Consumer complaint received 2018-10-25
Company: WELLS FARGO & COMPANY
State: AZ
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Bounced checks or returned payments

Complaint:
My name is XXXX XXXX i have been a victim of fraud. On XX/XX/2018, there was a post on social media XXXX, a public figure that i follow this public figure has a XXXX XXXX XXXX " XXXX XXXX '' and is linked to the same XXXX  which he promotes on his yXXXX XXXX XXXX, Ive been a fan of this person but on XX/XX/2018 XXXX posted a post on XXXX in regards to an opportunity, he added his phone number which is XXXX to text him for more information, the post only was posted for 30 minutes and XXXX deleted the post. I texted XXXX and he responded if I had 3 emails that I use primarily but i only use and have 2 emails that are tied to every account banks, social media, etc he was going to send info but then he decided not to in regards to the opportunity, he instead texted me the whole information to me, he stated " he is looking for a financial transfer agent XX/XX/XXXX- XX/XX/XXXX twice a month ''. He stated again '' that he will deposit money into my account to increase stock client volume to increase the stocks and prices goes up on his company '' he stated more that " he would deposit {$8500.00} at XXXX and the funds would be available morning '' I woke up at XXXX i checked my account and there was funds deposited in my account, okay so it was to good to be true so i called Wells Fargo and spoke with an agent in regards to my business account deposit, and asked the wells fargo agent if the funds have been verified and ready to withdrawal? The wells fargo agent stated " yes funds are available and ready to be withdrawal '' XXXX  called me on my phone and gave me directions to go inside the bank and go straight to the bank teller and take out {$4500.00} out which i did and then XXXX  called back and stated to redeposit the money into the drive thru wells fargo ATM using a Access Code and provided me the pin so i deposited the money which i did and then he redirected me to redeposit money in the drive thru ATM and use a Access Code and Pin Number he provided me over the phone, i deposited the money as instructed by XXXX, and then he told me to go to another Wells Fargo branch on XXXX XXXX XXXX Az to take out {$4000.00} from my business account where XXXX   deposited the money into my account. Well i take out the money and redeposited to another access code he provided, that raised a bit questions now and he stated " he was going to deposit {$10000.00} into my business account to do last transaction on {$4500.00} and ill keep the rest. But i didn't buy it i went home checked my wells fargo account to see the deposits and i saw the two deposits being made but i checked closely and the funds were " On Hold '' the two deposits, so that raised more concerns and called wells fargo and told them the story they stated that " first transaction was made and available but then after i Withdrawal the money the both accounts were on hold the {$9400.00} and the other {$9800.00}, so i told the wells fargo agent the story and she might of raised some fraudulent concerns but cant verify until the deposits on hold become accessed in XX/XX/2018. 

Now my business account is - {$8700.00} due to the holds, my biggest complaint is why cant banks verify if there any funds available when deposits become instant, why are agents telling me funds are available when theyre not?? Im a bit confused since i'm a big fan of XXXX  not sure if this is a scam but he stated " that here are funds in the account that the security department places this funds on hold on missing funds because you have to make one more transaction '' this is the number that was on XXXX XXXX he deleted the post about the opportunity and i asked him why and stated " he doesn't want thousands of contact only XXXX   that he will do business twice a month until XX/XX/XXXX '' it raised questions if that XXXX is really him or not but he does promote his XXXX account on XXXX which is the same account or unless his XXXX account got hacked and posted for his followers to see and grab information.

M very dissapointed that my business bank account is in the negative and would like to resolve this issue on the bank holding onto the two deposits or why would Wells fargo would let me withdrawal money thats on hold, any bank should know better and should have faster verification on these deposits being made bank to bank to minimize Fraudulent middle man thats what wells fargo calls it.

Anyways my name is XXXX XXXX this my contact number is XXXX, email lXXXX i would like to resolve this issue ASAP

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