Consumer complaint received 2022-01-26
Company: WELLS FARGO & COMPANY
State: TX
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/XXXX, I received a text from a Wells Fargo number found on the back of my debit card stating, " Free Msg-Wells Fargo Bank Fraud Alert-Did You Attempt To Do A XXXX Transfer For The Amount Of {$2000.00} Reply YES or NO Or 1 To Decline Fraud Alerts. '' I quickly responded " NO, '' and moments later received a call from the same number from an individual representing himself as a member of the Wells Fargo Fraud Department. The man urgently had me read code numbers that I received through texts from what again appeared to be Wells Fargo numbers. He next directed me to cancel the transaction by sending {$1000.00} through XXXX to my own phone number, which was already saved as an account on my Wells Fargo Mobile App. Relying on the man 's false pretenses as a legitimate member of the Wells Fargo Fraud Department, which was supported by his knowledge of my personal information ( full name, date of birth, and address ), I made the XXXX transaction to my own phone number with the intention that the funds were merely going back into my account. The man then ended the call, and the {$1000.00} did not show up in my account. 

I immediately called the Wells Fargo fraud number found online and filed a claim to receive my stolen funds. I described the scam in its entirety, and the ( now legitimate ) Wells Fargo Fraud Department member expressed full confidence that I would receive a reimbursement for my stolen funds. On XX/XX/XXXX, I opened a letter in the mail from Wells Fargo dated XX/XX/XXXX, stating that the transaction was made by me or someone who had my permission to perform the transaction on my account, and therefore Wells Fargo would not provide a remedy. I find this alarming, for I did not authorize the {$1000.00} to be sent anywhere than to my own account, and it clearly went somewhere other than to my own account. 

I immediately called the number provided in the letter. After again describing the scam in its entirety and the ( different than before ) Wells Fargo Fraud Department member examined my claim. He noticed issues with how the claim was filed, and refiled the claim correcting the way that the first Wells Fargo Fraud Department member had characterized it. The member also similarly expressed confidence in my claim receiving reimbursement. However, roughly a week later I received a letter from Wells Fargo dated ( seemingly mistakenly ) XX/XX/XXXX, stating my claim has been closed and that a provisional credit of {$1000.00} would be removed from my account. 

Now, over three weeks later, Wells Fargo has provided no updates. Because of not only the clear and unambiguous language used in Regulation E of the Electronic Fund Transfer Act, but also the examples provided by the CFPB of types of unauthorized EFTS covered by the Regulation E, I am shocked and disappointed that Wells Fargo is failing to reimburse my account. I am happy to provide further information and any other assistance.

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