Consumer complaint received 2022-01-16
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY (NC)

On XX/XX/XXXX I received a text message from Wells Fargo noting suspicious activity in my account and asking me to verify ( respond 'Yes ' or 'No ' ) to a {$3500.00} XXXX transaction to a XXXX XXXX XXXX I responded 'No ' and received a follow-up text message letting me know that a Wells Fargo fraud agent would be in touch shortly. I then received a phone call from a phone number showing up on my phone as Wells Fargo Bank who was in fact someone impersonating a Wells Fargo banking agent. They asked me to confirm that I did not authorize this XXXX transaction for {$3500.00} and then asked me to log into the Wells Fargo mobile app to verify my XXXX account information by transferring {$630.00} to myself via XXXX. After doing so, they hung up the phone and all the money in my bank account ( {$630.00} ) had been removed. I immediately called Wells Fargo to open a claim regarding the online fraud. I was told an agent would be in touch within 10 business days. After waiting 10 days and not hearing from anyone I called back and was told someone would be in touch within the next two business days. Eventually I received a letter from Wells Fargo saying they had requested the receiving bank account to return the money to my account, but the request had been denied and they had subsequently closed my claim. 
I called Wells Fargo on XX/XX/XXXX to follow up and was told that transfers made through XXXX are not covered by the bank 's fraud protection services and the stolen {$630.00} would not be refunded. 
On XX/XX/XXXX I went into my local Wells Fargo branch in XXXX XXXX, NC and asked the manager to appeal my claim which she did. I received another letter shortly thereafter letting me know the appeal had been denied on the grounds that I had made the XXXX transfer even though it was from and to my own Wells Fargo account. 
Upon subsequent research I determined under Regulation E of the Electronic Fund Transfer Act ( EFTA ), banks are responsible for reimbursing customers in full when an unauthorized transaction takes place and the transaction is reported within 60 days. Furthermore, the Consumer Financial Protection Bureau ( CFPB ) is on record as stating that such scams are considered unauthorized electronic fund transfers ( EFTs ) under federal law and are therefore covered by the EFTA. The CFPB FAQ section states, " an unauthorized EFT includes a transfer initiated by a person who obtained the access device from the consumer through fraud or robbery '' and " an unauthorized EFT is when a consumer is fraudulently induced into sharing account access information with a third party, and a third party uses that information to make an EFT from the consumers account. '' ( please see attached support - " XXXX 's XXXX '' ). The CFPB is also on record as stating on XX/XX/XXXX that " Consumers expect certain assurances when dealing with companies that move their money. They expect to be protected from fraud and payments made in error, for their data and privacy to be protected and not shared without their consent, to have responsive customer service, and to be treated equally under relevant law. The orders seek to understand the robustness with which payment platforms prioritize consumer protection under law. Finally, there is precedent for multiple banks including Wells Fargo, XXXX & XXXX, XXXX and XXXX  XXXX XXXX reimbursing customers in full in multiple instances of theft with substantially the same fact patterns as my case.