Consumer complaint received 2023-05-17
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: WELLS FARGO & COMPANY (GA)

I am the President of Pentagon Properties and account holder of XXXX XXXX  held with Wells Fargo. Below is a recitation of the facts. 

On XX/XX/XXXX, XXXX XXXX, the controller of Pentagon Properties, logged into her personal account and her sons account. Her personal accounts are also linked to the corporate XXXX Mortgage account # XXXX ( new account # XXXX ) held by XXXX XXXX. She noticed that her son had XXXX transactions for {$450.00} each that she didnt recognize dated XX/XX/XXXX. Her son called Wells Fargo immediately that day and disputed the charges. His funds were returned to the account 12 days after the dispute. 

The following week, she received a business debit card from XXXX. She called XXXX and told them she never ordered that card and that they needed to close it. XXXX XXXX took a picture of the card and shredded it at the office. 

On XX/XX/XXXX, she pulled the statement for the business account ( XXXX XXXX  ) and noticed that there were transactions that she didnt recognize that amounted to {$20000.00}. These transactions looked like the same transactions in her sons personal account. She immediately contacted the bank and filed a fraud report. The unauthorized withdrawals were done on different dates and in different amounts. She checks this corporate account once per month when she prints the statements the first week of each month. 

These transactions show the name from a company named XXXX XXXX XXXX. On the transactions, it shows that the customer is XXXX XXXX who is her son. In reviewing spam folder of her personal e-mail account, she found an invoice for {$2300.00}. This amount was taken 7 times on the business account plus another of {$4100.00}. The fraudulent withdrawal from this account amounts to {$20000.00}. 

On XX/XX/XXXX, XXXX XXXX notified Wells Fargo of the incident. A Wells Fargo employee named XXXX called back on XX/XX/XXXX, to let us know that the case was closed. XXXX said that she would escalate to the executive department. On XX/XX/XXXX, XXXX XXXX called and informed us that these transactions have no protection unless disputed within XXXX4 hours. We have since appealed to the Small Business Resolution team with the same response. 

We are reaching out to you as a last resort to compel Wells Fargo to treat its customers fairly and to hopefully improve its lax security measures. Due to Wells Fargos failure to provide two-factor authentication measures, the unknown third party obtained access to XXXX XXXX accounts XXXX including the XXXX XXXX  corporate account. But for the absence of adequate security measures, the unknown third party would not have been able to withdraw corporate funds linked to XXXX XXXX account. By refunding XXXX XXXX sons account but refusing to refund money stolen from a different account linked to XXXX XXXX account, Wells Fargo has shown its bad faith. 

We would appreciate your attention to this matter and hope to reach a satisfactory resolution. We are very disappointed in Wells Fargos handling of this matter. If we are unable to resolve this matter, we will be forced to take alternative steps, up to and including, contacting the media to report Wells Fargos practices and the treatment of its customers. 



Regards, XXXX XXXX XXXX, XXXX