Consumer complaint received 2022-04-28
Company: WELLS FARGO & COMPANY
State: VA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/XXXX my dad received an email notification from my bank account saying that my available balance had reached or dropped below XXXX. According to that message, my balance had gone from {$1000.00} to - {$2100.00}. That sent us all into a panic because I'm still in school, so my income is close to non-existent. I have taken out loans and my parents support me as well, so seeing that number was shocking. 


I immediately got on the phone with Wells Fargo to try and figure out what exactly happened. After being transferred around to different departments and being on hold for a very, very long time, I finally got someone to speak with me about what was going on. We went through all my recent transactions, and we noticed several that were not made by me. I am listing the fraudulent transactions below : ( 1 ) On XX/XX/XXXX, a check was deposited into my account through online banking for {$3000.00}. I did not make that deposit, and I do not know where it came from. 


( 2 ) On XX/XX/XXXX, XXXX separate XXXX transfers were authorized for the amounts of {$500.00}, {$1000.00}, and {$1000.00}, respectively. I did not authorize these transfers, and I do not know how they happened. 


( 3 ) Also on XX/XX/XXXX, XXXX separate XXXX transfers were for the amounts of {$5.00}, {$5.00}, and {$10.00}, respectively. I did not authorize these transfers, and I do not know how they happened. 


The banker I was speaking with confirmed that the reason my bank account fell into the negatives was because of the fraudulent transfers that took place. Someone had stolen {$2500.00} out of my bank account through XXXX and XXXX, and once the fraudulent check was identified, Wells Fargo also removed those funds from my account, hence the massive overdraft. 


I informed the banker that I have not been monitoring my bank account because I've been extremely busy with school, and I thought I could trust my bank to keep my account secure, so I didn't notice these transactions until Wells Fargo reached out with the overdraft notice. As such, I filed fraud claims immediately to recoup my losses because I am a full-time student with bills to pay. 


The banker I was speaking with filed XXXX separate claims : the first was for the fraudulent check + unauthorized XXXX transfers, and the second was for the unauthorized XXXX transfers. I was told I would have a resolution within 10 business days. 


On XX/XX/XXXX, my Wells Fargo account was credited {$16.00}, as a resolution to the unauthorized XXXX transfers, but that was not the full amount. The unauthorized XXXX transfers totaled {$21.00}, so I am still missing {$5.00} from that issue. 


At that point, I chose to give Wells Fargo the benefit of the doubt and assumed the remaining {$5.00}, plus the XXXX transfers would be given back shortly. I still hadn't heard or seen anything from them regarding the unauthorized XXXX transfers. I waited patiently and gave them more than 10 business days without seeing any other changes to my bank balance. 


Finally, on XX/XX/XXXX, I call Wells Fargo again to check on the status of my claims. At this point, my account has been overdrawn for over two weeks and I was feeling extremely vulnerable when I reached out to them. As Ive said, I am not a rich person, and I rely on student loans and whatever support my parents are able to provide, so I was more than a little concerned that I hadnt heard anything yet. 


The first banker I spoke with was unhelpful. She informed me that the claim had been denied and closed. I asked her for more information, and she said she couldnt share anything else but would transfer me to someone else that could help. I waited on hold. Eventually, another lady picked up and informed me that the claim was denied because Wells Fargos investigation apparently concluded that either I made the transfers, or I authorized someone to do it on my behalf. I was in shock because I would never send more money than I physically have to someone, and I did not even recognize who the recipient was. I tried to ask more questions about their investigation, and she informed me that they check for fraud indicators and my claim did not show any. I asked her what those indicators are, and she said that that is confidential information, and she is not allowed to disclose that. I told her that I have the right to request the documents that were used to deny my claim, and she said that I can submit a request, and someone would reach out to me within 10 business days. 


I did not want to wait another 10 business days for the mere potential of a resolution, so I continued asking her if I have any options such as an internal appeal process for their customers or something of the sort. She continued saying no, but that Im welcome to file a request or fax new evidence to them if I find any. This was incredibly frustrating, so I asked to escalate this call because I wanted to speak to someone that could either give me real answers or a real solution. 


After being on hold for a while, I was finally on the phone with someone that had the authority to share more information ( about my own account ) with me. At this point, I was informed that the electronic path of the XXXX transfers showed that either I had made the transfers myself, or Id authorized someone else to do it from my account. Neither of those statements are true. 


The man I was speaking with recommended that I take my phone to the store to have it checked for any signs of tampering, and if they find something, then I can email Wells Fargo just to request they reopen my claim, theres no guarantee. At that point, I was feeling scared because of how vulnerable my bank account apparently is, and I was feeling frustrated and hurt because my own bank couldnt keep my account secure, and on top of that, they didnt even care. 


Im at a loss now. As Ive already mentioned, I am not a rich person and I do not come from a family that has money to burn. The callousness and overall disregard Wells Fargo has shown me during this entire process has made me feel more horrible, scared, lonely, and vulnerable then I think Ive ever felt before. My bank account was hacked and all of my money + more that I dont have was stolen, and apparently once Wells Fargo makes a decision, its final, with absolutely no regard for their customers who have to actually face the consequences of that decision.

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