Wells Fargo
Property Loss

I am so disappointed with Wells Fargo over the way that they are handling my property loss claim.

I filed an insurance claim with AAA over water damage caused by my AC unit on August 12, 2012. On 9/30/2012, my 17, 000 claim was settled and I received a check for 12, 000 after an emergency crew was paid. AAA addressed the check to Me, my wife, and Wells Fargo. That same day I took the check to Wells Fargo for endorsement and they told me they could not because of the large amount. I had to call the home mortgage department and have them endorse it. The home mortgage department said that they could not endorse it either because the loss totaled over $15, 000 and that it was going to be a monitored claim, requiring me to mail the check and them disbursing three separate payments after I sent a contractors bid, receipts for material and labor, w-9 tax forms, inspections, and a whole lot of other red tape.

The agent on the phone was very helpful and told me I could avoid all of that by writing a letter of request to release the check, but that it would take 3-5 business days before a response. Because of the three day weekend I got my response today (9/7/2012). The response was denied because there was an issue over lead. The emergency crew detected lead in an old layer of paint on my walls and AAA had to hire an abatement crew to remove the bottom portion of three walls that got wet.

I explained to the agent that the lead issue was not relevant because the abatement crew had already been paid and before they removed their containment, they tested again for lead and the second results came out negative. My wife and three children have been living in the house for the past three weeks, so what is the issue? The agent stuck to her guns and asked me “are you going to mail the check or not? I told her not, and asked for a manager. She took my phone number and told me to expect a call back within 48 hours.

I decided to prepare for another denial and read the terms of the monitored claim. Under a monitored claim you are allowed to sub-contract, but conveniently for Wells Fargo, they do not have those forms available online. I called back and asked how I can get those forms and another agent told me that they need to mail them to me, 7-10 business days! I thought to myself, when Wells Fargo was created over a 100 years ago, that’s how long it took to deliver documents by horse. How is that possible?

Long story short, Wells Fargo is a real piece of work. I understand there is a lot of fraud by people who take the money and abandon their house, especially in this housing market, but come on. I am up to date on my payments, I have some equity, and I am in good standing with Wells Fargo. Like other Big Businesses, Wells Fargo has lost touch with its people and needs a wake up call. If at all possible, avoid Wells Fargo until they fix their ways.

Offender: Wells Fargo
Country: USA   State: California

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