Consumer complaint received 2025-03-05 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Other transaction problem — 
Company: WELLS FARGO & COMPANY
State: UT

Complaint narrative:
Dear XXXX, XXXX of Wells Fargo, I am writing to formally dispute a wire transfer incorrectly processed by Wells Fargo, resulting in a loss of {$140000.00} and severe financial consequences for my business. The details of the transaction are as follows : Sender Bank ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Incorrect Account Number Used : XXXX Wire Transfer Reference Number : XXXX Despite the incorrect account number, Wells Fargo processed the transaction into an unintended account that did not match my business or personal information. According to standard banking procedures, an international wire transfer won't be processed when there is a discrepancy between the account name and the account number. Given that my correct address was included in the transaction details, this wire should have been flagged or returned instead of deposited into an unrelated account. 

Business Impact Due to Wells Fargos Error This {$140000.00} wire transfer was critical for our operations and was intended to cover payroll, rent, accounts payable, and vendor payments. Because of this misdirected transaction, our business account is now overdrawn over {$40000.00}, causing significant financial hardship and potential damage to our business relationships. 

Wells Fargos mishandling of this transaction has disrupted our cash flow and put us in a situation where we are incurring overdraft fees and potential penalties for late payments. We hold Wells Fargo responsible for this error and demand an immediate resolution. 

Requested Actions from Wells Fargo I request the following actions be taken immediately : Recover the misdirected funds by initiating a wire recall and working with the recipients bank to return the money, XXXX Bank, or deposit into the XXXX XXXX XXXX account. 
Could you provide a full explanation as to why the wire was processed despite the mismatched recipient information? 
Cover all overdraft fees and financial damages caused by this error. 
Could you provide documentation on the internal procedures followed in this transaction? 
If this issue is not resolved promptly, I will escalate the matter to the Consumer Financial Protection Bureau ( CFPB ), the Office of the Comptroller of the Currency ( OCC ), and other regulatory authorities. I will also explore legal action against Wells Fargo for failing to follow proper banking protocols, which have directly harmed my business. 

Please let me know when you've received this letter and provide a resolution in XXXX business days. You may contact me directly at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation