{"took":199,"timed_out":false,"_shards":{"total":5,"successful":5,"skipped":0,"failed":0},"hits":{"total":{"value":9,"relation":"eq"},"max_score":null,"hits":[{"_index":"complaint-public-v1","_id":"4539437","_score":13.167632,"_source":{"product":"Checking or savings account","complaint_what_happened":"I have filed multiple complaints against Wells Fargo only to have them answer some of the complaints while they are still claiming that they have responded to every single claim and allegation ; this is a boldface outrageous lie. The intentional infliction and reckless conduct by Wells Fargo have caused massive financial damages and emotional distress. \n\nOn XX/XX/XXXX, I received Wells Fargo XXXX package with information regarding the frauds and my complaints and allegations all of which Wells Fargo claims they replied to each and every single one of them. But it is clearly apparent that Wells Fargo did not look at all of my claims and allegations because some material and significant claims/allegations were missed or purposely overlooked. \n\nDue to Wells Fargos arrogant, ignorant, reckless behavior, unconscionable conduct, and undue influence, willful neglect of duty, failure to act in good faith, poor stewardship, mishandling, wanton behavior showing an unwillingness to stop harming me, my XXXX, my employees, my customers as well as my third-party vendors, and sidestepping/ignoring/lying, dodging and eluding has all consummated into... \n\n- customers hesitating/refusing to do business with me out of fear of losing their inventory/finished goods ( either because they made commitments to their customers and/or they prepaid for fabric or inventory ) to Wells Fargo possible liquidation of my business, - vendors refusing to continue to extend credit to me out of fear of not getting paid, - key employees quitting because I could not give them definitive answers/guidance on the Wells Fargo 2 + year-long investigation - losing out on multiple revenue opportunities especially new credible well-documented revenue opportunities during the pandemic - no lender would provide working capital to me because Wells Fargo locked up the collateral then when I finally line up XXXX XXXX XXXX and investors who could have saved the day - after causing the massive collateral damages stemming from the multiple frauds, Wells Fargo refused to provide working capital to me and refused/dodged subordinating the collateral to other lenders so that they can provide working capital Some examples of sidestepping/ignoring/lying, dodging and eluding include... \n\n- over 23 delay letters, - no replies to any of my multiple communication attempts during the 2 + year-long SELF-Investigation held in secret behind closed doors, - multiple emails/texts/ignored conference calls/phone calls/etc., letting Wells Fargo know I have customer orders and request for proposals, - key employees were quitting, - missed working capital opportunities from investors and XXXX XXXX XXXX, - pandemic assistance ( I needed working capital during the pandemic because of new business from customers who wanted us to manufacture PPE ) ; Wells Fargo showed no interest or concern for helping XXXX XXXX to manufacture PPE for first responders and people that were XXXX during the pandemic, - Lying to our Georgia XXXX XXXX XXXX XXXX that they answered each and every single claim and allegation, - etc Due to Wells Fargo 's reckless behavior, unwillingness to stop harming me, my XXXX and my employees, this has resulted in Wells Fargo controlling my XXXX which has lead to me shutting down my XXXX  multiple times since the XXXX fraud hit the news and the result is that I was not able to manage my business and make plans for the business accordingly. In other words, I have been and is still paying overhead, property taxes, interest, and penalties were still being accrued, SBA loan payments with accrued interest are still being charged to me, etc. while hoping everything works out while my business was shut down due to Wells Fargo conducted a 2 + year-long investigation with no input from me despite me pleading to be involved ; Wells Fargo 's lack of concern, negligence, and reckless disregard is a failure to act in good faith, unconscionable conduct and undue influence ; if I had known that the SELF-Investigation would still be going on for 2 + years and I was blocked out of having any input in the investigation concerning me, my business and my employees, I could have sold the business, participated in several proposed joint ventures and/or pursued other investment opportunities or just cut my losses and shut the business down but instead no one at Wells Fargo had the decency to let me know at a minimum what the \" ballpark '' status was of the SELF-Investigation that I did not participate in. \nHow can I generate revenue when Wells Fargo has taken control of my business and shut me out of my opportunities and my right to earn a living by generating revenue and providing jobs in a minority low-income community? Below is a summary of the complaints that Wells Fargo has not answered and/or directly responded to and cross-referenced... \n\nI ) WELLS FARGO FRAUDS AND CORRUPTION 1. BUSINESS PURCHASE CLOSED ON XX/XX/XXXX I was set-up by Wells Fargo to fail on the day of the closing of my business purchase because the frauds were going on years before the XX/XX/XXXX closing on the SBA Loan. \nBackground of fraud - From the time I had closed on the purchase of XXXX XXXX in XX/XX/XXXX up to the mid to late XXXX, the fees that came out of my account was pretty significant for a small business like mine and I felt pressured to take the {$6800.00} from the mediators. The letter that I send to the mediator made it clear that the fees were crippling my business and I had been complaining to Wells Fargo about the excessive fees since late XXXX ( I spoke with XXXX XXXX of Wells Fargo via phone several times and emailed him on XX/XX/XXXX ) and was told that my fees were cheaper than other options - at the time I was not satisfied with the answer. Then in late XXXX, I heard about the fraud in the news and then in XX/XX/XXXX I called Wells Fargo and spoke to XXXX XXXX in the Wells Fargo National Business Banking Center and he confirmed that I was part of the fraud and set up in the wrong product/business checking account and he immediately switched me over to the significantly cheaper and more appropriate Platinum bank account. So I mailed appropriate correspondence to Wells Fargo headquarters, who confirmed receipt of my correspondence ; shortly thereafter I filed a claim with the mediator. \n2. REVENUE TREND - my revenue was trending upwards, I was picking up new accounts, hiring new employees and then when the fraud hit there was a direct correlation with the drop in revenue primarily tied to Wells Fargo suddenly turning their back on me as if they never met me. And the drop continued and some of it was related to the SELF-Investigation I had no control over ( discussed in item I.11 below ). See attachment for detailed email to Wells Fargo with revenue trend, 3. FRAUDS thru unauthorized fees in my business banking account, merchant services, auto protection insurance approx. {$30000.00} - {$40000.00} was taken from my business accounts, merchant services overcharges and auto collateral protection insurance by Wells Fargo and subsequent collateral damages are much worse due to lost sales, lost employees, lost customers, missed working capital opportunities from lenders and investors ; more specifically, Wells Fargo caused me to miss out on working capital opportunities by using the excuse ( 7 months later ) that I did not sign a \" Borrower 's Consent '' form as the reason for them not having a good-faith discussions with fair dealings with Investors and XXXX XXXX XXXX which caused me to miss out on $ XXXX $ XXXX in working capital... but ironically Wells Fargo could not locate the \" Borrowers Consent '' forms from 4 prior conference calls authorizing them to talk to 3rd parties on my behalf including me not being present. For over 1 year now, Wells Fargo has refused to answer this simple question about where are the Borrower 's Consent forms authorizing them to talk to prior 3rd parties on my behalf. \nWhen Wells Fargo realized they screwed up, I was asked by email to go back to the XXXX XXXX XXXX to see if they were still interested in having a good-faith discussion with fair dealings with Wells Fargo and the XXXX XXXX XXXX said no because they ran out of XXXX XXXX  program funding. \n4. MISSED WORKING CAPITAL OPPORTUNITIES Borrowers Consent Form A. XXXX XXXX XXXX In XXXX/XXXX XXXX XXXX, I had 2 XXXX XXXX XXXX ready to provide working capital of $ XXXX - $ XXXX contingent upon having a good-faith discussion with fair dealings with Wells Fargo. After multiple documented attempts to get Wells Fargo to respond, they finally responded on XX/XX/XXXX and said the reason they did not respond sooner is because I did not sign a Borrowers Consent Form authorizing them to talk to third parties on my behalf!!! This is shocking and here is why... \na. Where are the borrower 's consent forms on file from 3 prior ( before Wells Fargo decided to start demanding I sign one ) conference calls? I am sure you have them on file if you suddenly started demanding that I sign one, at least one would think!!!!... I have been asking for this for over a year now and Wells Fargo has avoided my request. How can this be explained? Why is it that Wells Fargo can not answer a simple question that a 5-year-old can answer? \nb. One of the XXXX XXXX XXXX visited my plant and was totally impressed with my operations and his only concern \" Wells Fargo has a history of not doing anything to help ( not the exact words but you get the drift ) ''. So they waited and waited and waited and nothing until about 7 months later with the poorly crafted playbook excuse about I did not sign a borrower 's consent form!!!!... this was an insult to my intelligence as a human being, as a XXXX person, as a family person ( with kids just like you and your hired gun lawyer - what possible logical excuse can I give them for why I am being treated this way ), as an employer with employees looking for leadership from me and I can go on. \nc. Then XXXX XXXX, asked me, someone realized Wells Fargo screwed up, to go back to see if the XXXX XXXX XXXX and Investors were still interested and of course after waiting 7 months for a reply from Wells Fargo they ran out of funds. What in the world do you think was going to happen? \nd. Then Wells Fargo has the nerve to find a clause in my SBA agreements \" on file '' that says they can hire a 3rd party lawyer to come after me!!!!!!!!!!! Another insult to my intelligence... after more than 1 year, Wells Fargo can not find a \" borrower 's consent form \" on file '' but IMMEDIATELY found \" on file '' the clause allowing you to hire a lawyer to come after me e. So I missed out on $ XXXX $ XXXX in working capital. \nf. Then in the last conference call we had, Wells Fargo suddenly requires I sign a Borrower 's Consent form for all of the invitees as if that would correct the wrongs. And then to make matters worse, you turned down my customer 's offer to personally, out of their own pocket, offer working capital if Wells Fargo would match it!!!!! And XXXX XXXXWells Fargo said no. \ng. WHERE ARE THE BORROWER 'S CONSENT FORMS ON FILE THAT I SIGNED AUTHORIZING WELLS FARGO TO TALK ABOUT MY XXXX WITH THESE 4 OTHER PRIOR 3RD PARTIES? \n\nHere are the conference calls with third parties XXXX XXXX was involved in WITHOUT a Borrowers Consent form signed by me... \ni. Conference call on XX/XX/XXXX with an investor, XXXX XXXX and his company AMP and there was no mention of Borrowers consent form ii. Conference call on XX/XX/XXXX ( and many other times/occasions ) XXXX spoke with XXXX XXXX, my financial advisor/banking broker, who was working with me to help secure working capital. XXXX did not ask me to sign a Borrowers consent form. \niii. On XX/XX/XXXX with XXXX XXXX, XXXX XXXX and 2 other 3rd party former professional athletes interested in investing in Platinum Sportswear and no one from Wells Fargo asked for a signed Borrowers Consent form iv. On a XX/XX/XXXX conference call with XXXX and XXXX XXXX with at least 4 other participants and suddenly I was required to sign a Borrowers consent form ; ironically this was one week after Wells Fargos XX/XX/XXXX Resolution Letter saying they did not get back to me for 7 months on the XXXX XXXX XXXX because I did not sign a Borrower 's consent form Why the inconsistencies with requiring me to have a signed Borrowers Consent form on file in order for Wells Fargo to have a good-faith discussion with fair dealings with XXXX XXXX XXXX? Please explain After more than 1 year, Wells Fargo can not find a \" borrower 's consent form \" on file '' but Wells Fargo IMMEDIATELY found \" on file '' the clause to hire a lawyer, XXXX XXXX, to come after me. \nB. XXXX XXXX - on XX/XX/XXXX with XXXX & at least 4 other participants : suddenly I was required to sign a borrower 's consent form ; ironically, this was a week after WFs XX/XX/XXXX Resolution Letter stating that a consent form is required to speak to 3rd parties, & this time XXXX required a consent form! XXXX XXXX, who was my customer on this call offered to match working capital from Wells Fargo and Wells Fargo said no C. USDA - The USDA Rural Development provides access to capital through its Business & Industry Cares Act Program with a 90 % loan guarantee program. Information can be found at XXXX. This program is designed to address the need for working capital to recover during COVID pandemic timeframe and this program requires a supportive lender. The USDA only provides guaranteed funds instead of direct loan funds. Wells Fargo replied that they do not participate in this program... but the point is Wells Fargo ruined my credit and my chances to work with other USDA lenders. \nD. XX/XX/XXXX in XX/XX/XXXX, a highly valued customer, XX/XX/XXXX, called XXXX, left a message and she did not return the phone call E. XXXX XXXX another highly valued customer was interested in purchasing or investing in XXXX XXXX. I sent an email to XXXX XXXX explaining this opportunity and, as usual, there was no response F. MULTIPLE OTHER LENDERS AND INVESTORS 5. SALES OPPORTUNITIES I sent multiple emails to XXXX XXXX detailing significant sales opportunities that would support conventional working XXXX XXXX. XXXX ignored all of the emails 6. STEERING TOWARDS PREDATORY LENDERS I have an email from a Wells Fargo employee XXXX XXXX, my Business Banker, advising ( see attached email ) I should look into Merchant Cash Advance ( XXXX ) lenders I never heard of these types of lenders. I relied upon his advice and guidance to check out the predatory XXXX lenders and it resulted in the beginning of massive collateral damages. Under no circumstances, is it appropriate for a Wells Fargo employee to steer me toward predatory lenders which puts me at risk as an XXXX customer and also puts the tax-payer-funded XXXX loan program at risk. See additional discussion on predatory lenders in item 7 Continued below... \n7. HIGH-INTEREST PREDATORY LOANS Since the Wells Fargo multiple frauds destroyed my credit and my XXXX, I could not qualify for conventional affordable working capital. Instead as noted above, I was steered towards XXXX predatory lenders. I was making payments of approximately {$800.00} per day while also paying the monthly SBA loan payment of {$15000.00} per month and some other debt payments to the seller of the business. I could not sustain these payments while cash receipts from accounts receivable were collected every 30-45 days. Most of the cash from the predatory lenders were being used to pay the same daily ( and in some cases weekly ) high-interest loan payments. My cash flow position became negative very quickly 8. USE OF FUNDS FROM PREDATORY LENDERS ironically some of the funds were used to pay the monthly SBA loan payment. By asking for financial statements, Wells Fargo knew about the predatory loans and considering they have a fiduciary responsibility with the SBA, Wells Fargo did not carry out their fiduciary responsibilities by allowing risky high-interest loan payments that impacted my ability to continue to make payments on the SBA loan. Accepting payments for the SBA monthly loan with funds sourced from predatory lenders is a massive failure to act in good-faith by Wells Fargo and extremely poor risk management. \n9. COMPLAINTS FILED - Starting in XX/XX/XXXX I have filed multiple complaints with government agencies, especially the Consumer Financial Protection Bureau and the SBA but none of the agencies can open an investigation into Wells Fargo unless Wells Fargo ask for payment of the SBA 's 75 % guarantee 10. SBA LOAN PAYMENT MODIFICATIONS Wells Fargo approved 5 SBA Loan payment modifications that deferred the monthly payments but offered no working capital. The only thing the loan modifications offered was ratcheting up more collateral damage because it allowed me to seek and get approved for even more working XXXX XXXX from predatory lenders that Wells Fargo approved of when they reviewed my financial statements which showed the high-interest payments being made to predatory lenders. Wells Fargo approved these high-interest predatory loans because some of the money was used to make monthly payments on the SBA loan. Why were my financial statements approved when they clearly showed that I was making unsustainable payments to predatory lenders that Wells Fargo steered me to and benefited from? \n11. SELF INVESTIGATION XXXX how in the world can a SELF-Investigation be justified? ) Due to the multiple frauds, we were shut down most of XXXX, XXXX and XXXX... We are still dealing with the impacts of the frauds since Wells Fargo has been evasive including lying and dodging... Wells Fargo opened a Self-Investigation in XX/XX/XXXX and here we are over 2 years later and the investigation is still going on. Wells Fargo has effectively controlled my XXXX with undue influence, unconscionable conduct and failure to act in good-faith a. I had no participation in the 2 + year-long investigation despite pleading to participate b. nor did Well Fargo look at any of the correspondences/documentation, or reply to my emails, text messages, phone calls, conference calls, certified letters with return receipt requested ( and none of the return receipts were ever received by me ), offers to visit my plant, offers from me to visit Wells Fargo, etc... this is a massive failure to act in good-faith and failure to have a good-faith discussions with fair dealings, poor management, incompetence, etc., and demonstrates Wells Fargo unwillingness to stop harming me/my family, my business and my employees so basically the investigation was a SELF-INVESTIGATION where Wells Fargo was the judge, jury and executioner. LOYAL CUSTOMERS AND VENDORS REFUSED TO BUSINESS WITH ME WHILE THE SELF INVESTIGATION WAS GOING ON c. how can Wells Fargo justify at least 23 delay letters from XXXX XXXX over a 2 + year period with no regard for my business being able to operate because customers refused to do business with me out of fear their inventory would be ceased and vendors refused to do business with me because they may not get paid and all of this hesitation to do business with me is because my customers/vendors were afraid of liquidation proceedings by Wells Fargo? Please explain this? My customers and vendors were well aware of the frauds, collateral damages and the unconscionable 2 + year-long SELF-Investigation held in secret behind closed doors with no participation from me despite my pleads to be involved and all of my pleads were ignored 12. CUSTOMERS AND VENDORS REFUSED TO DO BUSINESS WITH ME Loyal customers and vendors refused to do business with me while the 2 + year-long SELF-Investigation was going on. \n13. COLLATERAL The major issue with Wells Fargos frauds is that they refuse to provide working capital and they will not subordinate the collateral to other lenders so if taking control of my business was not enough, Wells Fargo is now determined to force me out of business. Without working capital to purchase raw materials, how could Wells Fargo still expect me to catch up on my SBA payments and pay delinquent taxes? \n14. TAXES, SBA LOAN PAYMENTS AND OTHER ACCRUED EXPENSES - during SELF-INVESTIGATION Wells Fargo still expects me to be responsible for all accrued expenses, interest, penalties and taxes related to all tax issues ( Federal, State and Property ), SBA loan payments etc., even though I had no control over the SELF-Investigation including the duration of it especially considering I did not participate in the SELF-Investigation despite pleading to be involved. \nI want to make it very clear that these taxes are delinquent because of this Wells Fargo debacle that crippled my business but you/Wells Fargo are implying that delinquent taxes are entirely my fault. The delinquent taxes is not related to the nature of the business failing \" operationally ''... my business has been around for almost 40 years prior to the frauds and Wells Fargos massive failures to act in good faith as detailed in this correspondence. As you know by now, I questioned the funds coming out of my account before the fraud hit the news and was told that everything was fine... if these Wells Fargo malfeasance ( and many more too long to list but you and your team know what they are ) had not happened, I would not be delinquent on any of my taxes or with any of my vendors or any of my employees ( yes they are still entitled to damages from being forced out of work ). So the next tax payments are due in XX/XX/XXXX and at the rate we are going with Wells Fargo/the SBA trying to help me, I don't see how I will be able to come up with any of the property taxes for XXXX County - WE HAVE BEEN SHUT DOWN ALMOST ALL DUE TO THE 2 + YEAR-LONG ONE-SIDED BIASED SECRET INVESTIGATION! So with Wells Fargo controlling my business in this manner, please tell me where will the money come from to pay delinquent taxes and catch up on the SBA loan considering Wells Fargo took away and destroyed my ability to generate revenue in my business and earn a living?