Consumer complaint received 2023-08-25
Company: WELLS FARGO & COMPANY
State: CO
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem using a debit or ATM card

Complaint:
To Whom It May Concern, I am writing to formally dispute unauthorized transactions on my debit card and to seek assistance concerning the denial of my claim by Wells Fargo. 

On XX/XX/XXXX, I discovered to my dismay that my purse was either lost or stolen, containing my wallet, phone, planner, and crucially, all my passwords, pins, and other critical personal information. Upon reviewing my account, I was alarmed to find an overdraft notification for more than {$400.00}, despite having a balance exceeding {$1000.00} just prior. 

Acting promptly, I immediately reported the fraudulent transactions to Wells Fargo the very same day. However, even after waiting for over 10 business days a reasonable period for the bank to investigate and rectify such matters no funds were credited back to my account. 

On my subsequent call to the bank around XX/XX/XXXX, I was informed that my claim was denied due to one or more transactions being authenticated with my PIN. I must clarify here : while it was an oversight on my part to have my PIN written down, it was securely kept in my purse, meant only for my reference. I have never shared this PIN with anyone, nor have I ever authorized anyone else to use my card. 
In accordance with Regulation E, 12 CFR 1005.6 ( b ) ( 3 ), even if the unauthorized transaction involved the use of my PIN, my liability remains limited given I notified the bank within the stipulated two business days after learning of the loss or theft of my card.I requested to talk to a Manager and was told I will get a callback from a manager within 48 hours. I have yet to speak to anyone or receive a phone call. I called again and was told a note was being added to my account for following up. Wells Fargo 's refusal to recognize my timely reporting and the unauthorized nature of the transactions seems contrary to the protection Regulation E affords consumersespecially since I reported the theft within the stipulated timeframe. The fact that my PIN was obtained and used without my consent only underscores the very nature of this theft. 

The loss of {$1200.00} has placed an insurmountable financial burden on me. I have fallen behind on essential payments, had services disconnected, and am struggling with daily necessities. It has also affected my plans to move into a new apartment, as every dollar I save is pivotal to my financial stability. 

I respectfully request a thorough review of my claim, taking into consideration the unique circumstances surrounding my case. I have always been a diligent and cautious individual when it comes to my finances and personal security. I believe it would be unjust to penalize me for an unfortunate incident that was beyond my control. 

I appreciate your time and attention to this matter and hope for a favorable resolution. I am available for any further information or clarification that might be required. 

Thank you for your understanding and assistance. 

Sincerely, XXXX

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