Consumer complaint received 2023-03-20
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
I'm writing as an employee of a small retail furniture company in XXXX XXXX called XXXX XXXX XXXX, XXXX XXXX XXXX XXXX. In XXXX of XXXX I put ten checks into a XXXX mailbox to send payment to suppliers. The checks were stolen from the mailbox and taken to Wells Fargo and XXXX  XXXX XXXX branches where they were cashed fraudulently. Of the ten checks, nine of them had not been altered in any way, one had been altered to include a name that does not belong to the intended recipient. All ten checks cleared our checking account being distributed as cash to criminals by Wells Fargo and XXXX XXXXXXXX XXXX, summing up to {$170000.00}. Our bank, XXXX XXXX XXXX, has instructed me to file claims with them for each of these ten checks. In each of these claims I have provided photos of the fraudulently cleared checks, affidavits signed and notarized by the intended recipient that they did not receive the checks or funds, a Postal Inspection Services Claim ( XXXX ) # XXXX, and a XXXX XXXX Police Department XXXX XXXX XXXX ( XXXX ) Criminal Report # XXXX. The employees of our bank XXXX XXXX have been very vague and have promised that the stolen funds would be returned to us within 90 days. This has not been that case. We are going on ten months without having received our funds back. This missing {$170000.00} has caused major cash flow issues with our small retail furniture business, has hurt longstanding relationships with our suppliers, and now our very own bank XXXX XXXX this week is threatening to downgrade our credit worthiness. The bank that has given away our operating cash for more than 10 months is now questioning our credit worthiness. This is criminal. We received letters from XXXX dated XX/XX/XXXX stating that Wells Fargo and XXXX XXXX  XXXX have accepted responsibility for repaying these funds and that it may take up to ninety days to resolve. We have since received letters from XXXX dated XX/XX/XXXX stating that they have not yet received a response from Wells Fargo and XXXX XXXX XXXXXXXX regarding repayment, reiterating " as we explained when we opened your claim, the depositing bank is responsible for repayment ... if at 90 days after that date your claim has been submitted we have not heard anything from the depositing bank, we will close your claim and your funds will not be recovered '' This is criminal. This claim will specifically address our check # XXXX for {$26000.00}, which cleared to Wells Fargo without the authorization from our company or the intended recipient. Wells Fargo has not responded to our bank XXXX, and XXXX how now stopped trying to retrieve the funds. The service we have received from XXXX has been shockingly casual. All three banks need to be held responsible for what they have done. Please see attached supporting documents and let me know what can be done. Your help with this is much appreciated.

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