Complaint Review: Wells Fargo Bank /Luis Cota and Alfredo Luna

On 1/9,2012 I walked into Wells Fargo to secure a loan for a new nightcare business I had been working on for three years. I was taken back to speak to Mr. Luis Cota , and I was familar with Mr. Cota because I go in this particular brach monthly to pay my car loan that I have with Wells fargo. Mr. luna had approached me on several occassions and explained that he was a broker and I  had told him that one day i would probably talk to him because I was hoping to launch a new business soon. So I was familar with him and happy when I found out he was going to help me.
  
I sat down with Mr. Luna and gave him my business plan booklet, my tax Id sheet and my business license. I also gave him a huge portfolio with my personal bank statements for the past year, a record of my pay stubs for my current job for the past year, the flyer for  site that I wanted to work with if i recieved the loan and could open my business. We had a long talk and on that day Mr. luna took all of my materials and had me set with him for an hour and a half filling out the application for my loan on his computer. (or so I thought).

He then informed me that i would have to work with a team of three people once the account was open and he would have them call me, he also stated that once he got the approval for the loan I would need to return and open two accounts ,a merchant account and a savings account. I left feeling very hopeful. I did explain on that day that my credit score was low because of my divorce a feww years back Mr. Luna leaned over to me and said " Ms. Foster Ryan Beglan ,our broker that will probably take this loan over for you gave a loan recently for thousands  of dollars to a man that had a credit score of 512".

I received a call from Mr. Luna saying everything was a go and for me to return to the bank and open my two accounts. I did that, and I was told I would hear from Ryan Beglan to get the deal sealed. I went out and contacted my realtor to talk about the site I would use, I told all my friends and family I was getting the loan to start my nightcare busines. On Jan 23rd,( two weeks later)  I called to ask why I had not heard from anyone and Mr. Luna gave me Mr. Beglans number. Mr. Beglan assured me he had not recieved a loan request on me at all, and he stated if my credit score was below 600 Wells fargo would probably decline so he suggested I go back to Mr.Cota .

I returned to Mr.Cota and asked to speak with his manager Mr. Luna, the branch manager, and he told me he knew  Mr. Cota had gone above the call of duty to get me this loan and i simply asked how could he have, when no loan application had even been submitted . They both told me they were sorry I was confused  and sent me home to wait once again for a call from Mr. Beglan.

Mr. Beglan called me back and stated that he was so sorry but he would not even waste my time doing a loan request and that I should return to hash it out with Mr. Cota and Mr. Luna. I left work agian and returned to Wells Fargo and Mr. Luna did a application for my loan called me two hours later and told me I had been declined. I am 62 years old and I can accept a decline but I went to Wells Fargo with a dream aand because my daughter who is an employee there encouraged me that , this is one bank that helps people get started. Shame on you Wells Fargo for  your false advertisement that you build relationships. This was fradulent and I  intend to close both of those accounts today .