Consumer complaint received 2023-01-27
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: WELLS FARGO & COMPANY (CA)

I wish to practice my right as a customer of Wells Fargo to use your organisation 's service, seeking a formal, impartial investigation to amicably settle my dispute ( Ref : XXXX ) with Wells Fargo. 
In order to clear up the myriad of letters and correspondences I have hitherto sent to Wells Fargo respecting my complaint, I believe it will substantially strengthen both my case and your understanding, by taking a deeper look at the happenings of my case, and analysing the relevant facts in an objective and comprehensive fashion. 
It is crucial to note that I have been manipulated, socially-engineered and coerced to engage these fraudulent criminals. Much to my embarrassment, I recognise that I am the victim of an investment scam. 
My complaint to the CFPB has arisen as I do not consider, by any stretch of the imagination, the conduct of Wells Fargo to be commensurate with their legal role and responsibility to their customers. They sell a service to look after their customers, protect their money and are a financial institution that maintains a traditional relationship and way of working with its customers. 
During the complaints process with Wells Fargo, I found their communication ineffective, which further hides their conduct to management and diminishes the service offering to their clients. They are struggling to adapt their business offering in the ever-changing world of IT development. The internet is presenting a real problem which they choose to manage in a way which is not in line with rules and regulations of CFPB as well as their own internal policy and procedures sold to their clients. 

General Obligation : Commencing on or about XX/XX/2022, I fell victim to a multilayered scam operation orchestrated by XXXX XXXXXXXX XXXX XXXX XXXXXXXX ( Company ), which involved me making deposits for a total amount of XXXX USD from my Wells Fargo account to a fraudulent investment firm. 
When determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Wells Fargo did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Wells Fargos custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Wells Fargo promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Wells Fargo was in compliance with its own policies and procedures ; ( v ) whether Wells Fargo owed duties to myself, what the scope of those duties was, and whether Wells Fargo did not uphold those duties ; ( vi ) whether Wells Fargos conduct was unfair ; and ( vii ) whether Wells Fargo has within its power the ability to, and should, compensate me for the harm that has befallen me. 
Upon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity and properly communicate to the customer that such activity meets the relevant criteria of fraud. 
In providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a XXXX eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Wells Fargo must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer. 
Granted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. 
However, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Wells Fargo did not foresee the fraud and disregarded even the most obvious dangers in this respect. 
Situations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learnt from the errors of the past