\n\n15. CONTROL OF MY BUSINESS - Wells Fargo has effectively controlled my business with undue influence, unconscionable conduct and failure to act in good-faith. We were shut down most of XXXX, XXXX and XXXX and then the pandemic gave us new life ( I can provide more detail if needed ) 16. VALUATION Due to all of the damages, over the last almost 5 years, caused by Wells Fargos massive failure to act in good faith ( and many more acts of malfeasance ) listed in this correspondence, the valuation of my business and the underlying collateral has been destroyed which has minimized/eliminated the amount of working capital I could obtain from affordable conventional lenders and/or investors. \n17. RESTRUCTURING MY SBA LOAN what is the status of the potential restructuring of my SBA loan? I sent all of the documents XXXX XXXX asked for and he is supposed to be working on this and I have attached his email. Then in an email and on a conference call in XX/XX/XXXX to discuss restructuring my SBA loan, to have XXXX XXXX tell me in an email dated XX/XX/XXXX... As a continual reminder, please keep in mind that we are willing to discuss your SBA Loan only and possible resolution strategies ; and any other business you have with Wells Fargo would be addressed by the appropriate Wells Fargo parties in a different and separate venue... this is an insult because every single issue in this correspondence including Wells Fargos massive failure to act in good faith, all relate to the SBA loan and are the reasons why I am delinquent. my business is worth significantly less than the purchase price and the underlying SBA loan balance - as a result, any restructuring solution must take this into account 18. RUINED MY CREDIT all of Wells Fargos malfeasances and massive failure to act in good faith impacted my ability to my bills on time. \n19. RUINED MY CHANCES OF QUALIFYING FOR ANOTHER SBA LOAN AND/OR REFINANCING/RESTRUCTURING 20. WELLS FARGO TURNS AWAY AN INVESTIGATIVE REPORTER FROM THE XXXX XXXX XXXX who wanted to do an investigative report on my claims and allegations 21. PANDEMIC OPPORTUNITIES multiple opportunities from potential new customers including 3M, major hospitals, private doctors and private business owners who wanted XX/XX/XXXX to manufacture PPE to help them deal with the new business from the pandemic... multiple emails were sent to both XXXX XXXX and XXXX XXXX and no response. \n22. XXXX XXXX - XXXX XXXX calls Wells Fargo \" a criminal enterprise posing as a bank ''. XXXX XXXX is a popular consumer expert and host of the nationally syndicated radio show. \n23. RECOMMENDATIONS FROM EXECUTIVE COMMITTEE - What happened to the team of Senior Executives meeting daily to develop recommendations on addressing the societal inequalities facing black employees and customers? Surely screwing me and my company over is a good test and I can not think of a better opportunity to live up to that playbook statement. As a 100 % black-owned company in a below the federal poverty level community, I asked to participate in these meetings to provide insight into how banks like Wells Fargo can work better with people of color business owners to help uplift the community and my offer was ignored. \nThe CEO ( 3rd in 3 yrs ), made the following statement... As a white man, as much as I can try to understand what others are feeling, I know that I can not really appreciate and understand what people of color experience and the impacts of discriminatory behavior others must live with. \nXXXX. PREVIOUS IRS INSTALLMENT AGREEMENT - on XX/XX/XXXX I signed an IRS Installment Agreement for {$110000.00} due to the business being forced to shut down multiple times due to Wells Fargo and now the pandemic, I was unable to continue the payments 25. LAWSUITS I am being sued by predatory lenders for loans totaling {$170000.00} ; all of these loans were taken out due to the Wells Fargo frauds and massive collateral damages and some of the proceeds from the predatory lenders were used to make the monthly SBA loan payments and Wells Fargo was aware of all of these predatory loans since XXXX XXXX asked for my financial statements on multiple occasions. How can an SBA lender allow and basically approve of risky high-interest predatory loans? \n26. LOST REVENUE AND LOST BUSINESS OPPORTUNITIES - I sent PO 's and RFP 's ( and in some cases ) - from core repeat customers in excess of {$5.00} XXXX to XXXX and she ignored them. We are still deep in a pandemic and we have reinvented ourselves by manufacturing Before the pandemic, I sent POs and RFPs in excess of {$5.00} XXXX to XXXX and she totally ignored my emails. And then during the pandemic, we were getting requests for orders and some are very large - one potential customer wanted an RFP for XXXX XXXX surgical gowns and another wanted an RFP for approx. XXXX XXXX face masks - but I needed working capital to become FDA approved. People were dying and the demand for PPE made in the USA was increasing. We were talking to another customer/partner who wanted to partner with us as a made in the USA Company and agreed to install disposable surgical face mask-making equipment if we build an ISO certified cleanroom which would cost about {$40000.00} - {$50000.00}. The machines cost {$1.00} million each and he has agreed to install 5 of them ; to show his sense of urgency, this customer even offered to show me how to build the clean room myself. \n\nWe were also offered an opportunity to manufacture and supply cloth gowns to meet Governor XXXX XXXX 's announcement starting to reopen the Georgia World Congress Center for COVID-19 patients. \n\nAND WELLS FARGO HAS THE NERVE AND CONSUMMATE GALL TO ASK FOR PAYMENT OF THE SBA LOAN AFTER THEY WERE RESPONSIBLE FOR DESTROYING MY BUSINESS! \n27. THE CORONA VIRUS IMPACT During the pandemic ( which gave us an opportunity to get back on track ), we reinvented ourselves and learned how to manufacture 4,000 PPE surgical gowns for the largest hospital in Georgia which gave us a new lease on life. However, in XX/XX/XXXX, the hospital decided to go back to XXXX for inventory because we did not have the working capital ( Wells Fargo destroyed my access to affordable working capital ) to hire more employees and purchase more needed relevant production equipment to increase production. \n28. OTHER - I was also impacted by... \na. Auto Collateral Insurance Fraud b. Merchant Services Fraud In a XXXX article, a Wells Fargo joint venture has been accused of overcharging fees falsely labeled as interchange charges, making it sound as if they had been imposed by credit card companies when, in fact, a chunk of the money went to the Wells Fargo partnership.\n\nII ) SOCIAL SECURITY due to the Wells Fargo debacle and caring for my mentally ill daughter, I had to file for early retirement social security benefits since the Wells Fargo frauds destroyed my ability to earn a living by generating revenue in my company III ) DIVORCE my family has been destroyed by the Wells Fargo mess and my divorce was effective XX/XX/XXXX IV ) MY HOME IS FORBEARANCE My home is has been in forbearance for approximately 2 years and I am currently applying for mortgage modification from my bank Fifth Third. \nV ) THE CORONA VIRUS IMPACT During the pandemic we reinvented ourselves and learned how to manufacture surgical gowns which gave us a new lease on life. We did not have the working capital to hire more employees and purchase more needed relevant production equipment to increase PPE production during the height of the pandemic and lost the hospital account. \nVI ) RACISM - WELLS FARGO DIVERSITY AND INCLUSION Wells Fargo 's website brags about diversity and inclusion but it is obvious that these claims are just a playbook to keep everyone quiet including myself. Wells Fargo denies racism - just because Wells Fargo has a diversity and inclusion program does not mean their tactics are not racists. \n\nSUMMARY 1.After all of the damages by Wells Fargo done to me, my family, my XX/XX/XXXX, and XX/XX/XXXX, please explain : why would Wells Fargo not assist the only 100 % black-owned manufacturer of sportswear in the country ( that reinvented itself by bootstrapping to manufacture PPE surgical gowns for the largest hospital in Georgia ) with the working capital needed to get our business back on track?\n\n2.So much damage has been done to both my business/personal credit, my family, my business, my employees, my customers, and my vendors that the value of the collateral has been damaged as well - so this means that any working capital that I can qualify for will be significantly less than prior to the frauds and massive collateral damages. So I believe that Wells Fargo should step in and make up the loss in working capital or come up with some other creative working capital solution. \n3.It is unconscionable to think that Wells Fargo would craft a poor excuse for taking 7 months to get back to me on opportunity zone lenders and investors ready to provide working capital with the poor excuse that I did not sign a borrower 's consent form authorizing them to speak to third parties. \n\nWells Fargo has put me and my business into a death spiral.","date_sent_to_company":"2021-07-13T20:10:43.000Z","issue":"Problem with a lender or other company charging your account","sub_product":"Other banking product or service","zip_code":"30071","tags":"Older American","has_narrative":true,"complaint_id":"4539437","timely":"Yes","company_response":"Closed with non-monetary relief","submitted_via":"Web","company":"WELLS FARGO & COMPANY","date_received":"2021-07-13T20:02:03.000Z","state":"GA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":"Transaction was not authorized"},"highlight":{"complaint_what_happened":["I sent an email to XXXX XXXX explaining this <em>opportunity</em> and, as usual, there was no response F. <em>MULTIPLE</em> OTHER LENDERS AND INVESTORS 5. SALES <em>OPPORTUNITIES</em> I sent <em>multiple</em> emails to XXXX XXXX detailing significant sales <em>opportunities</em> that would support conventional working XXXX XXXX. XXXX ignored all of the emails 6."]},"sort":[13.167632,"4539437"]},{"_index":"complaint-public-v1","_id":"3920197","_score":11.555016,"_source":{"product":"Checking or savings account","complaint_what_happened":"This is not a 100 % duplicate complaint so please read and respond... \n\nHow much worse does the virus has to get before Wells Fargo is proactive in correcting the harm/damages done to my business and how many more innocent people have to die from the pandemic before Wells Fargo decides to act under the requirements of the defense production act? \n\nSince the pandemic, over 440,000 ( 41 % ) XXXX-owned businesses have gone out of business. Considering all of the above solutions, what can Wells Fargo do to help a 100 % XXXX-owned business with 90 + % XXXX employees, get back on track after almost being forced out of business by Wells Fargos multiple frauds and its failure to act in good faith, its failure to properly carry out their fiduciary responsibilities as the # 1 SBA Preferred Lender in the country and after me, my XXXX, my XXXX have proven our business both before ( the only 100 % XXXX XXXX XXXX in the country ) and after the multiple frauds and further showing our resiliency and business proof of concept by reinventing ourselves to become the only 100 % XXXX-owned XXXX XXXX XXXX in the USA to create jobs ( yes we hired XXXX employees during the pandemic ) and our product, XXXX XXXX, saves lives. And add to this the fact that we taught ourselves how to manufacture XXXXXXXX XXXX XXXX \n\nI can not stress the need for me to be a guest member or participate on the committee to help make recommendations to address societal inequalities facing XXXX employees & customers such as myself ; my involvement in this committee can resolve many if not all of the issues/complaints that I have stemming from how I was treated by Wells Fargo both before and after the multiple frauds. In addition, 90+ % of my employees are XXXX and I would love for them to be a resource for this committee to explore how the societal inequalities have impacted them and their community and explore possible solutions. So far the impact from the fraud on my employees and their community has been devastating including working less than one year since the fraud became news in XX/XX/XXXX. As a result of Wells Fargos reckless behavior and unwillingness to stop harming me, my XXXX, and my XXXX we have suffered tremendously at the hands of Wells Fargo including ignoring my complaints and providing poor customer service for most of the 4 + years since the fraud ; my XXXX should be reimbursed for lost pay and lot holiday/vacation pay. I will stress again for Wells Fargo to please allow me and my XXXX to participate in the recommendations to address societal inequalities facing XXXX employees and customers such as myself. XXXX XXXX has repeatedly denied any racism at Wells Fargo and if that is true, then why the sudden sense of urgency by Wells Fargo to assemble a committee to help make recommendations to address societal inequalities facing XXXX employees and customers? \n\nOn XX/XX/XXXX XXXX XXXX  I sent an email to XXXXWells Fargo from a purchase order financing company by the name of XXXX this is another missed opportunity... \nThis particular Lender, XXXX, is a purchase order financing company which is a great match for my business since my credit has been ruined by this Wells Fargo mess but the owner told me that so much damage has been done to my personal finances tied to the SBA personal guaranty, my business credit and business operations that he can not offer me any help. I asked him if the approx. {$5.00} XXXX dollars revenue in the order pipeline would help and he did not think it would because of the fact he did not believe that Wells Fargo would subordinate their collateral position along with the uncertainty in my Wells Fargo situation which has severely impacted my companys operating capabilities during this long-biased investigation, it is not much for him to lend against and he does not think that Wells Fargo and the SBA will subordinate their collateral position. So as I mentioned over and over again in countless emails and complaints filed we have missed so many opportunities to help the business get back on track and with every delay by Wells Fargo, the damage becomes much worse. I think Wells Fargo should, out of courtesy, call this XXXX ( and of course unlike 3 conference calls where a borrowers consent form was NEVER EVER mentioned, I will have no problem signing a borrowers consent form ) as well the others ( including potential investors ) to explore options to come up with a fair resolution. \nOf course, this is in addition to some of the major open complaints ( never responded to by Wells Fargo ) including...