Consumer complaint received 2021-12-27
Company: WELLS FARGO & COMPANY
State: MN
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
XX/XX/XXXX : Received two phone calls ( see screen shot ) from number labeled " Wells Fargo Ban, XXXX, XXXX '' XXXX. Male caller identified self with name ( can not remember-XXXX? ) as a Wells Fargo employee and stated they had detected " suspicious activity '' on my account. He then asked if I was shopping in XXXX  or trying to XXXX money to someone there. I stated that I was actually traveling on the XXXX XXXX and not in XXXX or sending money. He stated someone had attempted to XXXX themselves {$2000.00} to a XXXX account and I again stated that I did not initiate these. I was in XXXX, XXXX and out shopping with friends at the time I received the call. Caller stated he could help me to reverse the transfer. He did not ask for any personal information or account access. He directed me to access my XXXX application in my banking app while he remained on the phone with me. He advised me to create a contact with my own cell phone # and name in order to reverse the transfer that had allegedly been made. I entered my cell phone # ( this is the phone I was speaking on at the time ) and name as a new contact in XXXX. Caller also advised that in order to reverse the transfer that had been made to a XXXX account I would need to enter an access code ( see screen shots ). Caller then advised to send {$1000.00} and this transfer was confirmed via a text to my cell phone ( see screen shot ). He then asked me to complete a second {$1000.00} transfer to complete the refund of a total of {$2000.00}. He advised that the second transfer did not work and requested I complete a third transaction which he confirmed processed. He ended the call politely and in what sounded like a professional manner suggesting he had assisted me in avoiding a problem. Upon ending the call, I immediately contacted Wells Fargo Bank at their published customer service number which I have in my cell phone contacts ( see screen shot ) to confirm that my account was safe and was advised that they had not contacted me with any fraud alerts and that I had in fact made three {$1000.00} transfers out of my business account. I was on hold and on the phone with Wells Fargo for an hour and a half during which time I filed a fraud report and received a case number that combined all three transactions into one matter. As it was a Friday afternoon, I did not expect resolution immediately and was advised that they would investigate and notify me of a resolution within 10 business days. 
XX/XX/XXXX : Contacted Wells Fargo customer service. Was on hold and transferred multiple times to different departments and representatives ( at least 6 transfers ). It took several attempts to locate the complaint despite providing the claim number they had given me on XXXX. I was assured they were investigating the matter and would provide resolution within the " 10-15 day '' time frame. I also contacted my local Wells Fargo branch speaking to a banker there who stated the online claims department would take care of the matter. I did not receive any further communication during that week. I called and spoke with a representative on Thursday XXXX who suggested that since the transactions were via XXXX and initiated by me they were considered " authorized transactions ''. This representative was not receptive to my insisting that these were in fact fraudulent transactions completed under duress. I went to my local branch in person on XX/XX/XXXX and spoke again with the same banker ( XXXX ). He attempted to look up the claim and also could not find it. He put a note in my account stating that bank staff would be able to see it and reported that he was sending the matter on to a " resolution department '' which should speed up the process of the investigation. Keep in mind that at no time did anyone from online claims/fraud contact me and ask for any details of the incident that occurred on XXXX. I received a mailed letter with generic information about the claim on XX/XX/XXXX or XX/XX/XXXX. I received another letter on XX/XX/XXXX ( dated XX/XX/XXXX see attached ) that basically re-stated that the transactions were authorized by me and they contacted the " receiving financial institution '' with a request to return the funds but they closed the claim and would not assist in any further recovery efforts. I did file a criminal complaint with my local law enforcement after contacting the police department and then being transferred to dispatch. An officer contacted me via telephone to gather details of the incident ( XXXX # XXXX ). This officer stated that these kinds of situations ( online banking/fraud ) are difficult to manage and I may or may not be contacted by another investigator. I contacted Wells Fargo customer service again after receiving the mailing on XX/XX/XXXX and advised the representative that I was not satisfied with the decision and requested that the documents they used to make their determination be forwarded to me ( per my rights stated in the letter ). I also requested that the matter again be sent for further review. The representative stated she could see no note in the system from my local branch but she would send the information to the " resolution department '' for further review. I also advised this representative that I had filed a criminal complaint and that no one from WF had contacted me to ask for information during the " investigation ''. As of today ( XX/XX/XXXX ) I have had no further contact from my banking institution. I am a very small sole proprietorship and the financial impact of this is crucial and could lead to financial ruin for me.

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