teller that a valid California driver's license which contains two pictures of me, my legal name, my current address, a copy of my written signature, descriptive characteristics (eye color, hair color, height and weight) was not good enough to allow the conversion of the check to cash.

I explained to the teller, and subsequently the branch manager, that unfortunately (due to unemployment) I no longer have a checking account (at any institution), credit or debit cards, valid passport or any other "ID" that they would seem to accept.  I countered with the fact that the State of California in addition to the other 49 states plus many foreign countries have no problem in accepting a valid driver's license as the only form of identification to issue traffic tickets, arrest on misdemeanor or felony crimes or apply for governmental documents.  Since the check has my name on it (with no other payee / single party check), has my current address on it (otherwise how did it get through the mail to me) which matches the one on the driver's license, I think identity and ownership has been established within a 99% probability.

In addition, the money is coming from Wells Fargo not a third party bank.  The funds are already being held by Wells Fargo Bank, therefore there is no risk by the branch of the funds not being available or being pulled back after the check is cashed.  The risk of paying the wrong person has been eliminated by legitimate and current identification.  This as close to a 100%, no risk guarantee as it gets.  But all the Wells Fargo personnel could say was "We need two forms of ID".  Repeating this over and over, even when asked how I could cash the check without two forms of ID, like a mantra that would make me go away like a bad dream. No advice as to what action to take.  No compromise solution so that the bank has a degree of comfort from fraud and the check casher will be able to obtain his/her funds in a timely manner.  Nothing.  Go away with your worthless piece of paper.

This is extortion, plane and simple.  Withholding a legal debt (by basically issuing a worthless piece of paper if it is not going to be honored by the issuer) when presented for payment, requiring arbitary and unusual terms is the definition of extortion.  While the amount of my check is infinitesimal, when combined with others it could add up to a sizeable sum, even if Wells Fargo holds you off from executing the cashing / depositing of your check for a technicality by one day, it could mean hundreds of thousands or even millios of dollars when combined accross the US.  I can only conclude that by refusing payment Wells Fargo can hold on to a certain percentage of their funds in order to benefit by earning additional interest in the overnight financial markets.

This is another example of kicking people when they are down and continuing to take advantage of the little guy.  Beware!  Your branch may some day impose capricious and arbitrary procedures that will delay or prevent you from gaining access to your funds.  Know that Wells Fargo will do everything in their power to keep from honoring their financial (and legal) obligations.  Wells Fargo Bank, NA does not honor their own checks.

 

 

 

 

 

 


This report was posted on Ripoff Report on 02/14/2014 04:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Bank/Ladera-Ranch-California-92694/Wells-Fargo-Bank-Does-Not-Honor-Their-Own-Checks-Ladera-Ranch-California-1123648. 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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#1 Author of original report

Walk A Mile In My Shoes

AUTHOR: maddog53 - ()

Money is a requirement for a checking account and if you are not earning any then the bank will close your account if you cannot maintain a minimum amount or pay the monthly fee.  Just be glad you are not in my situation and go back to your Starbucks.

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#2 Consumer Comment

You need a better excuse

AUTHOR: coast - ()

"I explained to the teller, and subsequently the branch manager, that unfortunately (due to unemployment) I no longer have a checking account"

Employment is not a requirement to retain a checking account.

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#3 Consumer Comment

Not exactly....

AUTHOR: Robert - ()

 Wells Fargo does not honor their own debt instruments

- That is not exactly what happened.  In going through this entire report they refused to cash the check for the following reasons.  You do not have an account with Wells Fargo and are therefore a non-cusotmer and you do not have a 2nd ID. 

Now of course you are going to say that "Well Wells Fargo Advisors are the same as Wells Fargo bank", and that may be true..but you do not have a checking/savings account with Wells Fargo and this is what they are refering to. 

I explained to the teller, and subsequently the branch manager, that unfortunatly (due to unemployment) I no longer have a checking account (at any institution), credit or debit cards, valid passport or any other
"ID" that they would seem to accept.

- Unfortunatly your financial situation doesn't matter.  But, and this is important, I am not saying this is you or what you were doing, but this is exactly the same thing a scammer would say.  Not only that, the only reason you would have NO other accounts anywhere is if you have a negative history with those companies.  A negative history is not a good thing when trying to make your case that you are a total 100% honest upstanding citizen.

 The risk of paying the wrong person has been eliminated by legitimate and current identification. 

- They are not totally worried about paying the wrong person.  They are worried that the person has a counterfeit or stolen check.  Now, you can say that you are 100% honest, and are not comitting any sort of fraud, and I am not saying anything different.  BUT...there are MANY...MANY people out there scamming banks and yes anyone with a $50 printer and some blank check-stock can print out counterfeit checks all day long.   You may also want to look up "check washing" and see if you still feel the same way.

This as close to a 100%, no risk guarantee as it gets.

- Actually, having seen many fake drivers licences I can say that your numbers are a bit off...

when presented for payment, requiring arbitary and unusual terms is the definition of extortion.

- Can you prove it was arbirtary?  Can you prove that if someone else came in and tried it they could cash it under the same circumstances?  It is also not unusual to require a second ID.  In fact go ahead and go to any bank and ask them what their policy is for non-customers for a check of your amount.  I can guarantee you that just about every single one will require 2 forms of ID.

 I think identity and ownership has been established within a 99% probability.

- What you think doesn't matter.

While the amount of my check is infinitesimal,

- What is your definition of infintesimal?

This is another example of kicking people when they are down and continuing to take advantage of the little guy.

- Believe it or not they are actually protecting the little guy.  This is the same policy they have for every check.  If someone had a fake check of yours, had 1 form of ID and tried to cash it.  If they allowed it and you lost money..you would be on them so quick because they didn't protect your money.

 

Oh and no I do not work for BofA or any bank, but I would have told you the same thing regardless of what bank you had mentioned.

Out of curriosity, I don't think I have ever met anyone who lived so far "off of the grid" that they didn't have at least a couple ID's. 

 

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