Consumer complaint received 2023-09-12
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: WELLS FARGO & COMPANY (CA)

Subject : Complaint Against Wells Fargo for Negligence and Poor Handling of Account Takeover Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Wells Fargo regarding their negligent handling of an account takeover incident that occurred on XX/XX/2023. This incident has not only left me financially distressed but has also raised serious concerns about Wells Fargo 's customer care and accountability. 

On XX/XX/2023, I received an automated call from a number that claimed to be Wells Fargo 's fraud department. The call indicated unauthorized debits from my account and requested me to press 1 to confirm or deny the charges. Subsequently, the call requested me to verify my PIN, which raised suspicions, and I disconnected the call. I promptly contacted Wells Fargo through their official customer service number to verify the legitimacy of the call. 

Upon contacting Wells Fargo, they confirmed that the call indeed originated from their fraud department, and I proceeded to provide information about the suspicious call. They assured me that nothing was amiss with my account at that time. However, the situation took a turn for the worse when, during a subsequent call, Wells Fargo informed me that my account had been taken over, and unauthorized withdrawals totaling {$960.00} had occurred. My account had only contained approximately {$560.00} at that time. 

Wells Fargo initiated a claim on my behalf, acknowledged the fraudulent activity, and recommended the closure of my existing accounts, issuing new account numbers, and cards. Despite my pleas for provisional credit to cover essential expenses over the long weekend, Wells Fargo 's policy prevented them from taking any immediate action. 

I borrowed money from friends and family to make ends meet during this difficult period. On XX/XX/2023, I contacted Wells Fargo again, but to my dismay, they informed me that the claim would be denied as it did not meet their internal fraud criteria. This was perplexing, as it was Wells Fargo who initially identified it as an " account takeover '' situation. 

The supervisor I spoke with expressed understanding of my predicament but cited my compromised PIN as the reason for the claim denial. They assured me that someone from the executive team would contact me, but to date, I have received no such communication. 

Wells Fargo 's response to my situation has been disappointing. Their lack of consideration for my longstanding loyalty as a customer, the failure to investigate further into the incident, and their reliance on vague terms like " the matrix '' have left me in financial turmoil. To make matters worse, they did not attempt to cancel the negative balance in my account resulting from the fraudulent withdrawals. 

In summary, I believe that Wells Fargo 's handling of this incident reflects a lack of responsibility, customer care, and transparency. Their actions have not only caused me financial hardship but also eroded my trust in the bank. I am left with no choice but to close all my accounts with Wells Fargo, including credit and brokerage accounts, and to urge my immediate family to do the same. 

I am submitting this formal complaint to the CFPB in the hope that it will prompt a thorough investigation into Wells Fargo 's handling of my case and their policies regarding customer protection and fraud. Consumers like me should not be left in dire straits due to the negligence of a financial institution. 

I appreciate your attention to this matter and request that you keep me informed of any developments in the investigation.