Consumer complaint received 2023-01-20
Company: WELLS FARGO & COMPANY
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On Monday, XX/XX/2021, I was contacted by Wells Fargo via text message asking if XXXX specific charges were authorized by me. After responding to the text, I received another text showing a debit to my checking account, also not authorized by me. I immediately called Wells Fargo and told them that my account had clearly been hacked and to shut down my checking and savings accounts with them. 

After watching several more transactions being deducted from my account via text alerts on my phone, I was informed from the customer representative to whom I was speaking that your company actually had video footage of a man at a Wells Fargo ATM machine in XXXX XXXX Texas, withdrawing money from my account matching the time stamp of the withdrawal from my account. I live and was in XXXX at this time with the ONLY debit card issued on this account in my possession. Also, I am the ONLY authorized user on my account. 

When trying to get into my account while on the phone with the bank, I discovered that my password had been changed thereby locking me out of my own account. Upon further discussion with your representative, I was told that someone had called the bank and verbally requested {$4000.00} be transferred from my savings account, which they willingly did without my approval or verification. 

When asked to see the photos of the man at the Wells Fargo ATM and hear the phone recording of the call when Wells Fargo transferred my money in my savings account to my checking account, I was refused. 

On the Wells Fargo website, it says to Contact us immediately if you suspect fraud on your account ( XXXX ) or you responded to a suspicious email, text message, or phone call. When you call, we will review your accounts, identify all unauthorized transactions, and help keep your accounts secure. 

I did so in my call telling them that NONE of the transactions made on XX/XX/2021 were made OR authorized by me, and they failed miserably in keeping my XXXX  secure as many transactions continued to be made that day. They actually assisted the thief when your company allowed a phone request of a transfer of {$4000.00} from my savings account into my checking account with NO notification to or verification from me. These large purchase amounts and the location from where they occurred do not match up with my normal daily account activity. 

Furthermore, I was also NOT notified by the company when the person changed my password on my account. However, when I did this after this theft, I immediately got an email from Wells Fargo telling me that my password had been changed. On XXXX of my countless phone calls to Wells Fargo, all of my account information was verified as correct. Why did I not receive an email telling me that my password had been changed by the person stealing from me but did when I completed this action? 

Their website says that they protect my data by doing the following : XXXX XXXX XXXX We are helping to keep your money safe by monitoring your accounts and XXXX contact you if we detect unusual activity. If it's not your purchase, we will help you resolve it. We use various methods to contact our customers including email, text, push notification from the mobile app, or phone call. When we contact you, we will not ask for your card PIN, access code, or your online banking password. 
If your banking behavior differs from your usual activity, we XXXX send you an access code to confirm your identity, prevent certain types of transactions, or restrict account access ( including card declines ). Further proof of identity XXXX be required before we restore online access. 

The website goes on to say that customers are covered with account protections by stating the following : Unauthorized Account Activity Under federal law, Regulation XXXX ( Electronic Fund Transfer Act ) provides certain protections to consumer customers when there is unauthorized account activity. Regulation XXXX covers transfers of funds through electronic methods such as, the use of a debit or credit card, ATM withdrawals, and direct deposit activity through a checking, savings, or other consumer asset account at a financial institution used primarily for personal, family, or household purposes. 

XXXX XXXX XXXX Wells Fargo XXXX and XXXX XXXX come with XXXX Liability XXXX at no extra cost. You wont be held responsible for unauthorized transactions, so long as you report them promptly. 

Based on the companys promises, they failed to protect my data AND have NOT covered my account protections even though I notified them IMMEDIATELY when debits to my account showed up on my phone. 

Once again, not only did they not protect me, the account holder ; they assisted the person who stole a combined total of {$4600.00} from my checking and savings accounts. I was told that my money would be returned to my accounts in totality within XXXX business days. That deadline passed on XX/XX/XXXX, and I still have not received my money that was taken from my accounts. I have also not been communicated with and have had to initiate communication with your company in order to find if any progress, or lack thereof, has been made regarding my case. And when I do talk with someone, nobody knows the facts of my case, and Ive had to repeat the events multiple times. And at the end of each conversation, nobody has offered any solutions to the problem. 

When I called the bank on XX/XX/2021, the last day of their own aforementioned timeline, I was told that my claim had been denied because of authorization by me of these transactions. That is complete and utter nonsense based on the proof that I gave in my phone call to you on XX/XX/2021 as well as their own admitted video footage of someone taking money from my account via a Wells Fargo ATM. There is also a phone recording of the person asking for the transfer of {$4000.00} from my savings account to my checking. 

In short, Wells Fargo has failed me at every single turn, and did not upheld their promises to me as a customer nor your protection of my money.

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