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Wells Fargo / not releasing funds for contractor

1 KS, United States Review updated:

I am a roofing contractor in Wichita KS. I replaced 2 roofs 6 - 8 weeks ago on Wells Fargo mortgage customers. We sent Wells Fargo everything that they said they needed to release the insurance money to their customer for them to pay me. But every week or 2 just when I am expecting to receive the money they come up with something ridiculous that they say they need or they can't locate a piece of paperwork that I sent them previously. They are currently holding about $25000.00 of MY MONEY and I am at my wits end and really ticked off. I have already paid for the materials and labor for these jobs. And I currently have 4 more customer's roofs to build who also have their morgage with Wells Fargo! So, Wells Fargo will be in complete control of that money for 2-3 months as well. Can anyone reading this afford not to be paid for 2-3 months? Is there not a government agency that can help or some type of legal action that can be taken against these crooks?! The reason they are holding the money is very simple.. they are making millions of dollars in interest on hardworking contractor's incomes. I have an account with Wells Fargo that I will be closing now. I recommend that no one do business with this company.

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Comments

  • Kh
      23rd of Nov, 2010
    0 Votes

    WF is pretty clear about how they release funds...if you are doing insurance work it is regulated by the state. They release some upfront and the rest when the project is completed AND inspected. By them and the building code department ( may not be the right department but you know what I mean) . AFTER inspection is done and the work is completed they will release the rest of the funds. There is several different departments that have to approve the releasing of the funds and that is to protect the homeowner from being scammed. Also they usually NEVER release the money to the homeowner because they are afraid of the homeowner taking off with it and not paying the contractor.

  • Co
      11th of Jul, 2012
    0 Votes

    Has Wells Fargo paid you yet? How much do they owe? Interested in bringing suit against them? So many others.

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