Consumer complaint received 2022-12-28
Company: WELLS FARGO & COMPANY
State: NE
Product: Checking or savings account
Sub-product: Savings account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
In XX/XX/2022, money was taking out of two of my daughters ' XXXX  savings accounts with Wells Fargo without authorization from myself or their father ( both of us also being account holders on these two accounts ). On XXXX, XXXX, 2022 two wire transfers were done from my oldest daughter 's account in the amounts of {$5000.00} to XXXX XXXX XXXX XXXX  and {$1400.00} to XXXX XXXX XXXX. The following day, XX/XX/2022, a single wire transfer was done from my youngest daughter 's account in the amount of {$5500.00} to XXXX XXXX XXXX. On top of those transactions, a {$30.00} fee was charged with each transfer, totaling {$90.00}. We have never done business with either of these banks and all transfers went to a name of someone we have never heard of. Also, both of these bank accounts are XXXX  savings accounts for future use of our children in which we have not withdrawn money from prior. 

Discussing the issue with their dad, it appeared these transferred occurred due to his electronic device being virtually hacked. He accepted an online offer to upgrade for faster internet ; at that point his entire device was completely taken over and basically locked him out from access to any application. During this time, several bank accounts with his name were hacked, including the two my daughters and myself are also account holders and one account from an entirely different financial institution, XXXX XXXX, with only his name as the account holder. Absolutely no authorization was given to anyone in regard to these accounts, nor was the authorization to a username or password. 

Upon notice of these unauthorized transfers, we immediately contacted Wells Fargo and filed a fraudulent claim for these transactions. Initially we were told by Wells Fargo that all of our money should be recovered and deposited back into our accounts within a few days. After going back and forth with the bank for around four months and asking to reopen our file several times, they refused to refund our money claiming authorization was given when that was completely not the case. As a next step, I filed a police report with our local police department, but unfortunately there were no further action taken from them. Meanwhile, a fraudulent claim was also filed in regard to the account with XXXX XXXX for this exact same instance. After XXXX XXXX  performed an investigation, it was proven that it was a fraudulent act and all money was recovered to that account. 

I have been a loyal Wells Fargo customer for nearly seventeen years and hold several accounts with them including savings, checking, IRA and mortgage ; never once have I had an overdraft or been late on a payment. I am highly disappointed in their actions and how they handled our case, especially when we were told in the very beginning that our money would be recovered. As a customer, you trust your financial institution to keep your funds safe including fraud protection. How one bank can clearly acknowledge and prove the occurrence of fraudulent activity and another claims it didn't occur within the exact same situation does not make sense. We have been saving our children 's money since they were babies, nearly XXXX years for my oldest daughter, for them to utilize for future use whether it be college, a vehicle, etc. Now, after a total of {$12000.00} has been fraudulently taken from them, we are basically forced to start over.

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