\n\n1. Taking 7 months to get back to me - Wells Fargo says the reason they did not reach out to 3rd party lenders and investors I brought to them during the secret biased investigation is because I did not sign a borrowers consent form authorizing Wells Fargo to talk to 3rd parties but I have documented 3 conference calls where Wells Fargo did speak to other 3rd party lenders/investors! It is clear that there is a contradiction here. \n2. Steering - Wells Fargo has repeatedly denied they steered me and my XXXX  toward predatory lenders but I send them an email from one of their employees suggesting I go to merchant cash advance predatory lenders and the email listed the lenders. This demonstrates Wells Fargo putting the SBA loan at risk 3. The unnecessarily long one-sided secret investigation has led to Wells Fargo racking up accrued interest charges and delinquent SBA loan payments that have pushed my SBA loan balance from $ XXXX above the original loan amount of {$1.00} XXXX per XXXX XXXX XXXX This is clearly mismanagement. \n\nDue to items 1 - 3 above, at a minimum, Wells Fargo has pushed me into technical default on my SBA loan. These items and many more discussed in previous emails demonstrate Wells Fargo 's clear mismanagement and failure to act in good faith. \n\nHow can Wells Fargo have the nerve to ask me for a monthly payment on my SBA loan and send me statements but I can not get anyone from Wells Fargo to reply to any of my communication attempts including email, text messages, voice message, conference calls and certified letters with return receipt requested. \n\nThe primary purpose of this complaint being filed against Wells Fargo is that we need working capital ASAP ; we are still getting calls for XXXX XXXX orders including one customer who wants us to manufacture XXXX XXXX XXXX We have everything we need to XXXX XXXX XXXX  and other XXXX XXXX  except working capital which thanks to the fraud, being forced to shut down during the still on-going investigation, predatory lenders, missed opportunities to get funding, etc., that sucked up our cash and opportunities to get funding. In addition, we are working with other investors and I will need a payoff letter from Wells Fargo I have asked for this before but never received it. \n\nThis negligence and failure to act in good faith is even more of an issue considering the national emergency due to the pandemic. There is a huge shortage of face masks and other protective/safety wear and we are ready to help out. \n\nThe fraud, the collateral damage, the unconscionable and negligent unnecessary 12 + month-long one-sided SELF-investigation held behind closed doors with no participation by me is reckless and shows an unwillingness to stop harming me, my XXXX, and my XXXX \n\nThis is a huge problem and should be serious enough for someone from Wells Fargo to call me and offer some kind of assistance. No idea why I have to keep pleading for help while everything is falling apart around me and my family while I am being pushed me towards liquidation and everyone loses and I lose the most. In liquidation, the SBA/Wells Fargo will probably settle for pennies on the dollar because I will have nothing left to collect on. This has been a terrible experience as an SBA customer and I don't want to see anyone else go through it. Basic math tells you this is the worse option since I had significant orders in the pipeline and everything else a business would need to be successful except affordable working capital that any business would need.","date_sent_to_company":"2020-10-27T04:26:21.000Z","issue":"Problem caused by your funds being low","sub_product":"Other banking product or service","zip_code":"30071","tags":"Older American","has_narrative":true,"complaint_id":"3920197","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"WELLS FARGO & COMPANY","date_received":"2020-10-27T00:06:16.000Z","state":"GA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":"Non-sufficient funds and associated fees"},"highlight":{"complaint_what_happened":["The primary purpose of this complaint being filed against Wells Fargo is that we need working capital ASAP ; we are still getting calls for XXXX XXXX orders including one customer who wants us to manufacture XXXX XXXX XXXX We have everything we need to XXXX XXXX XXXX  and other XXXX XXXX  except working capital which thanks to the fraud, being forced to shut down during the still on-going <em>investigation</em>, predatory lenders, missed <em>opportunities</em> to get funding, etc., that sucked up our cash and <em>opportunities</em>"]},"sort":[11.555016,"3920197"]},{"_index":"complaint-public-v1","_id":"3577325","_score":8.783272,"_source":{"product":"Checking or savings account","complaint_what_happened":"Because of the Coronavirus, people are getting sick and dying every day while we are in a National State Emergency where all hands on deck are needed and Wells Fargo is nowhere to be found. How can Wells Fargo justify liquidating my business when we are in a national state of emergency? And how can Wells Fargo justify liquidation when their multiple frauds caused my business to get off track? \nThe references to the National State of Emergency made in this complaint is not a duplicate of previous comments as Wells Fargo likes to craft this as an excuse for not answering previous complaints I have filed. \n\nFirst I want to say as usual, Wells Fargo is not responding to any of my communication attempts to let them know that we can XXXX   XXXX   XXXX XXXX  ( XXXX  ) such as XXXX  XXXX, XXXX  XXXX, XXXX, etc., to help meet the supply shortages related to the  National State of Emergency. XXXX XXXX, since XX/XX/XXXX has been my dedicated customer resource contact totally ignores my phone calls, emails, text messages, certified letters, conference calls how can this be allowed when we are in a state of emergency? Last week ending XX/XX/XXXX, I left XXXX, text messages,. Voice messages and send emails and no replies from her. \n\nWe are a 100 % made in the XXXX XXXX and at a time where made in the US is gaining momentum due to the coronavirus crisis that has been declared a national emergency and people getting sick and dying every day, Wells Fargo is nowhere to be found... they are not replying to any of my communication attempts.The fraud, the collateral damage, the unconscionable and negligent unnecessary 12 + month-long one-sided investigation held behind closed doors with no participation by me is, as pointed out in a recent article, published XX/XX/XXXX, Wells Fargo has been reckless and unwilling to stop harming its customers and I am one of those customers. \n\nAs a made in the XXXX XXXX XXXX, we are getting calls from our customers asking if we can XXXX  XXXX  XXXX... YES WE CAN! \n\nIn times of a National Emergency Wells Fargo is allowed to drag their feet with this investigation going on 12 + months the health care system is pleading for face masks and other PPE/safety wear and we have everything needed to begin XXXX XXXX XXXX XXXX XXXX... we have XXXX, XXXX, XXXX XXXX XXXX, XXXX XXXX, facilities  and employees. We can XXXX XXXX as early as next week since my employees are ready to return to work and need their jobs. \n\nWells Fargo is arrogantly ignoring my requests to stop the unnecessary investigation and provide the funding to let us get back to work immediately. No one is responding to any of my communication attempts which is how Wells Fargo has been operating since the multiple frauds that hit the news in XXXX. This negligence and failure to act in good faith is even more of an issue considering the national emergency with Coronavirus. There is a huge shortage of face masks and other protective/safety wear and we are ready to help out. \n\nIn a recent article \" Not Enough Face Masks Are Made In America To Deal With Coronavirus '' dated XX/XX/XXXX https : XXXX illustrates the sense of urgency needed by Wells Fargo . This article points out that, XXXX XXXX, the executive vice president of Texas-based XXXX XXXX, one of the few manufacturers of respirators and surgical face masks still making them in the United States, says \" I've got requests for maybe a billion and a half masks, if you add it up, '' he says. That's right 1.5 billion ''. Since the coronavirus started spreading in XXXX, XXXX says he's gotten at least 100 calls and emails a day. \n\nThe article goes on to say... \" Normally, I don't get any, '' he says. XXXX is at the center of a major problem that the coronavirus has made crystal clear : There aren't enough domestic manufacturers for critical medical supplies such as face masks. And even if  production ramps up, it's unlikely to be enough in the current outbreak. \n\nUsually, businesses want orders to spike they hope customers line up for their products. But XXXX is not pleased. His company simply can't keep up with demand. XXXX one of the biggest mask makers is in the same predicament. It says it's stepping up production at its factories around the world, but it can't fulfill all the new orders. \n\nAs pointed out in this complaint and multiple previous emails, we have the raw materials, equipment and employees to begin face masks production immediately for the US Government, healthcare  providers, the general public, etc., And they will be certified as 100 % made in America. \n\nOver the last 3 + years of dealing with Wells Fargos arrogance, enough damage has been done to my business and it is clear from recent press releases that Wells Fargo has not changed their behavior... just look at the unconscionable ridiculous 12 + month investigation that appears to have no end in sight, and the reason this investigation is still going on is that Wells Fargo is playing dodge ball until I go out of business or have a heart attack from the stress they are intentionally inflicting. \n\nThere are 5 major issues ( of many ) that Wells Fargo has demonstrated massive failure to act in good faith : 1.  Investigation : this shocking that governmental agencies allow Wells Fargo to behave recklessly by destroying small businesses the SBA is set-up to help. How can an investigation into my small company... \n1. take 12 + months and is still going on?\n\n2. not ask me to participate?\n\n3. not ask to see my documentation which would clearly point the fingers at Wells Fargo 's negligence ( items 2 - 3 below ) and arrogance?\n\n4. no one at Wells Fargo responds to phone calls, emails, voice mails, conference calls, certified letters and offers from me to fly to XXXX XXXX to meet with anyone willing to listen? \n5. missed opportunities ( see item 2 below ) WHILE THE INVESTIGATION WAS GOING ON and no one from Wells Fargo reached out to have a good-faith conversation with the lenders/investors? \n6. by not acknowledging the third party lenders/investors who were ready to provide working capital and/or invest in the company, Wells Fargo put m in a position to lose revenue and missed an opportunity to allow my business to get back on track. This really hurt us and 7. Wells Fargo still has the unmitigated gall to tell me that I am still responsible for SBA payment when I had nothing to do with extending the investigation for 12 + months 2. Third-Party Lenders/Investors : Wells Fargo says the reason for not reaching out to 3rd party lenders I brought to them  during the secret biased investigation is I did not sign a borrower 's consent form but I have documented 3 conference calls where Wells Fargo spoke to other 3rd party lenders/investors! It is clear that there is a contradiction here. See additional detail highlighted in yellow below, 3. Predatory Lending : Wells Fargo has repeatedly denied they steered me and my business toward predatory lenders but I sent them an email dated XX/XX/XXXX from one of their employees suggesting I go to merchant  cash advance predatory lenders and the email listed the lenders. My first predatory loan closed on XX/XX/XXXX, was less than a month after the email from Wells Fargo. Wells Fargo denied steering me but I have the proof ; prior to this discussion/email, I knew nothing about MCA  lenders. This demonstrates how Wells Fargo failed to act in good faith and put the SBA loan at risk and of course destroyed my company  and the lives of over 30 employees, 4. Mismanagement of SBA Loan : The  unnecessarily long one-sided secret investigation has lead to Wells Fargo racking up accrued interest charges and delinquent SBA loan payments that have pushed my SBA loan balance from $ XXXX above the original loan amt of $ XXXX per XXXX XXXX but last week I received a recent statement that showed approx. $ 1.3M. Clearly, by artificially increasing the SBA loan balance, Wells Fargo is trying to maximize the payout of the SBA 's 75 % taxpayer guarantee.\n\n5. Working Capital offer from customer : a high profile customer offered to match/offset working capital provided by Wells Fargo and Wells Fargo said no. \nThis is a time to come together as a country - I came to the SBA  to get a loan and was confident that they wanted to help grow the economy by supporting small businesses but I have been told by the SBA  that nothing can be done until Wells Fargo asks for payment of the 75 % tax-payer funded guarantee and then they will conduct an investigation to see if they should make the payment to Wells Fargo ; of course, by then it will be too late for me, my business and my employees. \n\nI have asked someone from the SBA to reply/respond and factor in the response that the above 5 malfeasances by Wells Fargo are clearly a failure to act in good faith. The fraud, the collateral damage, the unconscionable and negligent unnecessary 12 + month-long one-sided investigation held behind closed doors with no participation by me is as pointed out in a recent article, published XX/XX/XXXX, that Wells Fargo has been reckless and unwilling to stop harming its customers as noted in an article... XXXX XXXX   XXXXXXXX XXXX XXXX   XXXX. \n\nI have gone above and beyond the call of duty to get justice from being treated like crap by Wells Fargo and I still have hope that someone at the SBA will stand up and acknowledge the injustices by Wells Fargo.","date_sent_to_company":"2020-03-23T04:55:42.000Z","issue":"Problem with a lender or other company charging your account","sub_product":"Other banking product or service","zip_code":"30071","tags":"Older American","has_narrative":true,"complaint_id":"3577325","timely":"No","company_response":"Closed with explanation","submitted_via":"Web","company":"WELLS FARGO & COMPANY","date_received":"2020-03-23T04:26:49.000Z","state":"GA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":"Transaction was not authorized"},"highlight":{"complaint_what_happened":["5. missed <em>opportunities</em> ( see item 2 below ) WHILE THE <em>INVESTIGATION</em> WAS GOING ON and no one from Wells Fargo reached out to have a good-faith conversation with the lenders/investors? \n6. by not acknowledging the third party lenders/investors who were ready to provide working capital and/or invest in the company, Wells Fargo put m in a position to <em>lose</em> <em>revenue</em> and missed an <em>opportunity</em> to allow my business to get back on track. This really hurt us and 7."]},"sort":[8.783272,"3577325"]},{"_index":"complaint-public-v1","_id":"3118522","_score":8.608213,"_source":{"product":"Debt collection","complaint_what_happened":"Negative item appeared on my XXXX report for {$350.00} from Debt Recovery Solutions. I have no knowledge of this debt. I called ( XXXX ) XXXX, the number provided by XXXX, and spoke with a heavily accented XXXX  woman. She stated this was far a loan from XXXX XXXX. I stated I did not have a loan with them. She stated I would have to file a report with the police. Kept trying to end the call. I told her I needed the loan details in writing and she stated she had already sent them on the 2nd and I needed to be patient. I recorded this consecration.\n\nI think checked my emails and I have received multiple scammy type emails citing XXXX XXXX  as the source of a loan. The amounts differ outrageously and all threaten a lawsuit, state a warrant is pending and that my credit and job were in jeopardy. One of the emails is below. Please assist in this matter.\n\nDOCKET LOAN REFERENCE ID # XXXX ( URGENT ATTENTION ) Dear XXXX XXXX, SSN : XXXX  Good morning, DOCKET ID # XX/XX/XXXX/DUE Complaint # XX/XX/XXXXTUESDAY/XXXX ATTENTION DEBTOR : Company Name : XXXX XXXX XXXX Group of Companies : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and XXXX XXXX.\n\nThis is in reference to your Account number # XXXX in order to notify you that after numerous effort, we were not able to get hold of you, so the accounts department has decided to mark this case as a flat refusal and press legal charges against you.\n\nDo revert back if you want to get rid of these legal consequences and make a payment arrangement within the next 72 hours or else we would be proceeding legally against you.\n\nAnd this also will be notified to your employer about the case. The opportunity to take care of this voluntary is quickly coming to an end. We would hate for you to lose the option of resolving this before it goes to the next step which is a Lawsuit against you, but to do so you must take immediate action.\n\nYou can revert us back so that we can send you the payment remittance form instantly in our next e-mail as well.\n\nIf you failed to pay the requisite amount within the stipulated time intervals, we'll be forced to proceed legally against you and once it is processed the creditor has entire rights to inform your employer and our references regarding this issue and the law suit will be the next step which will be amounting to {$6500.00} ( excluding Court and ffidavit charges ) that will be totally levied upon you and that would be excluding your attorney charges, i repeat. Creditors-XXXX XXXX XXXX which is a parent company of more then 400XXXX websites and internet web portals in USA and operates under different names in different states.\n\nApart from getting laid off by your current employer after we send them the legal notice you will be blacklisted from getting any job.\n\nThrough an IRS ( Internal Revenue Service ) your social security number will be put on hold causing severe damage to your credit history or credit report and your income paychecks will be put on hold.\n\nAny child support, disability, unemployment or retirement benefits will be either place on hold or will be stopped until the outcome of the case.\n\nOur primary job was to notify you about the case before we send you legal document in the mail because once this case gets registered then we won't be able to help you out of court. Our client is least interested in getting the money at this point as they want to just go ahead and start taking legal actions however we wanted to contact you and give you last chance to resolve this case out of court.\n\nIf you take care of this out of court then we will release the clearance certificate from the court and we will make sure that no one will contact you in future.\n\nIt may be possible that you may have some financial hardship with you.\n\nSo, we are just giving you a last chance that if you just make a payment within 48 HOURS of this e-mail then we will close this account as paid in full with XXXX balance.\n\nWe do hope that you will work out with this offer whichis of SETTLEMENT AMOUNT : {$500.00} NOTE : THIS CASE IS UNDER INVESTIGATION WITH MAJOR CREDIT BUREAUS.\n\nXXXX XXXX XXXX Monday - Friday : XXXX XXXX. to XXXX XXXX  ( EST ) Saturday : XXXX XXXX to XXXX XXXX ( EST ) Sincerely, XXXX XXXX ( Customer service ) NOTE : THIS CASE IS UNDER INVESTIGATION UNDER CREDIT BUREAU.\n\nCopyright XX/XX/2006 INC | Privacy | Terms of use -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Confidentiality Statement & Notice : This email is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and intended only for the use of the individual or entity to which it is addressed. Any review, transmission, dissemination to unauthorized persons or other use of the original message and any attachments are strictly prohibited. If you received this electronic transmission in error, please reply to the above-referenced sender about the error and permanently delete this message.","date_sent_to_company":"2019-01-07T20:40:58.000Z","issue":"Took or threatened to take negative or legal action","sub_product":"Payday loan debt","zip_code":"373XX","tags":null,"has_narrative":true,"complaint_id":"3118522","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Debt Recovery Solutions, LLC","date_received":"2019-01-07T20:15:37.000Z","state":"TN","company_public_response":null,"sub_issue":"Threatened or suggested your credit would be damaged"},"highlight":{"complaint_what_happened":["The <em>opportunity</em> to take care of this voluntary is quickly coming to an end. We would hate for you to <em>lose</em> the option of resolving this before it goes to the next step which is a Lawsuit against you, but to do so you must take immediate action.\n\nYou can revert us back so that we can send you the payment remittance form instantly in our next e-mail as well."]