Consumer complaint received 2023-05-03
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY (GA)

I was the president of my local chapter of an XXXX fraternity at the XXXX  XXXX XXXX XXXX for the calendar year of XXXX. I was XXXX of XXXX key executives along with the treasurer of the fraternity of a small business checking account with Wells Fargo from which the fraternal organization held funds and transacted payments. 

This complaint has to do with check fraud that occurred to the small business checking account, and the lack of timely action from the bank after we completed the bank 's fraud claims process. At the current moment, the bank, Wells Fargo, has received and processed our fraud claims affidavit ; however, they state they are unable to refund the fraudulent check and are awaiting the fraudster 's bank to act. Our organization is at risk of financial issues as the fraudulently cashed check was a significant rent payment in the order of {$17000.00}. Having been unable to pay that rent the organization has had to defer rent to its landlord and its operations are significantly hindered. We are asking CFPB to escalate the issue with Wells Fargo and seek a refund of the check fraud immediately ; we have completed all steps on our side and can not wait much longer. 

The details of the check fraud and subsequent actions by me follow. The details are repeated in the affidavit of check fraud sent to Wells Fargo. 

On XX/XX/XXXX I received an email from XXXX XXXX, a senior fraud analyst at XXXX  XXXX XXXX. She requested I verify the check 's validity. The check 's recipient had been fraudulently altered to a new name, from " XXXX XXXX XXXX '' to " XXXX XXXX XXXX ''. I then contacted the other account key XXXX, and proceeded to review recently cashed checks. They confirmed the check was altered to a new payee by an unauthorized third party fraudulently. 

The fraud was reported later that day to the Wells Fargo small business phone line for checking account fraud. The fraud was also reported to the USPS postal inspection service ; the case number is XXXX. The claim number with Wells Fargo is XXXX. 

On XX/XX/XXXX, I faxed the completed affidavit of check fraud I received from the Claims Assistance Center of Wells Fargo to the center. In the interim between reporting the fraud and this date, the checking account was rolled over to a new one due to the fraud, and a routine change in leadership happened in the fraternal organization. This contributed to the delay, along with XXXX previous attempts to complete the affidavit being lost in the mail or being filled out incorrectly. On XX/XX/XXXX I called the Wells Fargo small business fraud claims phone line. The agent confirmed receipt of the affidavit. As of XX/XX/XXXX, the issue remains unresolved. On my most recent call with Well Fargo to obtain an update, they stated they are unable to do anything further, and are waiting on XXXX  XXXX XXXX, the fraudster 's bank, to continue. 

The current wait to be reimbursed funds is unbearable for the organization. We have missed rent and had to divert funds to cover this essentially lost money. It is also evident that the check has been fraudulently cashed and there is no reason to have to had waited for so long. We appreciate any help.