Consumer complaint received 2021-10-08
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Card was charged for something you did not purchase with the card

Complaint:
On XX/XX/21, fraud was committed on my checking and credit card accounts with Wells Fargo. 
{$7200.00} was sent via cash advance from the platinum credit card into the checking account. 
From the checking account, the perpetrator wired the {$7200.00} ( from the credit card ), along with around {$2000.00} ( from my checking ) to another account. A wire transfer fee of {$30.00} was charged to my checking, a {$360.00} cash advance fee & {$61.00} interest charge were charged to my credit card. Charges are still present & fees continue to pile on I reported this to WELLS FARGO on the day that this occurred & communicated that I did NOT authorize any of these transactions. Representative filed a claim and assured me that this issue would be investigated & resolved. Also, I was told that the issue would be addressed and my funds restored within 10 business days. I have called regularly to check in on the status but there is still no resolution. 
Wells Fargo has claimed it resolved the issue by nulling the associated fees to my checking ( {$30.00} wire fee ) and credit card ( fees listed above ) a month later and applying a {$420.00} credit to the credit card so instead of {$7200.00} being owed, its now {$6700.00}. Also they said they lowered the interest rate for the credit balance owed ( due to the fraud ). Like this was all a favor to me. This is NOT acceptable and they need to do better. It is not feasible to expect a person who did not spend the funds to suddenly pay off a balance of over $ XXXX. 
This complaint is my second with CFPB against WF. WFs resolution ( detailed above ) IS NOT acceptable. 

This is their job. They were/are supposed to protect their consumers accounts and if fraud does occur, to quickly act so that the consumer can have their funds recovered. 

Despite Wells Fargo having years of transaction records for me, it still failed to identify and protect me from the fraud when it was clear that my bank accounts showed extremely irregular banking activity. 

The fraudster was able to gain access to my online Wells Fargo account by having my login, and proceeded to complete a cash advance from my credit card to checking account, and wire transfer thousands of dollars to a bank unfamiliar to me and to which I do not hold an account with, all without my consent. 

At no time during any of the transactions or before did any Wells Fargo employee or representative take any action to halt the cash advance or wire transfer or protect me from fraudulent activity related to my online account actions. 

Despite the extremely irregular and large transfers in a very short period of time, occurring in my Wells Fargo account and the unauthorized remote logins, Wells Fargo failed to timely act, secure and protect my money. 

Wells Fargo owed a contractual and fiduciary duty to protect my ( the consumer ) funds. The company breached its own Deposit Account Agreement by failing to take proper action to stop the fraud and by failing to immediately recall the wire transfer, which Wells Fargo neither flagged or attempted to stop. 

Wells Fargo is guilty of negligence/voluntary assumption of duty, breach of contract, and violating unfair trade practices and consumer protection law.

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