},"sort":[8.608213,"3118522"]},{"_index":"complaint-public-v1","_id":"10121656","_score":7.8067856,"_source":{"product":"Debt collection","complaint_what_happened":"XX/XX/XXXX by : XXXX XXXX XXXX, XXXX, XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  [ XXXX ] For : XXXX [ XXXX XXXX XXXX DEBTOR, Federally Protected Consumer NOTICE OF FRAUD AND BAD FAITH REQUEST FOR REMEDY AND SETTLEMENT or ARBITRATION STATE OF CALIFORNIA XXXX XXXX XXXX XXXX XXXX XXXX NAVY FEDERAL CREDIT UNION Cc : CFPB & FTC XXXX, XXXX, XXXX Attorney General, XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX Secretary of the Treasury, XXXX XXXX Comptroller of Currency XXXX XXXX XXXX Attn : Billing Errors XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Disputes XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Navy Federal Auto Loan Account Number XXXX Member ID Number XXXX XXXX XXXX. Facts Surrounding the Breaches : XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX. Agent for the Federally Protected Consumer, XXXX XXXX, ( consumer or Consumer ), whereas, an auto loan negatively reporting on consumer reporting bureaus with Navy Federal Credit Union ( hereinafter \" NFCU '' ), which has been in dispute for a period exceeding four ( 4 ) years, and per the Fair Credit Reporting Act, Navy Federal Credit Union is in violation of the below offenses against the Consumer. \nXXXX. During this period, NFCU has consistently reported inaccurate and adverse information concerning the credit card account to various consumer reporting agencies, despite multiple disputes and requests for correction, withheld information, acting in Bad Faith to perpetuate fraud against this federally protected Consumer. \nXXXX. Pursuant to Title 18 U.S. Code 8.8, Navy Federal has committed securities and mail fraud, by mailing this Consumer statements through the XXXX XXXX XXXX XXXX requesting that this Consumer pay a debt that has already been paid, thus getting paid twice on the security without any prior written authorization to withhold credits and monetize Consumers security. \nXXXX. Pursuant to 15 U.S. Code 1692 ( j ), Navy Federal Credit Union has delivered via mail, monthly statements, creating the false belief in me, the consumer that a debt that has already been paid,- pursuant to 18 U.S. Code 8 is owed by me. Navy Federal Credit Union has purposely deceived me, the consumer into believing that I am to pay a debt that has already been paid, which means Navy Federal Credit Union has been paid twice since the inception of the credit card account. \nXXXX. Pursuant to 18 U.S. Code 1961, Navy Federal Credit Union has committed racketeering activity by extorting money from the consumer, to satisfy a debt, which thus has already been paid, pursuant to Title 18 U.S. Code 8. \nXXXX. This ongoing inaccurate reporting has caused significant emotional distress and financial loss, hindering this Consumers ability to secure credit and other financial and commercial opportunities, thus violating the Commerce Code by preventing the Consumer from participating in Commerce. \nXXXX. As a result of NFCU 's continued negative reporting, the Consumer has suffered irreparable damages to consumer reports, including but not limited to denial of credit, adverse loan terms, and harm to the Consumers ability to advance credit standing, unable to participate in numerous commercial opportunities where denial of credit prevented the acquisition of appreciating assets, with $ XXXX XXXX. \nXXXX. NFCU did not credit the appropriate account, pursuant to the Electronic Funds Transfer Act, from the dividend interest from all payments that NFCU earned from the Treasury Coupon from the consumer account security, which constitutes securities fraud ; reference Treasury Direct Account Number : XXXX. Should NFCU or the Treasury Department require a XXXX or XXXX  XXXX, the XXXX. Agent will happily provide this authorization, let it be known here that this Notice, pursuant to 15 U.S. Code 7006, the authorized agents, Secretary for the U.S. Treasury, A.G. and Comptroller have the authority to settle all debts in accordance with applicable laws, this Notice may serve as authorization to settle debts, in accordance with U.S. Code 7006, void where prohibited. \nXXXX. Notices can be sent to : Drawer c/o XXXX XXXX XXXX XXXX XXXX XXXX XXXX [ XXXX ] XXXX Secretary of the Treasury Treasury XXXX  - XXXX XXXX XXXX XXXX XXXX  XXXX XXXX \n\nXXXX. Banking Information : Treasury Direct Account Number : XXXX Routing number : XXXX Secretary of Treasury is the banker for this account in accordance with XXXX C.F. Regulations XXXX XXXX. Breach of Federal Statutes and Consumer Rights : I hereby assert that Navy Federal Credit Union is in breach of multiple provisions under the Fair Credit Reporting Act ( FCRA ), Electronic Funds Transfer Act, Privacy Act, Truth in Lending Act, United States Code of Federal Regulations, Internal Revenue Code, as follows : XXXX. XXXX XXXX Code XXXX - Responsibilities of Furnishers of Information to Consumer Reporting Agencies NFCU has violated the following provisions : Providing inaccurate or incomplete information : NFCU knowingly provided incorrect information regarding my account status without reasonable investigation. \nFailure to correct or update : NFCU has failed to correct or update the information after multiple disputes, despite the known inaccuracy. \nFailure to notify : NFCU failed to properly notify me when negative information was being reported about my account. \nLack of investigation : NFCU did not conduct a reasonable investigation into my disputes concerning the accuracy of the credit report. \n\n2.3. 15 U.S. Code 1681 ( i ) - Procedure in Case of Disputed Accuracy NFCU has failed to follow the required procedures for dispute resolution : Failure to correct inaccurate information : Despite filing disputes, the inaccurate information remains on my credit report beyond the legally required 30-day period, violating this provision. \n\n2.4. 15 U.S. Code 1681 ( n ) - Civil Liability for Willful Noncompliance NFCUs actions constitute willful noncompliance with the FCRA : NFCU knowingly continued to report inaccurate information after multiple disputes and failed to take corrective action. \nAs a result, the Consumer and all authorized representatives, seek actual damages, statutory damages ranging from {$100.00} to {$1000.00} per violation, and punitive damages due to the willful nature of the violations. \n\n2.5. 15 U.S. Code 1681 ( o ) - Civil Liability for Negligent Noncompliance In the alternative, NFCUs conduct reflects negligent noncompliance with the FCRA : NFCU negligently failed to comply with its obligations to ensure accurate reporting, for which entitled to recover actual damages, including attorneys fees and costs. \n\n2.6. 15 U.S. Code 1681 ( m ) - Requirements on Users of Consumer Reports NFCU has violated the following provisions : Failure to provide adverse action notices : NFCU did not provide me with the necessary adverse action notices when negative reporting on my account caused financial harm. \n\n2.7. 15 U.S. Code 1681 ( e ) - Compliance Procedures NFCU has failed to follow reasonable compliance procedures to ensure accurate reporting : The credit reporting agencies, as well as NFCU as a furnisher, did not implement procedures to prevent the continuous reporting of inaccurate or outdated information regarding my account. \n\n2.8. 15 U.S. Code 6802 - Obligations With Respect to Disclosures of Personal Information. \nNFCU has violated my privacy and consumer rights. \nBy negatively reporting a disputed account, the adverse, on-going and immeasurable negative affects on this Consumers credit, consumer ratings, ability to obtain future financing for home loans, have caused irreparable punitive damages due to bad faith as NFCU, as fiduciary to the Consumer and Consumers Private Personal Identifiable Information, egregiously violated the rights of the Consumer. Consumer seeks the maximum award for damages allowable. \n\n2.9. 15 U.S. Code 1681 - Inaccurate Reporting NFCU has violated this Consumers rights by negatively reporting an adverse claim in dispute by this Consumer. \nBy negative ely reporting against this Consumers credit history an account that has been disputed for over 4 years preventing credit lines to be obtained, this Consumer is asking for the maximum allowable penalties for all damages. This occurred on all three ( 3 ) credit bureaus.\n\n2.10. 15 U.S. Code 1692 ( e ) False and Misleading Representation NF\nCU has continually sent the Consumer false and misleading statements via XXXX. and The false and misleading statements which indicate that the Consumer is required to pay a debt that is already satisfied, per XXXX XXXX, the misleading statements include payment vouchers deceiving the Consumer that a debt his owed when it was charged off, which per XXXX. Code XXXX section XXXX, is deemed income and should not be reported as debt. \n\n2.11. 18 U.S. Code 894 No Negative Information Should Be Furnished To Your Credit Report Without Your Lawful Authority NFCU has furnished negative remarks unlawfully against a federally protected Consumer. \nBy negative ely reporting against this Consumers credit history an account that has been disputed for over 4 years preventing credit lines to be obtained, this Consumer is asking for the maximum allowable penalties for all damages. This occurred on all three ( 3 ) credit bureaus.\n\n2.12. 15 U.S. Code 1666 ( d ), Positive Balances Any POSI\nTIVE balance, in excess of {$1.00}, related to the disputed amount be credited to XXXX  account, see section XXXX., and, this accounting should be furnished in the form of an accurate statement.\n\nNavy Federal Credit Union make a good faith effort to refund to me, the consumer by cash, check, or money order any part of the credit balances that have been paid in excess to Navy Federal Credit Union by me, the consumer. Pursuant to 18 USC 8, all debts are the obligation of the United States. \n\n2.13. 15 U.S. Code 1666 ( a ), Adverse Actions During Dispute NFCU violated this statute directly against the Consumers best interest during an active disputer for over 4 years No institution should take any adverse actions such as late payments in the form of negative credit reporting upon receipt of any dispute, including but not limited to all prior notices and this notice and all prior notices from XXXX, pursuant to 15 USC 1666 ( a ). as the consumer had and has the right to withhold payment during a billing dispute and for no adverse action to be taken by NFCU against the consumer. \n\n\n\n3. Harm and Injury : 3.1. The continued inaccurate reporting of my credit card account has caused significant and ongoing harm to my credit score, preventing me from obtaining credit on favorable terms. \nXXXX. I have experienced actual damages, including, denial of credit, increased interest rates on loans, and punitive damages for emotional distress as a result of NFCUs failure to correct and update my credit report. \nXXXX. I am seeking legal recourse for the damages sustained due to NFCUs willful and/or negligent noncompliance with the FCRA, including actual damages, statutory damages, punitive damages, and attorneys fees. \nXXXX. Remedy : NFCUs failure to meet its responsibilities as outlined by the FCRA has caused this Consumer significant financial, actual, and emotional harm. I, respectfully, request that immediate action be taken to rectify the situation : NFCU, alongside the Credit Bureaus, remove any and all inaccurate information posted by NFCU to either reflect Paid in full, and Good Standing or have it be removed immediately from the Consumers credit report for any and all NFCU accounts, and, NFCU compensates the CONSUMER for the actual damages sustained from their willful harm, in the offenses stated above losing actual financial investment opportunities over XXXXXXXX XXXX XXXX XXXX years totaling XXXX XXXX, {$9.00} XXXX U.S. Dollars ( {$9.00} XXXX ). \nNFCU compensates the CONSUMER for the statutory damages sustained from their willful harm, in the amounts stated above, XXXX times, across all XXXX bureaus totaling, {$51000.00} for fifty-one ( XXXX ) self-evident FCRA violations above. \nNFCU compensates the CONSUMER for the punitive damages sustained from their willful harm, in the offenses stated above losing countless exhaustive nights sleep, stressful days working XXXX jobs, trying to make ends meet without the access to, what would have been accessible and available credit, had there been no constant negative reporting, whereas the damages are to include the punitive damages for pain and suffering, emotional distress, bad faith from a fiduciary, in the amount of XXXX XXXX U.S. dollars ( {$5.00} XXXX ). \nI declare under penalty of perjury, without the United States, that the foregoing is true and correct to the best of my knowledge. \nDate : XX/XX/XXXX By : XXXX XXXX XXXX XXXX XXXXXXXX, XXXX, all rights reserved For : XXXX XXXX, DEBTOR and TRANSMITTING UTILITY, copyright, copy-claim","date_sent_to_company":"2024-09-15T05:21:31.000Z","issue":"Took or threatened to take negative or legal action","sub_product":"Auto debt","zip_code":"92103","tags":null,"has_narrative":true,"complaint_id":"10121656","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"NAVY FEDERAL CREDIT UNION","date_received":"2024-09-15T05:01:24.000Z","state":"CA","company_public_response":"Company believes it acted appropriately as authorized by contract or law","sub_issue":"Seized or attempted to seize your property"},"highlight":{"complaint_what_happened":["Breach of Federal Statutes and Consumer Rights : I hereby assert that Navy Federal Credit Union is in breach of <em>multiple</em> provisions under the Fair Credit Reporting Act ( FCRA ), Electronic Funds Transfer Act, Privacy Act, Truth in Lending Act, United States Code of Federal Regulations, Internal <em>Revenue</em> Code, as follows : XXXX."]},"sort":[7.8067856,"10121656"]},{"_index":"complaint-public-v1","_id":"18406326","_score":5.143088,"_source":{"product":"Student loan","complaint_what_happened":"CFPB COMPLAINT - STUDENT LOAN SERVICING VIOLATIONS COMPLAINT SUMMARY I am filing this complaint regarding serious student loan servicing violations involving my three private student loans ( two XXXX XXXX loans and one XXXX  XXXX  loan ), which have been serviced by Sallie Mae, Navient, and currently XXXX. Despite borrowing {$70000.00} and paying {$100000.00} over 14 years, I currently owe {$110000.00} due to what I believe are illegal servicing practices including improper forbearance steering, predatory interest practices, failure to properly apply payments, and violations related to my deceased cosigner. Only {$17000.00} ( 16.7 % ) of my payments have been applied to principal, while over 83 % went to interest and fees. \n\nLOAN DETAILS Original Loans : Loan 1 : XXXX XXXX XXXX ( Account ending in XXXX ) Loan 2 : XXXX XXXX XXXX XXXX Account ending in XXXX ) Loan 3 XXXX XXXX XXXX XXXX XXXX ( Account ending in XXXX ) Loan 1 - XXXX XXXX XXXX XXXX : Original Balance : {$18000.00} Current Balance : {$36000.00} Interest Rate : 13.250 % Total Paid : {$30000.00} Applied to Principal : {$4100.00} ( 13.7 % ) Applied to Interest : {$25000.00} ( 86.3 % ) Loan 2 - XXXX XXXX XXXX  XXXX : Original Balance : {$32000.00} Current Balance : {$52000.00} Interest Rate : 12.750 % Total Paid : {$47000.00} Applied to Principal : {$10000.00} ( 22.0 % ) Applied to Interest : {$36000.00} ( 78.0 % ) Loan 3 - XXXX XXXX XXXX XXXX XXXX ( with deceased cosigner ) : Original Balance : {$19000.00} Current Balance : {$30000.00} Interest Rate : 14.250 % Total Paid : {$28000.00} Applied to Principal : {$3100.00} ( 11.1 % ) Applied to Interest and Fees : {$24000.00} ( 88.9 % ) TOTALS : Total Original Amount Borrowed : {$70000.00} Total Current Balance Owed : {$110000.00} ( 168 % of original ) Total Amount Paid Since XXXX : {$100000.00} ( 149 % of original ) Total Applied to Principal : {$17000.00} ( 16.7 % of payments ) Total Applied to Interest/Fees : {$87000.00} ( 83.3 % of payments ) Original Loan Dates : XXXX Current Servicer : XXXX ( since XXXX ) Previous Servicers : Sallie Mae : XXXX XXXX XXXX Navient : XXXX - XXXX XXXX : XXXX - Present SPECIFIC VIOLATIONS AND CONCERNS 1. IMPROPER FORBEARANCE AND DEFERMENT STEERING Grace Period Ended : XX/XX/XXXX Extended Forbearance/Deferment Period with Capitalized Interest : XX/XX/XXXX through XX/XX/XXXX ( over 5 years ) During this period, I experienced financial difficulty making my payment amounts. Instead of being counseled about beneficial alternatives, I was repeatedly placed into forbearance and deferment programs. My payment history shows : Major capitalized interest balances added during this entire period Late fees assessed throughout this period ( XX/XX/XXXX - XX/XX/XXXX ) My last deferment payment was {$540.00} on XX/XX/XXXX, showing the dramatically reduced payment amounts during this period The Problem : At no time during these periods was I adequately counseled about alternatives to forbearance that would have been more financially beneficial to me. As private loans, these did not have access to federal income-driven repayment plans, but I should have been offered information about : Extended repayment plans that could have kept me current without massive capitalization Graduated repayment options Interest-only payment periods Other alternatives to full forbearance that would have prevented the devastating interest capitalization I experienced Instead, I was steered into forbearance options that caused interest to capitalize repeatedly and my balance to balloon from {$70000.00} to over {$110000.00}. With interest rates ranging from 12.750 % to 14.250 %, allowing over 5 years of capitalization was catastrophic to my financial future. I believe this practice was designed to benefit the servicer at my expense, as interest continued to accrue and compound during these periods, generating maximum revenue for the servicer while devastating my financial situation. \nI believe my situation is directly related to the predatory forbearance steering practices that resulted in Navient 's {$1.00} XXXX settlement with 39 state attorneys general in XXXX, which included violations related to both federal and private student loans. I request review of whether I am eligible for relief under that settlement or other remediation programs. \n2. PREDATORY INTEREST RATES AND EXCESSIVE CAPITALIZATION My three loans carry interest rates of 12.750 %, 13.250 %, and 14.250 % - rates that are extraordinarily high and border on predatory, particularly when combined with the aggressive capitalization practices employed during the 5+ year forbearance period. \nThe Mathematical Devastation : I borrowed {$70000.00} I have paid {$100000.00} ( 149 % of what I borrowed ) I now owe {$110000.00} ( 168 % of what I borrowed ) This means I have paid back {$34000.00} MORE than I borrowed, yet I now owe {$47000.00} MORE than I originally borrowed Specific Concerns : Interest capitalization during the 5+ year forbearance period ( XXXX ) was allowed to compound repeatedly Late fees were assessed during forbearance periods when I was explicitly told I didn't need to make full payments The combination of high interest rates ( 12.750 % -14.250 % ) with aggressive capitalization practices appears designed to trap borrowers in perpetual debt Payment application appears structured to maximize interest collection and minimize principal reduction 3. GROSSLY IMPROPER PAYMENT APPLICATION The payment application across all three loans demonstrates a pattern that I believe violates basic fairness and potentially my loan agreements : Loan XXXX : 86.3 % to interest, only 13.7 % to principal Loan XXXX : 78.0 % to interest, only 22.0 % to principal Loan XXXX : 88.9 % to interest and fees, only 11.1 % to principal OVERALL : 83.3 % of all payments went to interest/fees, only 16.7 % to principal This allocation is extreme and suggests : Payments may not be applied according to the original loan terms Servicers may be using payment application methods that maximize their profit at borrower expense The multiple servicer transfers ( Sallie Mae Navient XXXX ) may have resulted in improper accounting or systematic errors Interest may be compounding more frequently than disclosed in original agreements I have maintained consistent payments for the past 5 years with NO missed payments. My current monthly payment is {$1300.00}, auto-debited from my checking account. Despite this perfect payment record and substantial monthly amounts, my principal barely decreases while interest continues to accumulate.\n\nPayment History Details : Payments have ranged from {$540.00} ( XX/XX/XXXX, end of last deferment ) to {$1400.00} Current payment : $ XXXXmonth via auto-debit Five consecutive years of on-time payments ( XXXX ) Total of 14+ years of payments since XXXX 4. COSIGNER DEATH AND FAILURE TO PROVIDE REQUIRED DISCLOSURES XXXX XXXX  Option Student Loan ( account ending in XXXX ) had a cosigner, XXXX XXXX, who passed away on XX/XX/XXXX. \nCritical Timeline and Facts : XXXX School Year : Sallie Mae DENIED XXXX XXXX as a cosigner for additional loans due to his illness. This proves Sallie Mae had knowledge of his deteriorating health and created an official record of his medical condition. \nXX/XX/XXXX : XXXX XXXX passed away. \nPost-Death : I notified Sallie Mae of my cosigner 's death. I was NEVER informed of any cosigner release options, policies, or alternatives. I was never provided any documentation about how his death might affect my loan obligations or whether any relief options existed. \nOngoing Payments While Cosigner Was Ill and After Death : I made monthly payments on this loan even while I was still in school, as required by the loan terms, to reduce interest accrual. I continued making payments throughout my cosigner 's illness and after his death, never receiving any guidance about my rights or options. \nViolations I Believe Occurred : Failure to Disclose Cosigner Release Policies : Many private student loan lenders, including Sallie Mae, have had cosigner release policies that allow release upon death. I was never informed whether such a policy existed or how to apply for it. \nFailure to Provide Required Death-Related Disclosures : Upon being notified of a cosigner 's death, servicers have obligations under various consumer protection laws to disclose how this affects the loan and what options may be available.