Consumer complaint received 2018-12-27
Company: WELLS FARGO & COMPANY
State: NJ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I received a letter from XXXX XXXX XXXX XXXX XXXX XXXX on XX/XX/XXXX stating that I had won a lottery in XXXX but that the company was unable to reach me. As a result the group would work on my behalf to retrieve the money, but I owed back taxes and fees on the {$150000.00} that I had won. Enclosed in the letter was a check in the amount of {$14000.00} to pay the fees and taxes. Once I had received the money I would owe the amount back in addition to 2.5 % of the earned winnings ( {$3700.00} XXXX. I had to sign the limited power of attorney form and email it back to them in order to release the hold placed on the check. On XX/XX/XXXX I went in to my local branch Wells Fargo and asked the teller how long it would take a check in that amount to clear, XXXX Informed me that it would only take 24 hours. When the check cleared the next morning and the funds were made available in total, I was shocked but was under the impression that I had truly won. According to Wells Fargo policy an amount that high should have been placed on hold because I did not have the amount in the bank ( never have ) to cover it. To protect the consumer only {$200.00} should have been made available with the rest being made available on the second business day. Because of the holiday that would have been XX/XX/XXXX. Because of Wells Fargo policy, I thought that the funds were available and took out a cashiers check ( inside the bank ) on XX/XX/XXXX in the amount of {$13000.00} and overnight mailed the money to XXXX XXXX XXXX in the care of Mr. XXXX XXXX. On XX/XX/XXXX the check was deemed fraudulent and because I had overdraft protection my savings, checking, and the balance of my Wells Fargo credit card were transferred to cover the amount. I am currently {$11000.00} in the negative at Wells Fargo. My husband and I went into the bank on XX/XX/XXXX to find out what had happened and tried to put a stop payment on the cashier 's check but it had already been cashed at a Wells Fargo bank in South Dakota. Wells Fargo said that they would look into it. A week went by and we heard nothing. Growing concerned because of the upcoming holiday ( we have XXXX young girls ) we took time off of work to go into the branch again on XX/XX/XXXX. We found out that they had not filed a complaint with their resolution department but they did so on that date with a request to be expedited. I heard back from Wells Fargo that afternoon, they said that they waived their policy because I was a good customer. I never asked them to do this. I know that the policies are put into effect for the consumers protection. Because they failed to uphold their policy I was unprotected thinking that the money was in the account and was allowed to take money out of my account that I did not have. On XX/XX/XXXX I received two letters in the mail 1 ) stating that on XX/XX/XXXX the check was returned as fictitious and 2 ) the other stating that a hold was put on the check on XX/XX/XXXX six days after I had deposited the check and three days after the check was deemed fraudulent. The bank failed to uphold it's policy and in doing so, did not protect our family 's money like they have promised to do. I had never deposited a check close to that amount before and have never maintained a balance in that amount. Because of Wells Fargo, we have fallen behind in bills which we have never done before and our XXXX was ruined. We have been to the local police to file a report on XX/XX/XXXX, the state police ( who could not help ), and have filed a report with the Federal Trade Commission No one  has been able to help us, this is our last hope.

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 non-monetary relief