Consumer complaint received 2023-01-11
Company: WELLS FARGO & COMPANY
State: NV
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
My complain agains Wells Fargo for not taking the right steps to verify XXXX wires transfer done in a short period of time XXXX XXXX on XX/XX/XXXX XXXX XXXX on XX/XX/XXXX and XXXX XXXX on XX/XX/XXXX. I never authorized to have wire transfers available through my online banking, I have never done a wire transfer online, Wells Fargo should have taken more precautions to protect my assets. They should take responsibility for the fraud that happen to my account. Obviously I keep my money on a bank to keep it safe otherwise I would just keep it under my mattress. They claim that they send notifications about the wire transfers which I never received. It should have been a red flag to them the fact that so many wire transfers for large amounts happen in such a short period of time. I did my part to report the fraud as soon as I notice it which was on XX/XX/XXXX. I have been banking with Wells Fargo for 20 years and never done a wire transfer online which should have been another red flag to XXXX XXXX not taking the responsibility for not protecting my money. In good faith I open and account and kept my saving with them. They have the responsibility to prevent this type of things happening. If they failed to respond for their negligence I will be taking legal action. This wire transfers should of been double check since they were done online to a new recipient, they should of call to confirm I was making the wire transfers, froze the account or denied the transfers. WellsFargo fail to protect my funds, the bank has a duty to protect my assets Under Article XXXX, a bank is liable to a customer for the full amount of a negligently processed wire received by a hacker, including interest. Courts say the party in the best position to discover the fraud should bear the loss. Even if I would of received notification of the wire transfers they only give you XXXX minutes to report it to have the wire transfer reverse which in reality nobody is checking their email or phone that often especially if youre working or traveling. Also the response from the fraud department was awful, they made no attempts to contact me or follow up on the investigation. I received no updates or information, I called everyday to request an update and none was available. I have been calling to talk to the XXXX every day since XX/XX/XXXX. Today on XX/XX/XXXX I talk to the fraud department not the XXXX and he informed me that my claim has been denied. They never contact me for updates or questions. Theyre claiming that this transactions happen for a known device. I have done everything I can do help them, willing to answer any questions. Wells Fargo reference # XXXX XX/XX/XXXX I spoke to the person overseeing my previous complaint, she said they had indeed denied my fraud claim and they if I wanted more information I could call the fraud department, I call the fraud department, they didnt provide me with any additional information and told me that I cant talk to the XXXX because they just work in the back office. She just told me that the wire transfers had been done with a known device and thats why they denied the claim. That theres no point of re escalating my claim but I could call later and do it. XXXX getting many different answers from different WellsFargo employee. They refuse to provide information on how they came to de decision they made. Its very convenient for Wells Fargo to put the fall on me. They 100 % dont want to take responsibility for losing my funds. They didnt protect me as their client and now Im in a very bad position where I lost all my life savings. They made it sound like because I didnt report this transaction faster its my fault or it was done by me or someone I know, clearly if I would of seen this transactions sooner they still wouldnt have taken responsibility because they just dont want to refund the money that was stolen from them. Clearly the finding to their investigation will only benefit them.

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