\n\nKnowledge of Illness Without Proper Disclosure : Sallie Mae 's XXXX denial of my cosigner due to illness proves they knew he was medically compromised. They had a duty to inform me of any policies related to cosigner release, particularly given their knowledge that he might not survive the loan term. \nContinued Aggressive Collection Despite Cosigner Death : After my cosigner 's death, the servicers ( Navient and then XXXX ) continued aggressive collection practices, including the 5+ years of forbearance with massive interest capitalization, without ever addressing the cosigner death or offering any related relief. \n\nI request full investigation into : Whether Sallie Mae, Navient, or XXXX had cosigner release upon death policies that were not disclosed to me Whether their knowledge of my cosigner 's illness in XXXX obligated them to provide specific disclosures Whether I was denied rights or relief I was entitled to under the loan agreement or consumer protection laws Whether the continued aggressive interest capitalization after cosigner death constitutes exploitation 5. MULTIPLE SERVICER TRANSFERS AND ACCOUNTABILITY GAPS My loans have been transferred twice, creating numerous opportunities for errors and loss of accountability : XXXX : Original loans with Sallie Mae XXXX XXXX Transfer from Sallie Mae to Navient XXXX : Transfer from Navient to XXXX Each transfer creates opportunities for : Payment tracking errors and misapplication Loss of documentation regarding cosigner death and related rights Improper accounting of principal vs. interest Failure to honor previous agreements, disclosures, or forbearance counseling obligations Gaps  in accountability for predatory practices Specific Concerns : Was information about my cosigner 's death properly transferred to each new servicer? \nWere payment histories accurately maintained across transfers? \nDid each servicer properly account for all capitalized interest events? \nWere late fees during the XXXX forbearance period legitimate, or were they errors created during servicer transitions? \n\nI request a complete audit of my payment and account history across all three servicers to identify any errors, omissions, or violations that occurred during or after these transfers. \n\nDEVASTATING PERSONAL AND FINANCIAL IMPACT This situation has destroyed my financial life and future : Housing : I can not qualify for a home loan. This debt-to-income ratio makes it impossible for me to purchase a home, forcing me to continue renting and losing the wealth-building opportunity of homeownership. \nMy Children 's Future : I am unable to save for my children 's education. Having experienced this nightmare myself, I desperately want to help them avoid student loan debt, but these payments prevent me from saving anything meaningful for their futures.\n\nRetirement Security : I can not save adequately for retirement. I had planned to max out my Roth IRA contributions each year, but these loan payments have made that impossible. I am now years behind on my retirement savings goals and face the prospect of working far longer than I planned or retiring in poverty.\n\nPersonal Relationships : This debt has damaged my ability to have meaningful personal relationships. I am terrified when someone suggests doing something that costs money. The constant financial XXXX  and inability to participate in normal activities has isolated me socially and created XXXX  around basic social interactions. \nPhysical and Mental Health : I work 6 days a week most weeks just to make these payments and save a small emergency fund in case my car breaks down or an appliance fails. This grueling schedule leaves no time for rest, self-care, or enjoying life. The XXXX  is constant and overwhelming. \nThe Cruel Mathematics : After 14+ years of payments, during which I have : Made every payment for 5 consecutive years without a single missed payment Paid {$100000.00} ( nearly {$35000.00} MORE than I borrowed ) Worked 6-day weeks to afford these payments Sacrificed homeownership, retirement savings, my children 's education funds, and my personal wellbeing I now owe {$110000.00} - nearly {$48000.00} MORE than I originally borrowed.\n\nI have done everything asked of me. I have paid faithfully. I have worked myself to exhaustion. And I am drowning deeper every year.\n\nThis is not merely a financial problem- it is a complete destruction of my ability to build a stable, secure life for myself and my family. The practices of these servicers have not just cost me money ; they have stolen my future.\n\nDOCUMENTATION I have the following documentation to support my complaint and am prepared to provide it upon request : Complete payment history for all three loans showing dates, amounts, and principal vs. interest application Payment records showing consistent payments and payment amounts ranging from {$540.00} to {$1400.00} Records showing forbearance/deferment period from XX/XX/XXXX through XX/XX/XXXX Records showing capitalized interest events and late fees during this period Documentation showing grace period ended XX/XX/XXXX Records of auto-debit payments from checking account Current account statements showing balances of {$36000.00}, {$52000.00}, and {$30000.00} Documentation of cosigner XXXXXXXX XXXX 's death XXXX XX/XX/XXXX Records indicating Sallie Mae denied XXXX XXXX as cosigner in XXXX due to illness Documentation showing I notified Sallie Mae of cosigner 's death Records of servicer transfers : Sallie Mae ( XXXX XXXX XXXX Navient ( XXXX ), XXXX ( XXXX ) REQUESTED ACTIONS I request that the Consumer Financial Protection Bureau : Conduct a comprehensive investigation into my loan servicing history across all three servicers ( Sallie Mae, Navient, XXXX ) for the period XXXX Audit payment application practices to determine if payments were properly applied according to my original loan agreements and whether the 83.3 % interest allocation is legal and proper Review forbearance steering practices from XXXX to determine if I was illegally steered into 5+ years of forbearance instead of being offered alternative repayment options available under my private loan agreements that would have prevented catastrophic interest capitalization Investigate predatory interest practices including whether interest rates of 12.750 % -14.250 % combined with aggressive capitalization constitute unfair, deceptive, or abusive acts or practices ( UDAAP ) Investigate cosigner death handling across all three servicers to determine if they violated policies or consumer protection laws by : Failing to disclose cosigner release options upon death Failing to provide required death-related disclosures and documentation Exploiting the cosigner 's death by continuing aggressive collection without offering entitled relief Having knowledge of cosigner 's illness ( XXXX denial ) without providing proper disclosures Review late fees assessed during forbearance ( XXXX ) to determine if these fees were legitimate or constitute improper charges during a period when I was explicitly told I didn't need to make full payments Determine eligibility for Navient settlement relief ( which covered private loan servicing abuses ) or other remediation programs related to the practices described in this complaint Order correction of loan balances if servicer errors, improper capitalization, payment misapplication, or illegal practices are found Order refund of overpayments and improperly assessed fees - I have paid {$100000.00} on {$70000.00} borrowed and now owe {$110000.00}. If violations are found, I request refund of excess interest and fees collected through illegal practices. \nProvide complete, accurate accounting of how every payment was applied to principal, interest, fees, and capitalized interest for each loan, with explanation of each capitalization event Investigate the following potential violations : Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) Truth in Lending Act ( TILA ) violations Fair Debt Collection Practices Act ( FDCPA ) violations State consumer protection law violations Breach of contract ( loan agreements ) Breach of fiduciary duties to borrowers Violations of cosigner release and death notification requirements Improper forbearance steering practices Predatory lending and servicing practices Impose penalties and corrective actions on servicers found to have engaged in the practices described in this complaint to prevent other borrowers from experiencing the same devastation ADDITIONAL INFORMATION Current Financial Status : I am current on all payments, having made every monthly payment on time for 5 consecutive years ( XXXX ). My current monthly payment is {$1300.00}, auto-debited from my checking account. I have never missed a payment during this period despite the extreme financial hardship these payments create. \nAlternative Repayment Options : As private loans, these Signature Student and Smart Option loans were not eligible for federal income-driven repayment plans. However, I was never offered or counseled about alternative repayment arrangements that could have prevented the massive interest capitalization I experienced during the 5+ year forbearance period from XXXX. Had I been properly counseled about options like extended repayment, graduated repayment, or interest-only payments during financial hardship, I would not now owe {$110000.00} on loans I borrowed {$70000.00} for, despite having already paid {$100000.00}. \nGood Faith Efforts : I have demonstrated extraordinary good faith throughout this process : Paid on the XXXX XXXX XXXX even while still in school to reduce interest Notified Sallie Mae promptly when my cosigner passed away Continued making payments consistently despite devastating financial impact Made every payment on time for 5 consecutive years Currently work 6 days per week to afford these payments Have paid 149 % of what I borrowed while asking for nothing but fair treatment Pattern of Predatory Conduct : I believe my experience represents a clear pattern of predatory servicing practices that have been documented in lawsuits and settlements against Navient and other servicers. The combination of : Forbearance steering ( 5+ years ) Excessive interest rates ( 12.750 % -14.250 % ) Aggressive capitalization practices Failure to properly counsel on alternatives Exploitation of cosigner 's death Payment application that maximizes servicer profit ... demonstrates a systematic approach to extracting maximum revenue from borrowers while trapping them in perpetual debt, regardless of their good faith payment efforts.\n\nThis Must Stop : If servicers can take a borrower who pays {$100000.00} on a {$70000.00} debt and still leave them owing {$110000.00} - if they can take someone who works 6 days a week, makes every payment on time for 5 years straight, and has sacrificed their home, retirement, and children 's futures- and still have them drowning in ever-increasing debt - then the system is fundamentally broken and predatory.","date_sent_to_company":"2026-01-01T19:11:48.000Z","issue":"Dealing with your lender or servicer","sub_product":"Private student loan","zip_code":"438XX","tags":null,"has_narrative":true,"complaint_id":"18406326","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Navient Solutions, LLC.","date_received":"2026-01-01T18:58:49.000Z","state":"OH","company_public_response":null,"sub_issue":"Don't agree with the fees charged"},"highlight":{"complaint_what_happened":["<em>MULTIPLE</em> SERVICER TRANSFERS AND ACCOUNTABILITY GAPS My loans have been transferred twice, creating numerous <em>opportunities</em> for errors and loss of accountability : XXXX : Original loans with Sallie Mae XXXX XXXX Transfer from Sallie Mae to Navient XXXX : Transfer from Navient to XXXX Each transfer creates <em>opportunities</em> for : Payment tracking errors and misapplication Loss of documentation regarding cosigner death and related rights Improper accounting of principal vs. interest Failure to honor previous"]},"sort":[5.143088,"18406326"]},{"_index":"complaint-public-v1","_id":"18657382","_score":5.0925484,"_source":{"product":"Student loan","complaint_what_happened":"I am filing this complaint regarding serious student loan servicing violations involving my XXXX private student loans ( XXXX Signature Student loans and XXXXXXXX Smart Option  loan ), which have been serviced by XXXX XXXX, XXXX, and currently MOHELA. Despite borrowing {$70000.00} and paying {$100000.00} over XXXX  years, I currently owe {$110000.00} due to what I believe are illegal servicing practices including improper forbearance steering, predatory interest practices, failure to properly apply payments, and violations related to my deceased cosigner. Only {$17000.00} ( 16.7 % ) of my payments have been applied to principal, while over 83 % went to interest and fees. \n\nLOAN DETAILS Original Loans : Loan 1 : Signature Student Loan ( Account ending in XXXX ) Loan 2 : Signature Student Loan ( Account ending in XXXX ) Loan 3 : Smart Option Student Loan ( Account ending in XXXX ) Loan 1 - Signature Student Loan XXXX : Original Balance : {$18000.00} Current Balance : {$36000.00} Interest Rate : 13.250 % Total Paid : {$30000.00} Applied to Principal : {$4100.00} ( 13.7 % ) Applied to Interest : {$25000.00} ( 86.3 % ) Loan 2 - Signature Student Loan XXXX : Original Balance : {$32000.00} Current Balance : {$52000.00} Interest Rate : 12.750 % Total Paid : {$47000.00} Applied to Principal : {$10000.00} ( 22.0 % ) Applied to Interest : {$36000.00} ( 78.0 % ) Loan XXXX - Smart Option Student Loan XXXX ( with deceased cosigner ) : Original Balance : {$19000.00} Current Balance : {$30000.00} Interest Rate : 14.250 % Total Paid : {$28000.00} Applied to Principal : {$3100.00} ( 11.1 % ) Applied to Interest and Fees : {$24000.00} ( 88.9 % ) TOTALS : Total Original Amount Borrowed : {$70000.00} Total Current Balance Owed : {$110000.00} ( 168 % of original ) Total Amount Paid Since XXXX : {$100000.00} ( 149 % of original ) Total Applied to Principal : {$17000.00} ( 16.7 % of payments ) Total Applied to Interest/Fees : {$87000.00} ( 83.3 % of payments ) Original Loan Dates : XXXX Current Servicer : MOHELA ( since XXXX ) Previous Servicers : XXXX XXXX : XXXX XXXX XXXX XXXX : XXXX - XXXX MOHELA : XXXX - Present SPECIFIC VIOLATIONS AND CONCERNS 1. IMPROPER FORBEARANCE AND DEFERMENT STEERING Grace Period Ended : XX/XX/XXXX Extended Forbearance/Deferment Period with Capitalized Interest : XX/XX/XXXX through XX/XX/XXXX ( over 5 years ) During this period, I experienced financial difficulty making my payment amounts. Instead of being counseled about beneficial alternatives, I was repeatedly placed into forbearance and deferment programs. My payment history shows : Major capitalized interest balances added during this entire period Late fees assessed throughout this period ( XX/XX/XXXX - XX/XX/XXXX ) My last deferment payment was {$540.00} on XX/XX/XXXX, showing the dramatically reduced payment amounts during this period The Problem : At no time during these periods was I adequately counseled about alternatives to forbearance that would have been more financially beneficial to me. As private loans, these did not have access to federal income-driven repayment plans, but I should have been offered information about : Extended repayment plans that could have kept me current without massive capitalization Graduated repayment options Interest-only payment periods Other alternatives to full forbearance that would have prevented the devastating interest capitalization I experienced Instead, I was steered into forbearance options that caused interest to capitalize repeatedly and my balance to balloon from {$70000.00} to over {$110000.00}. With interest rates ranging from 12.750 % to 14.250 %, allowing over XXXX years of capitalization was catastrophic to my financial future. I believe this practice was designed to benefit the servicer at my expense, as interest continued to accrue and compound during these periods, generating maximum revenue for the servicer while devastating my financial situation. \nI believe my situation is directly related to the predatory forbearance steering practices that resulted in XXXX 's {$1.00} billion settlement with XXXX state attorneys general in XXXX, which included violations related to both federal and private student loans. I request review of whether I am eligible for relief under that settlement or other remediation programs. \n\n2. PREDATORY INTEREST RATES AND EXCESSIVE CAPITALIZATION My three loans carry interest rates of 12.750 %, 13.250 %, and 14.250 % - rates that are extraordinarily high and border on predatory, particularly when combined with the aggressive capitalization practices employed during the 5+ year forbearance period. \nThe Mathematical Devastation : I borrowed {$70000.00} I have paid {$100000.00} ( 149 % of what I borrowed ) I now owe {$110000.00} ( 168 % of what I borrowed ) This means I have paid back {$34000.00} MORE than I borrowed, yet I now owe {$47000.00} MORE than I originally borrowed Specific Concerns : Interest capitalization during the 5+ year forbearance period ( XXXX ) was allowed to compound repeatedly Late fees were assessed during forbearance periods when I was explicitly told I didn't need to make full payments The combination of high interest rates ( 12.750 % -14.250 % ) with aggressive capitalization practices appears designed to trap borrowers in perpetual debt Payment application appears structured to maximize interest collection and minimize principal reduction 3. GROSSLY IMPROPER PAYMENT APPLICATION The payment application across all three loans demonstrates a pattern that I believe violates basic fairness and potentially my loan agreements : Loan XXXX : 86.3 % to interest, only 13.7 % to principal Loan XXXX : 78.0 % to interest, only 22.0 % to principal Loan XXXX : 88.9 % to interest and fees, only 11.1 % to principal OVERALL : 83.3 % of all payments went to interest/fees, only 16.7 % to principal This allocation is extreme and suggests : Payments may not be applied according to the original loan terms Servicers may be using payment application methods that maximize their profit at borrower expense The multiple servicer transfers ( XXXX XXXX XXXX MOHELA ) may have resulted in improper accounting or systematic errors Interest may be compounding more frequently than disclosed in original agreements I have maintained consistent payments for the past 5 years with NO missed payments. My current monthly payment is {$1300.00}, auto-debited from my checking account. Despite this perfect payment record and substantial monthly amounts, my principal barely decreases while interest continues to accumulate. \nPayment History Details : Payments have ranged from {$540.00} ( XX/XX/XXXX, end of last deferment ) to {$1400.00} Current payment : $ XXXXmonth via auto-debit Five consecutive years of on-time payments ( XXXX ) Total of 14+ years of payments since XXXX 4. COSIGNER DEATH AND FAILURE TO PROVIDE REQUIRED DISCLOSURES My Smart Option Student Loan ( account ending in XXXX ) had a cosigner, XXXX XXXX, who passed away on XX/XX/XXXX. \nCritical Timeline and Facts : XXXX School Year : XXXX XXXX DENIED XXXX XXXX as a cosigner for additional loans due to his illness. This proves XXXX XXXX had knowledge of his deteriorating health and created an official record of his medical condition. \nXX/XX/XXXX : XXXX XXXX passed away. \nPost-Death : I notified XXXX XXXX of my cosigner 's death. I was NEVER informed of any cosigner release options, policies, or alternatives. I was never provided any documentation about how his death might affect my loan obligations or whether any relief options existed. \nOngoing Payments While Cosigner Was Ill and After Death : I made monthly payments on this loan even while I was still in school, as required by the loan terms, to reduce interest accrual. I continued making payments throughout my cosigner 's illness and after his death, never receiving any guidance about my rights or options. \n\nViolations I Believe Occurred : 1. Failure to Disclose Cosigner Release Policies : Many private student loan lenders, including XXXX XXXX, have had cosigner release policies that allow release upon death. I was never informed whether such a policy existed or how to apply for it. \n\n2. Failure to Provide Required Death-Related Disclosures : Upon being notified of a cosigner 's death, servicers have obligations under various consumer protection laws to disclose how this affects the loan and what options may be available.