Wells Fargo

Report Card
B-
Overall Grade
C+
Mortgages Grade
A
Debt Collection Grade
A-
Credit Reporting Grade
Wells Fargo is rated overall in the top 54 percentile (out of 100) based on 30,171 customer complaints.

Statistics

Complaints Currently In-Progress65
Complaints per $100K of Deposits25.7
Complaints Resolved in a Timely Manner99.4%
Resolutions Disputed by Customer23.4%
Average Time Until Resolution30 days

Financial Report

Owner CorporationWells Fargo & Company
EstablishedJanuary, 1870
FDIC InsuredJanuary, 1934
FDIC Certificate #003511
Number of Branches6,353 (37 International)
Total Assets$1.5 Billion (3rd)
Total Deposits$1.2 Billion (3rd)
Total Equity$144.7 Million (4th)
Quartarly Net Income$5 Million (1st)

Contact Information

Corporate Headquarters
101 N. Phillips Avenue
Sioux Falls, SD 57104
United Statesflag
Website
http://www.wellsfargo.com
Data Summary
Wells Fargo logo

Grade Summary

Overall, Wells Fargo received a grade of "B-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. Wells Fargo is rated "C+" in Mortgages, "A" in Debt Collection, "A-" in Credit Reporting, and "B-" in Credit Cards. Click on any of the financial products to see how Wells Fargo compares.

Overview

Wells Fargo has received 30,171 consumer complaints since November, 2011 – more than 99% of other banks.

Of those complaints, 99.4% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Wells Fargo meets the 60-day response deadline more frequently than 57.4% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 23.4% of customers dispute Wells Fargo's response to complaints — worse than 73.1% of other companies.

Most of Wells Fargo's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."

Wells Fargo is primarily a commercial bank with no specific specialization. Wells Fargo is based in Sioux Falls, South Dakota and is the 3rd largest FDIC insured bank in America.

Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.

However, even after adjusting for bank size and number of customers, Wells Fargo receives far more complaints than most other banks. Wells Fargo recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Wells Fargo
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageOther mortgageLoan modification,collection,foreclosure6,185
2MortgageConventional fixed mortgageLoan modification,collection,foreclosure2,839
3Bank account or serviceChecking accountAccount opening, closing, or management2,260
4Bank account or serviceChecking accountDeposits and withdrawals1,964
5MortgageOther mortgageLoan servicing, payments, escrow account1,915
6MortgageConventional adjustable mortgage (ARM)Loan modification,collection,foreclosure1,378
7MortgageFHA mortgageLoan modification,collection,foreclosure1,352
8MortgageConventional fixed mortgageLoan servicing, payments, escrow account1,331
9Bank account or serviceChecking accountProblems caused by my funds being low1,071
10MortgageConventional fixed mortgageApplication, originator, mortgage broker656
Responses From Wells Fargo
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation25,76825,614 (99.4%)6,295 (24.4%)
2Closed without relief2,8362,827 (99.7%)857 (30.2%)
3Closed with monetary relief2,3942,373 (99.1%)300 (12.5%)
4Closed with non-monetary relief1,9851,964 (98.9%)348 (17.5%)
5Closed with relief324324 (100%)50 (15.4%)
6Closed218213 (97.7%)50 (22.9%)
7In progress207207 (100%)0 (0%)
8Untimely response60 (0%)0 (0%)
Complaints over the Past Year