Consumer complaint received 2020-11-10
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Savings account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
This is a long overdue request to follow up on fraud claim # XXXX from XXXX that ended with a completely unsatisfactory result. I have been stewing this past year knowing that this outcome is simply wrong. After recently speaking with a XXXX XXXX XXXX executive he vehemently urged me to escalate this claim and continue my quest in receiving a satisfactory resolution. 

I have had a savings and checking account with Wells Fargo for over 10 years. I am writing to request remediation in handling the fraudulent transactions amounting to {$5900.00} that was stolen from my High Yield Savings account, # XXXX. 

I followed Wells Fargos procedures in reporting the fraud so as to recoup my money but to no avail. I noticed a large drop on page one of my bank statement dated XX/XX/XXXX. After reading through the statement further, {$5200.00} was fraudulently used to pay a criminals XXXX XXXX bill on XX/XX/XXXX. I immediately went to the Wells Fargo branch at XXXX XXXX XXXX XXXX XXXX, CA. I met with a XXXX XXXX who helped me file a claim. We discovered that several smaller withdrawals were made starting in XX/XX/XXXX, amounts that didnt cause a dramatic drop in my balance, thus going unnoticed. We reviewed all of the fraudulent withdrawals amounting to {$5900.00}. She assured me that the money would be returned. A week later I received a few form letters from XXXX XXXX, Financial Crimes Manager in the Claims Assistance Center denying me all of the money except a pittance stolen in the first 60 days of when the fraud started. I phoned the fraud department and was dismissed with Im sorry for the inconvenience. I hung up incredulous. 

I visited my local branch again to get the contact information of XXXX XXXX and any other individual who can either handle my situation or funnel it to the appropriate authority. The manager XXXX XXXX did not furnish me with contact information yet assured me that the district manager XXXX XXXX would contact me within a week to address my concerns and how to escalate my claim. He never called. The incompetency and lack of urgency demonstrated my Wells Fargos employees is completely unacceptable. 

This is an FDIC insured savings account that should be monitored and protected for the period that this account was open there were NO ATM withdrawals, NO written checks and NO bank withdrawals. Wells Fargo was a safe haven for this money or so I thought, while I decided how and where to invest it. How could Wells Fargo miss this fraudulent activity? Wells Fargos job and utmost priority is to safeguard clients assets. Your company has failed in protecting my assets and from what I have researched, countless other customers. 

An important point here - I did not review my monthly statements in depth because it was an account that I did not use. I refuse to accept the notion that this fraud occurred because of my negligence in reporting the fraud in an untimely manner as your employees have stated. The negligence is yours. It is the responsibility of Wells Fargo to keep my money safe. 

I am requesting that my case be escalated to XXXX XXXX, XXXX XXXX or anyone else who understands my value as a customer, who acknowledges the banks error and who can make this right. Im a single mother of a XXXX year old, XXXX XXXX XXXX XXXX that has been temporarily closed since XX/XX/XXXX and am trying to make ends meet. 

I trust that you will act based on the following which was extracted from your website : XXXX XXXX reputation as one of the worlds great companies for integrity and principled performance depends on our doing the right thing, in the right way, and complying with the laws, rules and regulations that govern XXXX XXXX. We earn trust by behaving ethically and holding all team members and directors accountable. 

I am also filing complaints with the OCC and the Federal Reserve. In the meantime, please let me know if you need further information.

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 monetary relief