Consumer complaint received 2022-10-25
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I have a wells Fargo business checking account that I opened and put aside {$5700.00} for backup funds. It is backup fund so I don't touch it. I don't have checks, use the atm, nor online account to that account. This summer in XXXX there were ACH funds transferred from that account to a XXXX  XXXX  account. It started on XX/XX/XXXX. I didn't realize the money was taken out via ACH by someone when I looked at the statements. This is not my main checking account so I don't have checks nor an online access. I also got no notification from Wells Fargo about suspicious activities. 

I went in XXXX to Wells Fargo to inquire about the fees charged to my account. 
When I went in to Wells Fargo that is when I realized someone had managed to get access to my checking account and transferred {$5400.00} out. The teller printed out my transactions from XX/XX/XXXX and asked me to call the fraud line. I spoke the fraud personnel reported the incident XX/XX/XXXX and filed a police report that day. 

There were XXXX transferred by the same person made from XX/XX/XXXX to last XXXX XX/XX/XXXX. It all went to the same horse gambling website. I called the website and they actually were able to identified the account holder. However, they would not release the information to me. I went to file a police report. 

I got a letter from wells forgo fraud department on XX/XX/XXXX stating {$3700.00} was not able to reimburse because too much time had passed. I called them inquiring where the {$3700.00} came from, and it turned out they got the amount wrong so a second investigation was initiated. The letter came back XX/XX/XXXX stating {$5400.00} was charged to by account and not reimbursable because too much time passed since I notified them. 

I am filing a complaint with CFPB because I felt Wells Fargo had failed to protection me financially. They had failed to notify me of suspicious activities. They had exposed my checking account. When I filed the report to them, their investigation was basically that 30 days had passed since this happened and they are not liable. 

I am saving this money for backup reserve for my business. I had no atm, checks, nor online account ( until I opened one recently ). I personally feel unjustified that they claim no responsibility to this. As far as I am concerned they failed their duty to protect my checking account and notify me of suspicious activities. At one point three transferred were made on the same day over XXXX XXXX dollars, but no notifications. 

This account is not my main business account so I do not check it regularly as there is no deposits nor outgoing payments so yes I did catch the fraud late. However, there has to be an exception to the 30 days rule if I wasn't even aware of this rule nor was I made aware Wells Fargo do not notify me of any suspicious account activities.

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