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.
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.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Mortgage||Other mortgage||Loan modification,collection,foreclosure||6,185|
|2||Mortgage||Conventional fixed mortgage||Loan modification,collection,foreclosure||2,839|
|3||Bank account or service||Checking account||Account opening, closing, or management||2,260|
|4||Bank account or service||Checking account||Deposits and withdrawals||1,964|
|5||Mortgage||Other mortgage||Loan servicing, payments, escrow account||1,915|
|6||Mortgage||Conventional adjustable mortgage (ARM)||Loan modification,collection,foreclosure||1,378|
|7||Mortgage||FHA mortgage||Loan modification,collection,foreclosure||1,352|
|8||Mortgage||Conventional fixed mortgage||Loan servicing, payments, escrow account||1,331|
|9||Bank account or service||Checking account||Problems caused by my funds being low||1,071|
|10||Mortgage||Conventional fixed mortgage||Application, originator, mortgage broker||656|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||25,768||25,614 (99.4%)||6,295 (24.4%)|
|2||Closed without relief||2,836||2,827 (99.7%)||857 (30.2%)|
|3||Closed with monetary relief||2,394||2,373 (99.1%)||300 (12.5%)|
|4||Closed with non-monetary relief||1,985||1,964 (98.9%)||348 (17.5%)|
|5||Closed with relief||324||324 (100%)||50 (15.4%)|
|6||Closed||218||213 (97.7%)||50 (22.9%)|
|7||In progress||207||207 (100%)||0 (0%)|
|8||Untimely response||6||0 (0%)||0 (0%)|