Consumer complaint received 2018-04-28
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
On XX/XX/XXXX, XXXX, XXXX and XXXX, unauthorized cash advances were made using my credit card in the amount of {$8000.00} in advances, {$400.00} in advance fees, and shortly afterward {$44.00} in interest fees, as well as a {$2000.00} unauthorized transfer of money from my savings account. This was done unbeknownst to me by a company claiming to be XXXX, giving me a refund due for past services. 

When I figured out what had happened, I reported it to my bank ( Wells Fargo ) who then closed my accounts and opened up new accounts for me. This was on XX/XX/XXXX. However, most of the transactions continued to show up on the XXXX in my new accounts. I placed a claim of fraud with the bank, and all they did was deny my claim, remove {$4000.00} from my checking and apply it as a credit against my credit card that over {$8400.00} had been charged in unauthorized cash advances, ( leaving me over {$4400.00} in debt for something I didn't authorize and obliterating my checking account ), as well as deny the replacement of funds of {$2000.00} that were unauthorized as a transfer out of my savings - all of the above unauthorized transactions had the subtitle of : REFUND FROM XXXX. 

When some of the funds appeared in my checking with that subtitle ( REFUND FROM XXXX ), I was told I had been over-refunded and needed to return the overage to XXXX - which I did. I had no idea these funds were my own money. I was only attempting to be a honest person and return funds that were not due me. 

However, Wells Fargo has denied me any recompense for these fraudulent activities I've suffered, instead making sure that I'm held responsible for the acts, instead of fulfilling their duty of protecting me and my money, and replacing those funds that were removed/charged against me by unauthorized requests. 

The bottom line is, I did not authorize the removal of funds from my Savings,  nor did I authorize cash advances to my credit card. Wells Fargo is supposed to be responsible for assuring the safety of my money that I entrust them with. When I went to my Wells Fargo branch in person and reported this fraud against me, they assured me that I would be recompensed the full amount of {$10000.00}. However in the claim letter I received in the mail, they have denied me any and all recompense, instead removing funds from my checking account to credit my credit card, and then leaving me with {$4200.00} of debt on my credit card, and {$2000.00} less in my Savings, and very little money in my checking for paying my regular bills. 

The government and banks are supposed to be insuring my money and the safety of it and me against fraud and scams. Instead, Wells Fargo has run me over with their stage coach, and driven off laughing, with what little money I have as a retiree. And me a Wells Fargo member for 39 years.

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 monetary relief