Consumer complaint received 2023-11-27
Company: WELLS FARGO & COMPANY
State: AZ
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
I was purchasing digital assets through an exchange called XXXX and the third party vendor they offered on the exchange. I did not think there was any issues until my checking account kept overdrafting randomly. I contacted Wells Fargo MULTIPLE times to figure out why my account kept overdrafting as it was a debit card this should not be occuring ( No funds then the transaction should be denied ) However, everytime I was told that these were merely hold charges and that they eventually fall off my account. I couldnt for the life of my understand still- how this kept overdrafting my account as I am really good at keeping my account in good standing. So after months and months and this still bothering me I finally reached out to XXXX and asked for information from them from the third party vendor they were using. They finally provided me with the PROOF showing that these were not in fact hold charges and that I was being charged twice for each transaction, once when purchased the digital assets and then days-up to 10 days later. The documents I received from XXXX showed exactly this - me being billed for the crypto and the achknowledgement that I was never even sent the crypto! Now I contacted Wells Fargo to inform them about the unauthorized transactions and how they were telling me the wrong information all along just as I suspected deep down because it didnt make sense to me. Days go by and I received a credit in my account for roughly {$700.00} which was strange because the amount of unauthorized transactions was {$5700.00}. I contacted Wells Fargo and was told that the {$700.00} =/- was from a approved claim in which they did find evidence that unauthorized transactions occured. However, for the " other claim '' ie the rest of the amount was denied because they did not find evidence of unauthorized transactions? This was really strange to me becasue firstly I only called and filed one dispute, with the same company, with the same proof of the double charges. It really is becoming a trend to me that Wells Fargo does not stand by its commitment to protect consumers again fraud and/or unatuhorized transactions. Time and time again they are quick to make judgement of denial without a valid or reasonable reason why. I am tired of being told that I am protected against instinces like this and yet the few times it has occured I end up feeling like a fighter in the ring and my opponent is my own bank. I sent Wells Fargo over 39 documents multiple times showing the evidence I gathered from the actual exchange marketplace. This is all evident on the blockchain and yet they still refused to stand true to their commitments to customers. Please look into this as I tried every avenue to escalate only to be told to kick rocks. I spent many hours researching because the " hold '' reason they kept telling me over and over never made sense. I was as diligent as I could be in contacting wells fargo repeatidly only to be misguided with wrong info when it couldve been discovered and quickly stopped before it reached the sum that it did. I am not a rich man by any means but I work very hard for my money which my family relies upon. I decided to invest in the cryptomarkets in hopes of bettering my family and I but I was ripped off and nobody seems to care. I researched the company andere located in some shady company which ultimately shady like they were 1. Not authorized to even sell cryptocurrency to US customers and 2. w

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation