Consumer complaint received 2023-08-23
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
Hello, I am writing to bring up a case of negligence in handling a wire fraud incident that I fell victim to. I believe that inadequate procedures and actions have led to the loss of a significant amount of my funds and have caused considerable distress to my family and me. 

On XX/XX/2023, I was targeted by fraudsters who impersonated our title company and deceived me into wiring {$87000.00} from my Wells Fargo checking account to a fraudulent account at XXXX. The fraudulent nature of the transaction came to light the following day, prompting me to report the incident to Wells Fargo immediately. I also took further action by filing a complaint on ic3.gov. 

Following the incident, both Wells Fargo and XXXX were engaged in the investigative process. XXXXXXXX XXXX  Wire Fraud Department not only verified the presence of the precise amount within the fraudulent account but also ascertained that the said account had been promptly frozen on XX/XX/XXXX. On XX/XX/XXXX, a representative from XXXX 's XXXX branch confirmed the frozen status of the account to me and conveyed that it was slated for closure within 30 days, assuring me that the funds would be returned to me within this timeframe. Despite these confirmations and assurances, the subsequent course of actions have been markedly disappointing. 

Regrettably, I must inform you that Wells Fargo has taken a concerning stance. They are currently refusing to provide me with assistance by sharing the findings of their investigation, despite my exercise of the right to documentation. The information contained within this document, coupled with the statement from the Wells Fargo banker regarding his communication on the frozen status of the account, holds critical significance for my pursuit of repayment from XXXX. 

Despite my proactive efforts and cooperation, the situation has escalated into a complex ordeal, where not only the mishandling of the wire recall process by XXXX has resulted in severe financial and emotional consequences, but also Wells Fargo 's reluctance to provide necessary information further exacerbates the distressing circumstances. 

I am seeking your intervention in this matter to address the negligence displayed by both Wells Fargo and XXXX. The disregard for proper procedures and the mishandling of the wire recall process have resulted in the loss of our hard-earned savings and an overwhelming sense of injustice. 

I kindly request that your office investigate this incident thoroughly and bring the unjust bank practices to light. Additionally, I am seeking guidance on potential avenues for recovering the wrongfully released funds, including any assistance your office may be able to provide in cooperation with relevant authorities. 

Thanks, XXXX XXXX ( P.S. I am happy to provide any necessary documents that I have regarding communications that I had with XXXX and Wells Fargo to assist in this investigation )

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