Consumer complaint received 2023-08-28
Company: WELLS FARGO & COMPANY
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Foreign currency exchange
Issue: Fraud or scam

Complaint:
I am writing this formal complaint letter to bring to your attention the dismissive response, lack of assistance, and negligence displayed by Wells Fargo Bank in addressing my dispute and complaint regarding transactions from my account. I am deeply dissatisfied with the bank 's handling of my situation and hereby demand a thorough investigation and appropriate actions to rectify this matter. 
In my original dispute letter addressed to Wells Fargo Bank on XX/XX/, I detailed the circumstances surrounding transactions from my account that were used to purchase cryptocurrency. 
Despite providing clear evidence and supporting information, the bank 's response has been dismissive and unhelpful, leaving me in a dire financial situation due to the bank 's negligence in conducting proper due diligence. 
Wells Fargo Bank 's response, as provided to me, lacks professionalism and a genuine commitment to resolving the issue at hand. The bank 's representative informed me to contact XXXX and local law enforcement, effectively passing the responsibility onto external entities rather than acknowledging their role in safeguarding their customers ' finances. This lack of accountability and refusal to take ownership of the situation is both disheartening and unacceptable. 
Furthermore, the bank 's response letters, dated XX/XX/, and XX/XX/, demonstrate a blatant disregard for my rights as a customer. The bank 's claims that the transactions were authorized and therefore not eligible for reimbursement fail to address the fact that the transactions were a result of fraudulent activities. The bank 's inability to distinguish between genuine transactions and those tainted by fraud highlights a severe lack of vigilance and oversight in their operations. 
I demand that the Consumer Financial Protection Bureau conduct a comprehensive investigation into the mishandling of my case by Wells Fargo Bank. I seek the following actions : Full Reimbursement : Wells Fargo Bank must immediately reimburse the funds lost due to the transactions, including any associated fees and charges. 
Thorough Investigation : A detailed investigation must be conducted into the bank 's processes and practices, particularly in relation to its failure to prevent fraudulent transactions and its refusal to address valid customer complaints. 
Corrective Measures : Wells Fargo Bank should implement rigorous protocols to prevent future instances of fraud and enhance its customer support to ensure timely and effective resolution of disputes. 
Formal Apology : The bank should issue a formal written apology for its dismissive and negligent response, as well as for the financial and emotional distress caused by its actions. 
I expect a prompt and thorough response to this formal complaint, outlining the steps that will be taken to address my demands. I appreciate the Consumer Financial Protection Bureau 's commitment to ensuring fair treatment for consumers and look forward to a swift resolution of this matter

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