Consumer complaint received 2021-01-18
Company: WELLS FARGO & COMPANY
State: CO
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
I was subjected to being a victim of bank fraud totaling {$2100.00} and my bank ( Wells Fargo ) has done nothing to help me. On XX/XX/XXXX I woke up and decided to check my online bank accounts and found 3 transactions from XXXX XXXX XXXX on my business account that I definitely did not authorize. The first one was on XX/XX/XXXX for {$540.00} the second was on XX/XX/XXXX for {$200.00} the third was on XX/XX/XXXX for {$840.00}. I figured that this was an easy fix, so I just called my trusted bank that I've been with for over 7 years and they can take care of my issues. They told me I need to file a claim and that they would stop all transactions from the business that was trying to take my money. 10 days go by and I still haven't heard back from Wells Fargo. On XX/XX/XXXX I checked my online accounts once more and now noticed another transaction from XXXX XXXX XXXX for {$570.00}, this time it's from my personal account and it is still pending. I immediately called my bank again and told them my situation from days before and that I did not authorize this transaction. So I had to file another claim and stop payment on the same business that I previously filed a claim on with my business account. The bank said they were able to reimburse me for that transaction because it was still pending. Now I'm fully aware that I have succumbed to fraud and they somehow have both accounts. So I change my online bank username and password, then order new cards for all my bank accounts. I now have to monitor all my accounts every day because Wells Fargo can't seem to do that. On XX/XX/XXXX I get a letter from Wells Fargo stating that " we're not able to reimburse you because too much time has passed '' Days go by and Wells Fargo has not tried to contact me I'm kinda just in limbo and have not been reimbursed my money that was stolen. I now have been calling the bank every day to check the status of my claims and after hours of being on hold, they still have nothing to say. I then schedule an appointment with a bank professional on XX/XX/XXXX and go in for a 2hr meeting trying to resolve this issue with my bank. I figured this was the best way for me to get answers and refund the money that was stolen from me. Turns out I was wrong, the banker goes on to say that it was an ACH transaction and there is no way possible for me to get my money back. The Banker agrees that it is most definitely fraud and that XXXX XXXX XXXX was still trying to take money out of my account but because I have a stop payment on there will be no issues. Now it's XX/XX/XXXX and have not been reimbursed for the money or have heard anything from Wells Fargo. I've been calling the executive office and left several messages for them to call me and still nothing. Everyone that I have talked to from the bank told me that it is obviously fraud. I'm afraid to deposit money into my bank knowing that Wells Fargo will not monitor my account appropriately. It is very disheartening to know that a bank that I've been with for over 7 years can do that to 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