\n\n3. Knowledge of Illness Without Proper Disclosure : XXXX XXXX 's XXXX denial of my cosigner due to illness proves they knew he was medically compromised. They had a duty to inform me of any policies related to cosigner release, particularly given their knowledge that he might not survive the loan term. \n\n4. Continued Aggressive Collection Despite Cosigner Death : After my cosigner 's death, the servicers ( XXXX and then MOHELA ) continued aggressive collection practices, including the XXXX years of forbearance with massive interest capitalization, without ever addressing the cosigner death or offering any related relief. \nI request full investigation into : Whether XXXX XXXX, XXXX, or MOHELA had cosigner release upon death policies that were not disclosed to me Whether their knowledge of my cosigner 's illness in XXXX obligated them to provide specific disclosures Whether I was denied rights or relief I was entitled to under the loan agreement or consumer protection laws Whether the continued aggressive interest capitalization after cosigner death constitutes exploitation 5. MULTIPLE SERVICER TRANSFERS AND ACCOUNTABILITY GAPS My loans have been transferred twice, creating numerous opportunities for errors and loss of accountability : XXXX : Original loans with XXXX XXXX XXXX XXXX Transfer from XXXX XXXX XXXX XXXX XXXX : Transfer from Navient to MOHELA Each transfer creates opportunities for : Payment tracking errors and misapplication Loss of documentation regarding cosigner death and related rights Improper accounting of principal vs. interest Failure to honor previous agreements, disclosures, or forbearance counseling obligations Gaps in accountability for predatory practices Specific Concerns : Was information about my cosigner 's death properly transferred to each new servicer? \nWere payment histories accurately maintained across transfers? \nDid each servicer properly account for all capitalized interest events? \nWere late fees during the XXXX forbearance period legitimate, or were they errors created during servicer transitions? \nI request a complete audit of my payment and account history across all three servicers to identify any errors, omissions, or violations that occurred during or after these transfers. \n\nDEVASTATING PERSONAL AND FINANCIAL IMPACT This situation has destroyed my financial life and future : Housing : I can not qualify for a home loan. This debt-to-income ratio makes it impossible for me to purchase a home, forcing me to continue renting and losing the wealth-building opportunity of homeownership. \nMy Children 's Future : I am unable to save for my children 's education. Having experienced this nightmare myself, I desperately want to help them avoid student loan debt, but these payments prevent me from saving anything meaningful for their futures. \nRetirement Security : I can not save adequately for retirement. I had planned to max out my XXXX XXXX  contributions each year, but these loan payments have made that impossible. I am now years behind on my retirement savings goals and face the prospect of working far longer than I planned or retiring in poverty. \nPersonal Relationships : This debt has damaged my ability to have meaningful personal relationships. I am terrified when someone suggests doing something that costs money. The constant financial stress and inability to participate in normal activities has isolated me socially and created anxiety around basic social interactions. \nPhysical and Mental Health : I work 6 days a week most weeks just to make these payments and save a small emergency fund in case my car breaks down or an appliance fails. This grueling schedule leaves no time for rest, self-care, or enjoying life. The stress is constant and overwhelming. \nThe Cruel Mathematics : After XXXX years of payments, during which I have : Made every payment for XXXX consecutive years without a single missed payment Paid {$100000.00} ( nearly {$35000.00} MORE than I borrowed ) Worked 6-day weeks to afford these payments Sacrificed homeownership, retirement savings, my children 's education funds, and my personal wellbeing I now owe {$110000.00} - nearly {$48000.00} MORE than I originally borrowed. \nI have done everything asked of me. I have paid faithfully. I have worked myself to exhaustion. And I am drowning deeper every year. \nThis is not merely a financial problem- it is a complete destruction of my ability to build a stable, secure life for myself and my family. The practices of these servicers have not just cost me money ; they have stolen my future. \n\nDOCUMENTATION I have the following documentation to support my complaint and am prepared to provide it upon request : Complete payment history for all three loans showing dates, amounts, and principal vs. interest application Payment records showing consistent payments and payment amounts ranging from {$540.00} to {$1400.00} Records showing forbearance/deferment period from XX/XX/XXXX through XX/XX/XXXX Records showing capitalized interest events and late fees during this period Documentation showing grace period ended XX/XX/XXXX Records of auto-debit payments from checking account Current account statements showing balances of {$36000.00}, {$52000.00}, and {$30000.00} Documentation of cosigner XXXX XXXX 's death XXXX XX/XX/XXXX Records indicating XXXX XXXX denied XXXX XXXX as cosigner in XXXX due to illness Documentation showing I notified XXXX XXXX of cosigner 's death Records of servicer transfers : XXXX XXXX ( XXXX XXXX XXXX XXXX  ( XXXX ), MOHELA ( XXXX )","date_sent_to_company":"2026-01-12T19:16:02.000Z","issue":"Dealing with your lender or servicer","sub_product":"Private student loan","zip_code":"438XX","tags":null,"has_narrative":true,"complaint_id":"18657382","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"MOHELA","date_received":"2026-01-12T19:05:45.000Z","state":"OH","company_public_response":null,"sub_issue":"Don't agree with the fees charged"},"highlight":{"complaint_what_happened":["<em>MULTIPLE</em> SERVICER TRANSFERS AND ACCOUNTABILITY GAPS My loans have been transferred twice, creating numerous <em>opportunities</em> for errors and loss of accountability : XXXX : Original loans with XXXX XXXX XXXX XXXX Transfer from XXXX XXXX XXXX XXXX XXXX : Transfer from Navient to MOHELA Each transfer creates <em>opportunities</em> for : Payment tracking errors and misapplication Loss of documentation regarding cosigner death and related rights Improper accounting of principal vs. interest Failure to honor previous"]},"sort":[5.0925484,"18657382"]},{"_index":"complaint-public-v1","_id":"8728833","_score":4.683242,"_source":{"product":"Mortgage","complaint_what_happened":"WARNING TO FIFTH THIRD : THIS IS NOT A DUPLICATE COMPLAINT. \n\nFIFTH THIRD HAS A HABIT OF MARKING MY COMPLAINTS AS DUPLICATES WHEN THEY IN FACT ARE NOT ENTIRELY DUPLICATES. SO I AM REQUESTING A DIRECT RESPONSE TO THIS COMPLAINT. \n\nOn XX/XX/XXXX I was forced by Fifth Third Bank ( 53 ) to file personal XXXX  XXXX bankruptcy to stop an illegal XX/XX/XXXX foreclosure WHILE a XXXX hardship application was in process which is a violation of dual tracking discussed below. In addition, after filing personal bankruptcy, I decided to look into some additional reasons why the foreclosure was illegal and the most recent are LACK OF STANDING ( see item XXXX below ) and multiple consumer federal and state violations regarding late fees and junk fees ( see items XXXX - XXXX below )... \n\nFifth Third 's bad faith actions noted below have driven me to unfairly seek bankruptcy protection to stop an illegal foreclosure that should never have been pursued. \nI lost my 30 year-old manufacturing company with XXXX employees to XXXX and closed the doors XX/XX/XXXX. This hardship resulted in delinquency on our Fifth Third mortgages and after filing multiple hardship applications on the primary mortgage and home equity line of credit ( HLOC ), Fifth Third ( 53 ) initiated foreclosure on XX/XX/XXXX. After multiple attempts to meet and confer failed, I decided to file XXXX XXXX to stop the illegal foreclosure. This foreclosure is illegal for these reasons : 1 ) It is important to note that our hardship application was for the primary mortgage ( in both names ) and home equity line of credit ( in my ex-wifes name ), 2 ) The home has approx. {$300000.00} in equity, 3 ) As a result of XXXX, we filed for XXXX  in XX/XX/XXXX, 4 ) FORBEARANCE  ( PRIMARY MORTGAGE see correspondence from Fifth Third dated XX/XX/XXXX ) - we filed our first covid hardship application in XX/XX/XXXX, then again in XX/XX/XXXX and again in XX/XX/XXXX, and Fifth Third never disclosed ( required by regulation ) the XXXX  XXXX XXXX XXXX XXXX XXXX  program, a crucial loss mitigation option, that could have prevented our hardships from getting significantly worse because it offered a more flexible and affordable mortgage assistance program for those impacted by XXXX. The reason the multiple forbearance assistance was not the best option is because any amount you were excused from paying during forbearance is added back into the total you owe and factored into the new payment structure after the forbearance period is up. During this 2 year period, our mortgage payment ended up being higher thereby making our hardship worse leading to the need to file for more hardship assistance with XXXX but this time we became delinquent on the HLOC ( item XXXX below ). \n5 ) TODAY WE ARE CURRENT ON THE PRIMARY MORTGAGE but it does no excuse 53s negligence and violation of regulations by failing to disclose the GMA  as a loss mitigation option. Fifth Third is required by the Consumer Financial Reporting Bureau ( CFPB ) regulations to disclose all loss mitigation options including GMA. \n6 ) ADDITIONAL HARDSHIP APPLICATIONS ( XXXX XXXX XXXX  ) - we became delinquent in XX/XX/XXXX while XXXX was still at its height... Since our hardships became much worse, we filed multiple Hardship applications for assistance but it was the hardship application filed in XX/XX/XXXX where Fifth Thirds mishandling and poor duty of care made our hardship much worse... the XX/XX/XXXX application took 9 months to process and resulted in a higher payment due to skyrocketing interest rates. This long process took away our rights to refinance at the lower rates in effect around XX/XX/XXXX. I did not take the payment offer because it was higher and again it would have made our hardship much worse. Due to 53s negligence in taking its time processing During the 9 months, 2-3 months went by with no replies to emails or phone calls. Due to the shoddy prolonged hardship application processing and poor duty of care, my ex-wife became frustrated and saw no hope in refinancing to get her name off of both mortgages so she could purchase her own home. \n7 ) REFINANCE : On numerous occasions, Fifth Third told us the only way to remove my ex-wifes name from both mortgages was to refinance but due to the shoddy prolonged processing of our applications while rates were skyrocketing, the refinance option was basically taken away by 53 from us because if I was to refinance at the higher rates, the payments would be higher which would make the hardship even worse, 8 ) So I filed another XXXX hardship application in XX/XX/XXXX and this one, while still in process/underwriting as of XX/XX/XXXX going on 8 months, is when the bank initiated the foreclosure which is a violation of dual tracking regulations at both the federal and state levels. This application was handled by different processors all asking for different information, requests for the same documentation and confusion over who ( me or my ex-wife ) should file the application... as an example, we re-filed at least XXXX applications during this 8 month period. \n9 ) LATE FEES CHARGED DURING BOTH PROLONGED HARDSHIP APPLICATIONS : these unconscionable and unreasonable extended periods to process routine hardship applications demonstrate that Fifth Third has taken control of our mortgage accounts to pump up fee income and the related interest income. Fifth Third unconscionably charged late fees ( with interest tacked on ) while they took their sweet time processing the XX/XX/XXXX and XX/XX/XXXX hardship applications that took 9 months and 8 months, respectively, and the latter is still in process even after I was forced to file bankruptcy to stop the XX/XX/XXXX foreclosure. There is no way this is legal. I am 100 % positive and can back up the fact that we did not contribute in any way whatsoever to any of the delays during the prolonged processing of these hardship applications. Whatever documents they needed or questions needing answers were provided promptly, The late fees charged by Fifth Third were excessive and unjustifiable, and are subject to various regulations at both the federal and state levels. Here are some common regulations that Fifth Third is required to comply with : Regulation Z ( Truth in Lending Act ) : Under Regulation Z, lenders are required to disclose late fees associated with consumer credit transactions, including mortgages, in the loan agreement or disclosure statement provided to borrowers. These fees must be reasonable and can not exceed certain limits set by law. \nState Usury Laws : Many states have usury laws that govern the maximum interest rates and fees that lenders can charge on loans. These laws often include provisions related to late fees, such as caps on the amount that can be charged or requirements for reasonableness. I am still researching the application of XXXX  XXXX XXXX XXXX  regarding late fees. But at a minimum it appears that charging legal fees during prolonged periods of hardship applications are not a reasonable practice by a mortgage servicer. The impact of this questionable practice spread over all of the Fifth Thirds customers falls into the category of bad faith actions that generate significant revenue for Fifth Third. \nFair Debt Collection Practices Act ( FDCPA ) : The FDCPA prohibits debt collectors, including lenders, from using abusive, unfair, or deceptive practices in collecting debts. This may include restrictions on the imposition of excessive late fees or fees that were not properly disclosed to the borrower. \nMortgage Servicing Rules ( RESPA ) : The Real Estate Settlement Procedures Act ( RESPA ) imposes various requirements on mortgage servicers, including rules related to the assessment and handling of late fees. These rules may include provisions for reasonable fees and requirements for notice to borrowers. \nState Consumer Protection Laws : Many states have consumer protection laws that govern the terms and conditions of loans, including late fees. These laws may impose additional requirements or restrictions on lenders beyond those required by federal law.\n\n10 ) LEGAL FEES CHARGED DURING BOTH PROLONGED HARDSHIP APPLICATIONS As part of the foreclosure notices, Fifth Third sent us a payment history and it shows over {$45000.00} in legal fees charged to my payment history during the prolonged processing of our XX/XX/XXXX and XX/XX/XXXX hardship applications ; this appears to be an extremely sneaky way to suction money out of any sales proceeds from the planned foreclosure. Again we had no control over prolonged delays in processing these applications and no legal actions were ever disclosed to us, 11 ) JUNK FFES CHARGED DURING BOTH PROLONGED HARDSHIP APPLICATIONS multiple indecipherable junk fees were charged throught the life of the home equity line of credit and they were never disclosed to us in advance or when they were charged, 12 ) SUCCESSOR OF INTEREST - I made attempts to make payments on the HLOC delinquency to cure the default but 53 refused the payments because my name was not on the HLOC note but the 53 never disclosed the Successor of Interest form until XX/XX/XXXX. If they had disclosed this form around the XX/XX/XXXX divorce time frame, my ex-wife would have signed it and the Fifth Third could have confirmed me as the successor of interest and my payments would have been accepted. Ironically, Fifth Third asked my ex-wife to sign a quit claim deed and we did ( Court stamped on XX/XX/XXXX ) but the bank did nothing with it ; this should have prompted the bank to disclose the Successor of Interest form. So we did not find out about this form until over 3 years later. Fifth Third apologized for not letting us know about his form while initiating the foreclosure. Despite this crucial oversight, the bank first required me to sign the Successor of Interest form for the HLOC but several days later, apologized again, and said my ex-wife was supposed to sign it and that was on XX/XX/XXXX... so we wasted more time with our hardship application still in underwriting even as of XX/XX/XXXX. \n13 ) I pleaded with 53 to mediate and stop the foreclosure and the bank said they can not stop it and did not want to discuss alternatives. With 30 days before foreclosure, the first reason for refusing to mediate was there was not enough time but I kept pressing the bank for a reason why there was not enough time and then the reason was changed to Attorney Client privilege! \nXXXX ) we have more than enough income to make the payments, XXXX ) XXXX DAUGHTER : I am also the XXXX XXXX of my XXXX  XXXX daughter and I think the foreclosure is a violation of the fair housing act for the XXXX. 53 asked for a copy of XXXX XXXX XXXX ordered legal guardianship and conservatorship documentation but did nothing with it as evidenced by the planned foreclosure. \n16 ) The banks negligent actions and unwillingness to stop harming us has made our life miserable, 17 ) Since I can not afford a lawyer, I decided to sue the bank as a pro-se litigant. Several of my defenses to prove to the court that the planned foreclosure include : a. Lack of Standing : I asked 53 many times to disclose loan transfer date to new owner but no reply. Without knowing these details on the new owner ( GNB Realty ) of the HLOC, there is no proof that 53 has the legal right to initiate foreclosure. \nb. Dual Tracking ( item 6 above ) : it is illegal to initiate foreclosure while a hardship application is in process. \nc. Negligently prolonging the processing of hardship applications : When a lender negligently prolongs the processing of hardship applications, several laws and regulations may be violated, including Real Estate Settlement Procedures Act ( RESPA ), Consumer Financial Protection Bureau ( CFPB ) Mortgage Servicing Rules, State laws and regulations, Truth in Lending Act ( TILA ), Fair Debt Collection Practices Act ( FDCPA ), Dodd-Frank Wall Street Reform and Consumer Protection Act, and State consumer protection laws. This negligence includes unresponsiveness and inadequate communication. Throughout these 8 months of the current XXXX hardshp application ( in underwriting as of XX/XX/XXXX ), the defendant demanded that we submit both new and resubmitted documentation, along with updated applications. We diligently and promptly fulfilled application rework. \nd. Robosigning : it appears that one of the reasons for the prolonged hardship application processing is due all of these requirements without hesitation, and it's crucial to note that none of the rework was due to any fault on our part and I am 110 % positive that we did not contribute to any of the XXXX hardship documents being robosigned meaning no one is reviewing the documents e. Illegally charging late fees and junk fees during 2 prolonged XXXX hardship applications of XXXX and XXXX  months respectively. \nf. Failure to disclose all loss mitigation options g. Failure to disclose the Successor of Interest form h. Failure to disclose in advance changes in interest rates on adjustable rate mortages i. Robosigning j. Discriminatory Practices : possible violation of the fair housing act for the XXXX. \n18 ) There are many other crucial failures demonstrated by Fifth Thirds lack of good faith with fair dealings After this experience with Fifth Third bank, I believe there are many homeowners who illegally lost their home to foreclosure due to prolonged shoddy application processing, negligence, incompetence, indifference, unethical conduct and bad faith actions. I suggest a federal investigation into this banks poor duty of care and I am sure many people have had their homes illegally foreclosed on. I dont believe there are many homeowners are as relentless and resourceful as I am to fight back including filing a pro se lawsuit. \n\nOne would think that Fifth Third, one of the 25 largest banks in the country, would have given our XXXX hardship application a higher level of priority. \n\nCONCLUSION I purchased my sportswear manufacturing business in XXXX with a {$400000.00} deposit from my life savings and a {$1.00} XXXX XXXX loan and then losing it due to XXXX, I applied for XXXX hardship assistance with Fifth Third bank and in all cases my modified payments on both the primary mortgage and the HLOC increased and the current application is still in process after 8 months and the previous one took 9 months... 