Consumer complaint received 2022-04-21
Company: WELLS FARGO & COMPANY
State: CO
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:
we have a account with Wells Fargo as a savings account for my son. we don't check the account often as it is a SAVINGS account for a minor which can not be touched until he turns XXXX from what I understood when we opened the account. One day as we were curious i asked for the balance of the account and I saw on the statement there had been someone by the name " XXXX XXXX '' taking money from the account XXXX $ every single month, i asked the banker XXXX XXXX XXXX about the charges and she told me they have been going on for over a year which was a shock to me because as i said a savings account like the one i opened for my son can not be used or touched until he is of age. she told me it was fraudulent as i never even heard of this person and she opened a report for it. We called the company that was getting paid this amount every month and they informed me they wouldn't be able to do anything that i needed to contact the bank. after multiple times of going in personally and getting no answers i called in and the person on the phone told me they wouldnt be able to do anything and i would not be getting the full amount that was taken from me, she also told me that companies are allowed to take the money without even getting ID confirmation and not get into any kind of trouble. I got a letter in the mail today saying the charges on my account were " correctly charged '' and that i would not be reimbersed my XXXX $ that im missing, id only be getting {$400.00} credited back on my account and that the case was closed which is not correct. in no way should i be charged that amount when i did not give anyone my account information nor did I accept to have these charges on my account for a person who i have never met or heard from in my life. On XX/XX/XXXX I got a letter saying that I was only getting back {$400.00} out of the {$900.00} thats not correct. Also in that same letter it says our deposit account agreement explains we must hear from you no later than 60 days AFTER WE SEND THE FIRST ACCOUNT STATEMENT ON WHICH THE PROBLEM OR ERROR APPEARED yet they never sent me anything about my account at all. This couldve been prevented if they had sent me my account statements as it says in our agreement!! 

XX/XX/XXXX Today I have received another letting telling me exactly the same thing as the last letter saying theyre not paying and theyre not responsible when this account is a SAVINGS account for a MINOR! This account shouldnt have been touched until he turned XXXX and they should know that because thats the agreement we had when I opened the account. They say in the letter that they always send statements out Id like to see the proof when and to where they sent out statements because I never have received anything for this account. Id like to see proof because I also get proof of what comes in to my mailbox and everything. That was also in the agreement that I would be sent statements for my accounts. If this weird transaction was going on that wasnt with my name then why was I never notified? Why can the person that was using my money not be held accountable to pay it back? Why am I the one who is at fault when the bank never notified anyone of fraudulent charges. A bank is supposed to be a safe place to have my money!

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