Consumer complaint received 2022-02-16
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
On XX/XX/2022 I received multiple texts messages from what said to be Wells Fargo asking if I approved XXXX transfers for various amounts totaling {$22000.00}. ( This is how Wells Fargo normally asked if Ive approved a transaction ) I replied no to the text message, which was followed by a phone call saying Wells Fargo with a phone number identical to the one on the back of my debit card. The caller said they were following up on my reply that I had not approved the wire transfers that I had received text messages about. The caller explained that the transfers were done illegally through a scam and since it was done by wire transfer on the XXXX XXXX and I am on the XXXX XXXX, he would assist me in transferring the money back to my account before it funded East Coast time. He went through a series of security questions to reassure me, as I was very upset and unsure. He instructed me step by step how to log on to XXXX and even sent a security passcode. He walked me through steps to transfer the 1st transaction for {$3500.00} and then said wed continue with the rest. Something in his demeanor changed and I told him I would feel more comfortable going into my branch office and hung up. I immediately went to my branch within 5 minutes of making the transfer and quickly explained to the banker what was happening. The banker told me this was a very well known scam happening to Wells Fargo customers and he would call the Fraud Dept with me to try to fix the issue. We were on hold for a very long time and disconnected multiple times before he was able to speak to someone who would open a fraud case and help resolve the issue. Days passed with no follow up, so I called the number provide with my case number only to be transferred around, be disconnected, to eventually be told the case was being investigated. I finally received an email saying my case had been investigated and researched and closed. This was hard to believe, as I had never been contacted or spoken to anyone about my case. Wells Fargo was very well aware of this scam and did nothing to warn its customers. The email concluded by saying the transfer was completed as requested. Basically a generic email. I called and reopened the case three more times, finally able to speak to a specialist and explain what I had learned about Regulation E. I received an email stating the following : The medias interpretation of Reg. E does not align with our interpretation and review of XXXX. XXXX or the FAQs issued by the CFPB this summer. Although we understand that there can be different readings of the FAQs, we currently still believe that the requirement for an unauthorized transaction is as defined by Reg. E : an electronic fund transfer from a consumer 's account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit. 

I have read multiple articles from government agencies stating that my exact type of fraud is covered under Regulation E. Wells Fargo chooses to interpret the law differently. 
I believe laws are to be followed, not interpreted as best suits the institution. 
This has been going on for well over a month. Wells Fargo is well insured for Fraud, I the consumer am not. I would so appreciate help in finding resolution to this. Thank you in advance for your help.

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