Complaint Review: Wells Fargo

On 06/29/2012, Northern Virginia and Washington DC area suffered a strong storm and Virginia Gov. Robert F. McDonnell declared a state of emergency. Our home was damaged by a falling tree. Our insurance company (Allstate) quickly sent an adjuster to assess damage and sent us a check for repairing the damage.

When we took the check to our bank, we were told that since the check also has the mortgage holders name (Wells Fargo), we have to get endorsement from Wells Fargo. We went to a local Wells Fargo branch. A person at the Wells Fargo contacted Wells Fargo Home Mortgage Property Loss Department At Florence SC.  We were told that we have to fill out a lot of paperwork, notarized our signature and mail the insurance to Wells Fargo Loss Department.

We filled various forms, notarized signature and mailed the insurance check to Wells Fargo. After a week, we called Wells Fargo (866-826-4902) to check status. A lady told me that they need to schedule an inspection before releasing a portion of insurance money. They supposed to release 1/3 of insurance money after they receive the insurance check. Until now Wells Fargo
held ALL insurance money and wanted to do progress inspection.  I paid a contractor out of my pocket for repairing damage because Wells Fargo unethically held the insurance money hostage.

We waited for about a week for the progress inspection. No one called me or showed up. I called Wells Fargo again. I was told that the progress inspector could not reach me. I asked if I could contact the inspector.  The person at Wells Fargo said NO. I did not believe that Wells Fargo scheduled any inspection at last time. It was unlikely that inspector could not reach me because
I verified my contact number and address. I asked them to show some evidences that the insurance money is held in an escrow account. Wells Fargo person told me that they could not show evidences that insurance money is in an escrow account. Finally, they transfer my call to a specialist, the specialist agreed to release the first 1/3 portion insurance money and schedule an inspection.

A few days later, an inspector came and determined that we had finished 98% repairs (all with our own money).  After a week, I called Wells Fargo and requested to release 2nd portion of insurance money. We were asked to fill out some forms, also asked me to give forms to the contractors to fill out. I called many times (omitting many details, every time, Wells Fargo came with a new excuse to delay releasing the insurance money). I finally received the rest portion of insurance money after making many phone calls. For the whole repair process, I paid the contractor out of my pocket. Wells Fargo unethically, greedily held the insurance money hostage.