2 hardship applications taking almost 2 years to process and then 53 has the nerve to attempt foreclosure- this is an absolute outrage from a large bank and you can not make this up. Our hardship is now much worse and despite this lack of duty of care, 53 someone finds a way to justify foreclosure despite multiple violations of federal and state regulations. It is my belief that there are many homeowners who have lost their homes to illegal foreclosure and some are still facing illegal foreclosure and unfortunately many of these homeowners are not determined enough or resourceful enough to fight back like I am attempting to do but it has come at a heavy cost of having to file bankruptcy to stop an illegal foreclosure. \n\nIn item 13 ) above, I pleaded with 53 to mediate and stop the foreclosure and the bank said they can not stop it and did not want to discuss alternatives ; here are some reasons why 53 is motivated to continue with illegal foreclosures : 1 ) Financial Incentive ( Ramp up fee income ) : often come with associated fees ( i.e., legal fees discussed in item 10 above ) and costs that the bank can charge to the borrower. This financial incentive may motivate banks to pursue foreclosure on properties with substantial equity, as it can result in higher fees and potential profits for the bank. The problem here is that it also appears that one can argue that 53 intentionally prolonged the processing of the hardship applications to generate fees to help meet the banks XXXX XXXX rosy profit projections 2 ) Recovery of Debt : Foreclosing on a home with substantial equity allows the bank to recover the outstanding debt owed by the borrower more effectively. The sale of the property can help the bank recoup its losses, including the outstanding loan balance and any associated fees. \n3 ) Fractional Reserve Banking : Fractional reserve banking, a system where banks are legally required to hold a fraction of customer deposits as reserves and lend out the rest, can influence their decisions in several ways : a. Lending Practices : When banks engage in aggressive lending practices that could result in borrowers defaulting on their loans, banks may resort to foreclosure to recover their funds and protect their assets. \nb. Risk Management : Fractional reserve banking exposes banks to liquidity risk, as they may not have enough reserves to cover deposit withdrawals in times of financial stress. To mitigate this risk, banks may prioritize assets that can be quickly liquidated, such as real estate through foreclosure, to ensure they can meet their obligations to depositors.\n\nc. Profit Maximization : Foreclosure can be a profitable endeavor for banks, as they can recoup outstanding loan balances, fees, and penalties associated with ALL delinquent loans. In cases where borrowers have significant equity in their homes, foreclosure may offer an attractive opportunity for banks to recover their funds and potentially generate additional profits. Substantial equity may present a more attractive option for foreclosure from a financial perspective.\n\nd. Regulatory Pressure : Banks operate within a regulatory framework that requires them to maintain certain levels of capital reserves to ensure financial stability. In situations where banks face capital shortages due to loan defaults or other financial challenges, regulators\n\nmay exert pressure on banks to strengthen their balance sheets by recovering bad debts, including through foreclosure. Fractional reserve banking incentivizes banks to foreclose on homes by contributing to a lending environment where banks may b\ne more inclined to pursue foreclosure as a means to bad management ( e.g., recoup losses due to bad portfolio risks management ), need to maximize profits, and meeting regulatory requirements I would appreciate any help your news organization can provide to resolve this matter.","date_sent_to_company":"2024-04-09T17:01:03.000Z","issue":"Trouble during payment process","sub_product":"Home equity loan or line of credit (HELOC)","zip_code":"30071","tags":"Older American","has_narrative":true,"complaint_id":"8728833","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"FIFTH THIRD FINANCIAL CORPORATION","date_received":"2024-04-09T15:45:07.000Z","state":"GA","company_public_response":null,"sub_issue":"Trying to communicate with the company to fix an issue while managing or servicing your loan"},"highlight":{"complaint_what_happened":["This hardship resulted in delinquency on our Fifth Third mortgages and after filing <em>multiple</em> hardship applications on the primary mortgage and home equity line of credit ( HLOC ), Fifth Third ( 53 ) initiated foreclosure on XX/XX/XXXX. After <em>multiple</em> attempts to meet and confer failed, I decided to file XXXX XXXX to stop the illegal foreclosure."]},"sort":[4.683242,"8728833"]},{"_index":"complaint-public-v1","_id":"10981005","_score":4.1724443,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"XXXX XXXX XXXX XXXX XXXX XXXX\nConsumer Financial Protection Bureau (CFPB)\nXXXX XXXX XXXX XXXX XXXX, DC XXXX\nThis is to complain against RIA XXXX: HIGH\nIMPORTANCE: HIGH\n[WITHOUT PREJUDICE]\nI wish to practice my right as a customer of RIA to use your organisation's service, seeking a formal,\nimpartial investigation to amicably settle my dispute with RIA.\nIn order to clear up the myriad of letters and correspondences I have hitherto sent to RIA respecting my\ncomplaint, I believe it will substantially strengthen both my case and your understanding, by taking a\ndeeper look at the happenings of my case, and analysing the relevant facts in an objective and\ncomprehensive fashion.\nIt is crucial to note that I have been manipulated, socially-engineered and coerced to engage these\nfraudulent criminals. Much to my embarrassment, I recognise that I am the victim of an investment scam.\nMy complaint to the CFPB has arisen as I do not consider, by any stretch of the imagination, the conduct\nof RIA to be commensurate with their legal role and responsibility to their customers. They sell a service\nto look after their customers, protect their money and are a financial institution that maintains a traditional\nrelationship and way of working with its customers.\nDuring the complaints process with RIA, I found their communication ineffective, which further hides\ntheir conduct to management and diminishes the service offering to their clients. They are struggling to\nadapt their business offering in the ever-changing world of IT development. The internet is presenting a\nreal problem which they choose to manage in a way which is not in line with rules and regulations of\nCFPB as well as their own internal policy and procedures sold to their clients.\nGeneral Obligation:\nCommencing on XXXX XXXX, I fell victim to a multilayered scam operation orchestrated by XXXX XXXX (the Fraudsters or Company).\nMoney was transferred from my account in the total amount of XXXX XXXX.\nWhen determining whats reasonable and fair, we should focus on the issue of liability; common queries\ninclude, but are not limited to, the following (i)\nwhether RIA did not take notice of any rule, law, or regulation, and/or possibly missed any material\nelements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my\nfinancial safety; (ii) whether by virtue of RIAs custodianship over my funds or by its control over them,\nthey owed a fiduciary duty to the me and if so, whether that duty was breached; (iii) whether RIA\npromoted the transaction(s) in question despite being aware of the nature of the transaction(s) in question\n(iv) whether RIA was in compliance with its own policies and procedures; (v) whether RIA owed duties\nto myself, what the scope of those duties was, and whether RIA did not uphold those duties; (vi) whether\nRIAs conduct was unfair; and (vii) whether RIA has within its power the ability to, and should,\ncompensate me for the harm that has befallen me.\nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member\nadequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent\nand nature of this activity and properly communicate to the customer that such activity meets the relevant\ncriteria of fraud.\nIn providing its services to a customer, a financial institution is required by law to exercise the care and\nskill of a diligent, prudent banker. In this case, this means that the payment service provider should not\nturn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In\nother words, RIA must have had special knowledge of what was occurring or been alerted to a real\npossibility of fraud taking place. The financial institution must have known or reasonably ought to have\nknown that I was dealing with a scammer.\nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a\nsense in which the standard of care of the reasonable person involves in its application a subjective\nelement.\nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not\naverage care. The fact that most people behave in a certain way may be good evidence that the conduct is\nreasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of\nthe evidence suggests that RIA did not foresee the fraud and disregarded even the most obvious dangers\nin this respect.\nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the\nstandard of the reasonable person should be applied, and that lessons can be learnt from the errors of the\npast.\nRIAs Position:\nPlease find attached all relevant evidence below.\nRIA conspicuously touts their security as a reason to use their service. Specifically, RIA writes on\ntheir website:\nWe work hard to protect you from fraud. That's why we:\n Apply best-in-class security technologies expertise to protect you 24/7, all year round.\n Secure every method of banking we offer including online, mobile, ATM and telephone\nbanking.\n Offer free security software from our trusted tech partners to download on to your devices.\n Frequently train our employees on the latest practices in cyber and physical security.\n Give you the security tips and resources you need to protect yourself from potential threats.\nRefuting RIAs arguments from a purely logical perspective:\nRIAs position is that the features of the situation at hand do not generate a genuine obligation to protect\ninnocent and helpless victims; they are essentially arguing that common-sense-based approaches are\ndoomed to fail, leaving their exclusively technical account of the subject matter as the only meaningful\nchoice. For reasons which are unclear, this extremely serious situation barely gets the attention it deserves\neven though ample evidence has been offered in support of this complaint.\nIn RIAs view, it is implied that we should not home in (and consequently rely) on unwritten laws,\npracticality, good judgement, reasonableness, sharpness, sensibleness, past outcomes, and insight, when\ntaking appropriate precautions. To underscore, once again, such views are at odds with common sense\nand are wildly irresponsible.\nImagine a view according to which the one and only thing that can make RIA morally obligated to do\nsomething is having it written down somewhere. Pursuant to this view, if RIA encounter the suffering of\ntotally naive victims, they are only obligated to intervene in or remedy the situation, to the degree\nrequired by written material. This is unbecoming for a reputable establishment such as RIA.\nI have reviewed the material hereto sent by RIA carefully, and it unfortunately provides no response to\nmy fundamental argument concerning the degree of care. Given its size, influence, and the resources at its\ndisposal, this establishment clearly had a far greater capacity than an individual such as myself had, to\ndetermine the level and likelihood of risk that a client such as myself is subjected to and had a duty to\nintervene as they now do to query in particular out-of-pattern transactions of this kind.\nIt is perfectly obvious that RIA, inadvertently, employs a subtle approach in addressing some of the key\nquestions in a manner which neither provides me with adequate support nor protects anything other than\nits own interests.\nIt is RIA here, who has the burden of proof, to show that it has exercised the duty of care, that is to say,\nthat RIA adhered to a standard of reasonable care in relation to the matter at issue given its extensive\nexperience compared to mine. It is RIA that claims that the damages which I have suffered in connection\nto this matter have not been reasonably foreseeable, and that my proposed degree of care is not, and has\nnot been, commensurate with RIAs capacity, experience, expertise, or scope of services in any way. To\nreemphasize, RIAs indisputable overriding purpose is by no means to purely execute transactions in a\nblind and blank fashion, but rather to strike a balance between executing those transactions and\ncapitalising on its undeniably vast capabilities to protect consumers thereby enhancing market integrity.\nApropos of the fluidity of the concept of reasonableness, all RIA has done in this regard is set up a\ndichotomy of having or not having the legal obligation under consideration, however, that does not go\none-inch toward explaining why various regulatory authorities, has maintained that financial institutions\ncan, and should, protect consumers using their systems, advanced technologies, and rich experience.\nRIA is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being\nperpetuated. If you don't question its customers instructions or raise the possibility of a scam with the\ncustomer in these circumstances, it may be liable if the red flags indicate the customer is:\n particularly vulnerable, or\n if the possibility of fraud was serious or real, not just suspected.\nThere are some recommendations to organisations for protecting customers from financial harm that\nmight occur as a result of fraud or financial abuse; and gives guidance on how to recognise customers\nwho might be at risk, how to assess the potential risks to the individual and how to take the necessary\nactions to prevent or minimise financial harm.\nThese recommendations are established as a general principle, the organisation should deliver a\nservice that:\n1) Takes a proactive approach to minimising risks, impact and incidences of financial harm and it\nsets out systems and tools for the prevention and detection of fraud and financial abuse. As a general\npoint, it says organisations should ensure that all systems are developed using technologies and\nmethodologies that are effective in the prevention of fraud and financial abuse, through authorised\nand unauthorised payments, thereby minimising the risk of financial harm to customers. As regards to\nthe detection of fraud and financial abuse, it says the organisation:\nA) should have measures in place across all payment channels and products to detect suspicious\ntransactions or activities that might indicate fraud or financial abuse. It then lists the following\nexamples of suspicious activity on customer accounts:\na. multiple cheque books;\nb. sudden increased spending;\nc. transfers to other accounts;\nd. multiple password attempts;\ne. logins from new devices, multiple geographical locations;\nf. sudden changes to the operation of the account; Unusual transactions are\ntransactions whose amount, characteristics and frequency bear no relation to the\neconomic activity of the customer, exceed normal market parameters or have no\napparent legal justification.\ng. a withdrawal or payment for a large amount;\nh. a payment or series of payments to a new payee;\ni. financial activity that matches a known method of fraud or financial abuse.\nB) organisations should have a process in place to ensure that staff make contact with the\ncustomer to verify the financial activity, challenge its authenticity, explain the nature of the\nsuspected or detected fraud and discuss an appropriate plan of action.\nRIA are yet to show, or otherwise provide me with, a compelling argument that their wide-ranging\nexperience and wealth of specialist knowledge in detecting transactional anomalies were not sufficient to\navert the fraud at issue. By contrast, I have provided a multitude of sound and powerful reasons by which\nrequiring their involvement has not only been pressingly relevant but also eminently reasonable and welljustified.\nRather than empathising with and undertaking substantial efforts to convey their knowledge of the\nexistence of such regulations abroad and thereafter use it to protect and proactively relieve the plight of\nconsumers who have been cheated out of their money and whose role in society is properly fulfilled,\npositively contributing to local economic growth, development and sustainability  RIA adopts a rather\ninsouciant attitude toward my financial predicament portrayed herein.\nI am deeply convinced that the disastrous results that I have previously elaborated upon will continue to\nensue if no responsibility is adopted by RIA in relation to this matter. I have also thoroughly detailed why\nthey cannot simply dismiss this problem by strictly adhering to legal technicalities which, after careful\nreflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to\ndisregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts,\nthereby keeping an unjust status-quo that is corrupting our society at its core.\nConclusion:\nBased on my analysis, and as confirmed by various authorities concerned with such matters, there is\nabundant evidence that forward-thinking financial institutions ought to take reasonable steps to forestall\nfraud, or at least mitigate its risk by using an effective risk management system, demonstrating their\nundisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital\narena. The use of such systems, largely based on newly adopted technologies aimed at effectively\nnavigating the evolving threat landscape, is only one of a number of possible endeavours undertaken in\nthis connection, alongside the application of past knowledge and experience related to popular fraudulent\npractices.