Consumer complaint received 2021-01-14
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY (NJ)

On XX/XX/XXXX I transferred {$500.00} VIA XXXX through the Wells Fargo banking system. I sent the money to an experienced breeder of XXXX kittens who went by the name of XXXX XXXX. The total I owed XXXX was {$710.00} but XXXX has a {$500.00} transfer max within a 24 hour period. On XX/XX/XXXX, I sent XXXX the balance of {$210.00}. XXXX had a professional website, was well spoken, answered all my questions, sent pictures/videos of the kitten I was inquiring on and even sent a contract for me to sign. When I asked XXXX how he takes payment, he told me he uses XXXX. I was very comfortable with this as it was through the US banking system which surely had to offer protection. This further solidified the unlikelihood that XXXX was a scam artist. On XX/XX/XXXX, XXXX asked for additional money to be sent and I quickly realized I had been scammed. I called Wells Fargo around XXXX am that morning to file a claim. 
I was given 2 claim numbers since I made 2 transfers. I was told it would take 10 business days for Wells Fargo to get back to me. I followed up twice in the interim to get an update but was told it was under investigation still. On XX/XX/XXXX, I called again to ask for an update because we were well passed 10 business days. I was on the phone with Wells Fargo for over an hour. I was getting passed around between the Online Fraud department, Customer Service and XXXX department. Each were telling me I was in the wrong department AND they were not able to pull up my claim. They said there was no claim that belonged to my claim/reference numbers. I asked for a manager and had to wait a considerable amount of time to be transferred to one, only to be hung up on. I was disconnected 3 times and transferred a minimum of 5 times. I was frustrated and gave up that night. I called back the morning of XX/XX/XXXX. Miraculously, I was in the right department AND my reference numbers worked. I was told my claim was declined on XX/XX/XXXX. 7 business days went by and I was not given an email, a letter or even a phone call. They told me Wells Fargo had no fault in the matter and that XXXX was a 3rd party that offers no protection. I have done further research on this, and it turns out scammers are taking advantage of XXXX. They know the general public believes it to be a safe way to transfer money since the consumer must sign on to their banking system in order to use it. The average person believes that they are protected. In order to utilize XXXX, you are required to have a bank account with a US bank AND in order to have a bank account, you need to physically go into a bank and show ID. So, if this is the case, then who is XXXX XXXX? I found many articles and blogs further backing this claim. What happened to me is happening to many others and all for the same reason. In fact, using XXXX is the sole reason people feel theyre NOT getting scammed. Venmos mission statement is as follow, an easier way to pay your friends and family, while XXXX, a 3rd party affiliated with the US banking system states We believe money should just flow. For Payments between friends, family and even strangers, XXXX wants to make money move easily. It states you can transfer money to strangers. It leads people to believe its safe, secure and protected. As a realtor, I must be vigilant with wire fraud. I have my clients sign Wire Fraud Addendums, I verbally tell them not to wire funds without confirming with myself as well as the attorney and I have it included in the footer of my emails. I go to great lengths to make sure I protect my clients from being defrauded. Wells Fargo has done nothing to inform their customers that this money transferring service is not protected. I shouldnt have to go digging for the info under the Q & A section of XXXX to find this out. This seems to be a common problem and Wells Fargo absolutely shares fault in this. They did not keep in contact with me throughout the process, gave me the run around and wasted my time on the night of XX/XX/XXXX, have not issued me a refund of my {$710.00} but worst of all, they have aligned themselves with a company that offers 0 protection and have done nothing to educate the customer that this is the case.