Consumer complaint received 2018-06-20
Company: WELLS FARGO & COMPANY
State: NJ
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
XXXX XXXX XXXX is a retail store that uses XXXX to process its credit cards. All of the money from sales that are made by credit cards in XXXX XXXX XXXX store are received by XXXX who transfers it to Wells Fargo who is then to deposit them into XXXX XXXX XXXX bank account. Beginning on XX/XX/XXXX XXXX began to deposit XXXX XXXX XXXX  funds into four different bank accounts. Can did not authenticate the four different bank change forms that XXXX received nor did they authenticate that the new accounts were owned by XXXX   XXXX.The first bank account involved was XXXX XXXX  routing number XXXX account # XXXX The deposits made to XXXX XXXX  are XX/XX/XXXX {$8700.00} ; XX/XX/XXXX {$7300.00} ;XX/XX/XXXX $ {$7000.00}. The second account was XXXX XXXX XXXX XXXX routing # XXXX account # XXXX The deposits in this account are XX/XX/XXXX {$10000.00} ; XX/XX/XXXX {$36000.00} ; XX/XX/XXXX {$17000.00} ; XX/XX/XXXX {$25000.00} ; XX/XX/XXXX {$17000.00} ; XX/XX/XXXX {$17000.00}. The third account was XXXX XXXX  routing # XXXX account # XXXX The deposits this XXXX are on XX/XX/XXXX {$17000.00} ; XX/XX/XXXX {$21000.00} ; XX/XX/XXXX {$8000.00} ; XX/XX/XXXX {$9200.00} ; XX/XX/XXXX {$8600.00}. The fourth bank is XXXX XXXX XXXX XXXX routing # XXXX account # XXXX. The amounts are XX/XX/XXXX {$7900.00} ; XX/XX/XXXX {$7000.00} ; XX/XX/XXXX {$21000.00}. ; XX/XX/XXXX {$10000.00}. ; XX/XX/XXXX {$8800.00} ; XX/XX/XXXX {$7000.00} ; XX/XX/XXXX {$7100.00} ; XX/XX/XXXX {$8400.00} ; XX/XX/XXXX {$17000.00} ; XX/XX/XXXX {$12000.00}. XXXX XXXX sent letters of indemnification to all the banks except XXXX XXXX  to request the return of XXXX XXXX funds. XXXX returned approximately {$59000.00}. and approximately {$75000.00}. was returned by either XXXX XXXX or XXXX XXXX. 

I submitted a complaint with CFPB against XXXX XXXX and the other banks. XXXX XXXX responded : The following references the complaint we received onXX/XX/XXXX from the Consumer Financial Protection Bureau on behalf of XXXX XXXX. The complaint was assigned a case number of XXXX. We have researched the concerns of XXXX XXXX on behalf of XXXX XXXX XXXX. It is our understanding that XXXX XXXX is a retail store that uses XXXX XXXX to process credit card payments for their sales. Our records show that from XX/XX/XXXX to XX/XX/XXXX, XXXX XXXX received a total of {$120000.00} in Automated Clearing House ( ACH ) deposits to a XXXX XXXX members checking account. The deposits list an incoming company identification of XXXX and a payee name of XXXX XXXX. According to our records, the ACH deposits were posted to the account number indicated for each transaction. On XX/XX/XXXX, XXXX XXXX received a letter requesting that we wire funds to XXXX XXXX from the XXXX XXXX checking account to an account at XXXX XXXX. The request did not include the correct settlement dates, the individual ACH transfer amounts or any other information required for an ACH return. In addition, XXXX XXXX was not listed as a party on the original ACH transactions. We have contacted representatives from XXXX XXXX to request a Letter of Indemnity through Wells Fargo, the originating institution of the ACH deposits. All requests for the return of funds through the ACH network must be initiated through the originating financial institution and returned directly to that institution. If XXXX. XXXX has any questions, she may contact XXXX XXXX, Manager, ACH Operations, at XXXX, extension XXXX, between XXXX XXXX and XXXX XXXX, Eastern time, Monday through Friday. 

I spoke with XXXX. XXXX and XXXX XXXX needs Wells Fargo to indemnify them to release the funds.

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