\nAstonishingly, I am pondering how it is that, despite being shown that RIAs business conduct was\ninsufficient insofar as background checks are concerned, they keep refuting their indisputable role and\nresponsibility in connection with the matter herein discussed. The points that I have hitherto made are too\ncrucial to be taken lightly. RIAs non-observance of the fundamental principles of justice  that is, to\ncompletely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is\ninexcusable given the size of the establishment and the vast resources at its disposal as the direct result of\nthe patronage of clients like myself.\nIf it was, indeed, solely my responsibility, we must then believe at least one of the following clauses: a)\nfinancial institutions have absolutely no role whatsoever in preventing and detecting fraud, b) the fraud in\nquestion was not reasonably foreseeable, or c) the transactions in question were not sufficiently alarming.\nIt is extremely unfortunate that RIA pushes quite hard for me to believe all three of these thingsdespite\nevidence to the contrary.\nIn summary, I respectively ask your organisation to consider my points, given your personal and\ncompanywide obligation to provide a fair and reasonable investigation into the complaint.\nI look forward to your input and would gladly cooperate to reach a fair and reasonable outcome.\nThank you. XXXX XXXX XXXX\nXXXX  THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK\nXXXX XXXX XXXX\nTo: RIA\nXXXX XXXX, California , United States\nVia Email\n[Without Prejudice]\nAttn: Complaints/Fraud Dept.\nDear Sir or Madam,\nRe: Demand Letter  Fraud\nI hope this letter has correctly found itself within your complaints/fraud department as it is essential to me that\nyou become aware of the ordeal I have had to go through.\nCommencing on XXXX XXXX I fell victim to a multilayered scam operation orchestrated by XXXX XXXX (the Fraudsters or Company) with the design, development, manufacturing, promoting,\nmarketing, distributing, labeling, and/or sale of illegal and outright fraudulent investment services, all of\nwhich aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of the\nclient losses to gains.\nMoney was transferred from my account in the total amount of XXXX XXXX utilizing your services.\nOVERVIEW\n This letter shall thrust into the spotlight, inter alia, the increasingly important role those financial\ninstitutions play in the fight against financial crime and fraud, and the pressing need for enhanced\nsupervision and vigilance within your organization.\n Heres an indisputable fact: had you looked at the wider circumstances surrounding the abovereferenced\ntransaction(s), this illicit transfer of wealth could have been prevented.\n Obviously, there is no consensus with respect to the degree and scope to which regulated and licensed\nfinancial institutions must intervene and block suspicious transactions, and indeed, in so doing,\nfinancial institutions may often cause payments to be slowed down unnecessarily or even some\nlegitimate payments may be rejected, however, please be noted that additional frictions such as slower\npayments (such as delaying payments or freezing funds to investigate) is beneficial to and welcomed\nby vulnerable customers and is widely considered to be a positive practice that is necessary in order to\nmaintain their financial safety, particularly for large-value and/or out of pattern.\n Executing transactions without proper authority is not only a severe regulatory offense but also an\nirresponsible and reckless disregard of the customers financial safety.\n Against this background, and without derogating any of my rights, I hereby hold you liable for\nfinancial and emotional harm as well as medical problems relating to this victimization and insist that\nyou reimburse my account in full within 14 days from the date of this letter.\nINTRODUCTION\nFinancial crimes and fraud investigations often involve a high degree of sophistication, complexity, and\nsensitiveness to detail. Accordingly, this letter aims to address the issue at hand as profoundly and fairly as\npossible, by taking into consideration contextual regulations, laws, and bylaws, as well as guidance, standards\nand rules promoted by supervisory authorities, relevant codes of practice and (where suitable) what was good\nindustry practice (GIP) at all times relevant hereto. The allegations contained herein are predicated either\nupon knowledge with respect to myself and my own experience, or upon facts obtained through investigations\nconducted by qualified third parties. I strongly believe that substantive evidence in support of the allegations\nset forth herein will be found after an appropriate opportunity for discovery. Key facts supporting the\nallegations contained herein are known only to the Company and/or are exclusively within their control.\nThe Company cleverly orchestrated a prevalent scheme of deception to lead people to invest significant sums\nwhile knowing that those would-be investors would ultimately lose the money, they had entrusted to it. The\noverall purpose of the scheme, in other words, was to target and defraud people who are often inexperienced\nand naive, in pursuance of illicit wealth through various fraudulent representations.\nI did not know, and through the exercise of reasonable diligence could not have discovered, the fraud\nthat was being perpetrated upon me by the Company. Fraud is commonly conceptualized as withholding\nfrom the weaker party in a financial transaction (e.g., an investor) information which is necessary to make an\ninformed, rational or autonomous decision.\nIn this regard, even access to adequate information is insufficient to achieve complete autonomy. A\ncomplication here is that the weaker party, amateur/unseasoned investors in particular, might have trouble\nanalyzing the data at hand sufficiently well to identify fraudulent schemes. Unfortunately, because financial\nproducts are often abstract and complex, there is no easy solution to this problem. Therefore, full autonomy of\ninvestors might not only require access to sufficient information, but also access to relevant technologies,\nknow-how, processing capabilities, and resources to analyze the information. A reasonable solution is that\nfinancial institutions would be required to promote transparent communication in which they track the\nunderstanding of its customers.\nAccording to the Federal Trade Commissions interpretations of certain terms (like the words deceptive and\nunfair), the FTC has found that a deceptive act or practice encompasses a representation, omission or\npractice that is likely to mislead the consumer acting reasonably in the circumstances, to the consumers\ndetriment.\nThe federal courts have defined a deceptive trade practice [i] as any act or practice that has the tendency or\ncapacity to deceive consumers and have defined an unfair trade practice as any act or practice that offends\npublic policy and is immoral, unethical, oppressive, unscrupulous, or substantially injurious to consumers.\nThe false representations and omissions made by the Company have a tendency or capacity to deceive\nconsumers, such as myself, into unwittingly providing funds that fueled the Companys fraudulent scheme\nand are therefore, by their very nature, jointly immoral, unethical, oppressive, unscrupulous, and\nsubstantially injurious to consumers.\nAs a result of the Companys deceptive trade practices, I was deceived into transferring my funds for\ninvestment returns that were never delivered. I will certainly never receive any monetary value for the\ninvestments considering the way the Company had their scheme rigged, thus causing significant economic\ndamage to me. The false statements of material facts and omissions as described above; and the fraudulent\ntransaction(s) the Company perpetrated upon me; were unfair, unconscionable, and deceptive practices which\nwould have likely deceived any reasonable person under the circumstances.\nMERCHANTS FRAUD SCHEME  ALLEGATIONS\nThe Company hired, managed, and trained personnel, and collaborated with others as accomplices to\ntheir crimes to induce fraud that resulted in my financial and psychological damages. These include,\nbut are not limited to, the following allegations, all of which involve criminal, non-regulated, and\nmalicious activities:\n1. The Company directed and instructed others to work from shell companies that were operating\nfrom various unassociated locations across the globe.\n2. The Company opened bank accounts in multiple countries and used them through their\naccomplices and strawmen from around the world to conceal and disguise the identity of\nillegally obtained proceeds so that they appear to have originated from legitimate sources.\n3. The Company intentionally committed fraudulent misrepresentation, and falsified its agent names,\ncredentials, competencies, qualifications and location. The Companys name is merely a brand name,\nofficially owned by shell corporations located offshore. In reality, the entire operation is being\nconducted from elsewhere (supposed location is evidently fictitious), and on top of that the call center,\nmarketing, and decision making, are all being performed by completely anonymous and hidden\nentities. Concealing true identities and utilizing front companies as a vehicle for a wide spectrum\nof financial maneuvers is a notorious practice of criminal organizations.\n4. The Company has blatantly violated international laws, as it has been practicing without a\nlicense and funneling enormous sums of money, through countries and jurisdictions that require\nregistration to operate.\n5. The Company provided direct investment advice - not utilizing 3rd party recommendations (e.g.,\naccording to Bloomberg TV/Investing.com)\n6. The Company offered investment services/advice not related to real market/exchange data\n(manufacturing false charts etc.). The trading platform was purposely manipulated, in a way that\neach client would ineluctably and unknowingly lose money, as the trades were simply\nconcocted. Instead, the Companys staff and its accomplices simply pocketed the money, using\nit to purchase various luxurious, non-essential items.\n7. The Company prohibited my ability to withdraw my funds.\n8. The Company was guaranteeing returns/yields (unrealistic ones).\n9. The Company furnished me with bonuses - which are not allowed to be given.\n10. My money was not held in a segregated account.\n11. The Company did not advertise/disclose/was not transparent regarding the statistical data representing\nthe percentage of total client losses at the company.\n12. The Company did not mention the commission and overnight swaps.\n13. The Company did not read the risk disclosure prior to my deposit(s).\n14. The Company used high pressure tactics and outbursts, which took a severe toll on my health.\n15. Armed with my personal details, the Companys staff seduced me into transferring all of my\nsavings to them. They utilized their knowledge of my cultural context, which stressed square\nand honorable business dealings along with honesty, in order to maliciously take advantage of\nmy trusting nature.\nPlease take notice that my funds were transferred through means of coercion and under false pretenses.\nAttached, please find supportive statements, screenshots, and further evidence.\nEXPOSING YOUR ORGANIZATIONS MISCONDUCT\nI hereby allege that your organization has completely failed to adequately investigate the circumstances\nsurrounding the transaction(s) in question and willfully blinded itself to obvious red flags.\nMany suspicions should have arisen at your organization as an issue of great concern, with respect to the\nunusual activity taking place in my account. Despite the regulatory and statutory requirements your\norganization should abide by as a licensed and regulated financial institution  and instead of detecting\npatterns, drawing certain conclusions, and taking actions accordingly you at best, merely and insufficiently\nperformed some hasty and haphazard reviews of the transaction(s) or possibly asked only minimal generic\nquestions regarding the suspicious activities, and at worst, shut your eyes completely rather than being careful,\nmethodical, and vigilant. Had you bothered, you would probably have realized that the funds were associated\nwith fraud and financial crime, rather than some other legitimate revenue/activity.\nIn light of the above, and after conducting a comprehensive review of our communication/interactions,\nit has become glaringly obvious to me that no adequate information and/or documentation were sought\nby your organization, at best, and at worst no appropriate safeguards were implemented.\nIf a financial institution executes a customer order to transfer money knowing it to be dishonestly given,\nshutting its eyes to the obvious fact of the dishonesty, or acting recklessly in failing to make such inquiries as\nan honest and reasonable individual would undergo, it would be in breach of its duty of care, even if the\npayment was made in accordance with the terms of the mandate, and the financial institution should still be\nliable for negligence resulting in damages.\nCompliance departments should ensure that staff members understand the legal requirements and where there\nare suspicions, these suspicions be communicated to all relevant personnel whilst being investigated.\nFor the avoidance of doubt, reasonable grounds should not necessarily be interpreted as proof. On the basis of\nvarious signs, you should have assumed that something suspicious was going on therefore should have\nsuspended transaction(s) until reasonable enquiries could be made to verify that the transaction(s)\nwas/were properly executed. In other words, I am a victim of your negligence for facilitating the\nmisappropriation of funds, and doing little to safeguard public financial interests. Any reasonable staff\nmember would have realized that there were many obvious, even glaring, signs that I was being defrauded.\n(XXXX XXXX XXXX (in liquidation) v XXXX XXXX XXXX XXXX XXXX [XXXX] XXXX XXXX) [ii]\nYou knew or should have known that the funds being transferred through your services did not rightfully\nbelong to the recipient fraudsters. Similarly, you knew or should have known that the funds being transferred\nthrough your services serve no legitimate or lawful purpose. You turned a blind eye to the crimes that you\nhave facilitated and thus provided an array of essential money transfer services, acting as a vehicle, with the\nawareness that it was enabling the fraudsters to commit crimes and enrich themselves with the funds of their\nvictims.\nYour services undoubtedly served as a crucial element in the fraudulent scheme detailed herein, and you were\neither unaware of your complicity in the fraud, or, more worryingly, completely aware and silent. Had you\nconducted an adequate account analysis, you would have discovered the nature of the recipient, and\nsubsequently, disclosed and reported the fraudsters activities to law enforcement authorities/agencies and\nregulators. Instead, to satisfy your financial interests, you conveniently closed your eyes, even though you\nundeniably had, at all material times, the necessary controls and resources to influence, whether directly or\nindirectly, those particular transactions.\nYou also had the duty to stop those crimes, yet you refused to do so because you were more interested in\nenriching yourself, even if it meant furthering those crimes and allowing them to cause massive financial\nlosses to plenty of victims  many of whom are probably your customers. Therefore, it is clear that you did\nnot have in place adequate security measures to properly safeguard my assets  hence, you have\nirreparably harmed me and, if not enjoined, will continue to irreparably harm other victims as well as\ntheir loved\nones and associates. You have irreparably harmed me and, if not enjoined, will continue to irreparably\nharm the general public, and our society deserves better.\nA financial institution which wrongly pays money away when it has no authority to do so will usually be\ntreated as if it had paid using its own funds, not those of its customer.\nWhen discussing the responsibilities that a financial institution might incur, it is crucial not to forget the fact\nthat a legitimate complaint by, or cause of action on the part of, a client might generate/give rise to further\nstatutory cause of action and/or additional liabilities beholden by a financial institution to the relevant\nregulatory authority. Obligations/duties beholden by a financial institution to a regulator are distinct from\nthose beholden to the customer. Moreover, you may be held liable to more than one regulator.\nAs a regulated and licensed financial institution, you have strict statutory and regulatory obligations to\nmonitor transactions and report any suspicious activities to law enforcement authorities. The importance of\nimplementing robust internal systems to detect and report money laundering and other suspicious activities\nhas been continuously emphasized in the industry in addition to having the appropriate policies, procedures\nand internal controls in place to ensure ongoing compliance in respect to the aforementioned systems. You\nshould have analysed and distinguished thereafter between that which may be normal activity and that which\ncould suggest an illegal activity. This is a well-known standard industry practice which plays a substantial role\nin preventing criminals from liquidating and laundering funds.\nFRAUD\nActual fraud can be described, inter alia, as suppression of that which is true, by one having knowledge or\nbelief of the fact. Therefore, due to your actual knowledge that such scams are so prevalent, you are liable for\ndamages. Similarly, due to the fact that you knew or were grossly negligent in not kn","date_sent_to_company":"2024-11-30T09:15:06.000Z","issue":"Fraud or scam","sub_product":"International money transfer","zip_code":"XXXXX","tags":null,"has_narrative":true,"complaint_id":"10981005","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Ria Envia, LLC","date_received":"2024-11-30T08:54:09.000Z","state":null,"company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["It then lists the following\nexamples of suspicious activity on customer accounts:\na. <em>multiple</em> cheque books;\nb. sudden increased spending;\nc. transfers to other accounts;\nd. <em>multiple</em> password attempts;\ne. logins from new devices, <em>multiple</em> geographical locations;\nf. sudden changes to the operation of the account; Unusual transactions are\ntransactions whose amount, characteristics and frequency bear no relation to the\neconomic activity of the customer, exceed normal market parameters or have no\napparent"]},"sort":[4.1724443,"10981005"]}]},"aggregations":{"has_narrative":{"meta":{},"doc_count":9,"has_narrative":{"doc_count_error_upper_bound":0,"sum_other_doc_count":0,"buckets":[{"key":1,"key_as_string":"true","doc_count":9}]}},"product":{"doc_count":9,"product":{"doc_count_error_upper_bound":0,"sum_other_doc_count":0,"buckets":[{"key":"Checking or savings account","doc_count":3,"sub_product.raw":{"doc_count_error_upper_bound":0,"sum_other_doc_count":0,"buckets":[{"key":"Other banking product or service","doc_count":3}]}},{"key":"Debt collection","doc_count":2,"sub_product.raw":{"doc_count_error_upper_bound":0,"sum_other_doc_count":0,"buckets":[{"key":"Auto debt","doc_count":1},{"key":"Payday loan debt","doc_count":1}]}},{"key":"Student loan","doc_count":2,"sub_product.raw":{"doc_count_error_upper_bound":0,"sum_other_doc_count":0,"buckets":[{"key":"Private student loan","doc_count":2}]}},{"key":"Money 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