Consumer complaint received 2019-06-30 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: WELLS FARGO & COMPANY
State: NC

Complaint narrative:
Between XX/XX/XXXX and XX/XX/XXXX, a total of 38 unauthorized transactions totaling {$17000.00} were posted to the Wells Fargo checking account of [ Account Holder ] and [ Spouse, joint-account co-holder ) ( henceforth " Respondent '' ). This was the checking account through which Respondent accesses retirement savings. Each of the postings were made by a merchant using the label " XXXX XXXX '' or " XXXX XXXX ''. The withdraws were never authorized by Respondent, and in no case did Respondent gain anything of value from these transactions. In other words, the withdrawals were completely fraudulent. 

Wells Fargo was notified of these transactions on or around XX/XX/XXXX, the date of the last transaction, and on XX/XX/XXXX, after what Wells Fargo deemed to be a complete investigation, XXXX XXXX, in her capacity as Financial Crimes Manager, decreed that Wells Fargo would only reimburse Respondent {$7900.00}, fully {$9200.00} short of the total. 

Respondent acted right away to mitigate losses once the theft from his account was discovered. The theft was concealed because the cyberthieves were using an " XXXX XXXX '' charging ID, which concealed for a time the theft from REspondent because of its proximity to the name of the XXXX XXXX Company accounts he ( meaning Respondent and Joint-owner/spouse ) owns. The theft came at a time when the Wells Fargo account of Respondent had XXXX dollars of deposits or more per month, and so was also concealed because of the incremental amounts in which the {$17000.00} dollars was stolen from their account over thirty-eight ( 38 ) transactions. 

Respondent and joint-owner/spouse, both working professionals, were on periods of extended travel during some or all of the periods during which money was withdrawn. 

Wells Fargo is a sophisticated entity and they are tasked with protecting the money of Respondent. In failing to monitor and identify fraudulent activity after 38 uncharacteristic and fraudulent transfers, the bank failed in upholding its fiduciary duty to Respondent. The Bank had over 30 years of financial data for Respondent and Spouse to work with that would have helped make this identification had the Bank put in even a reasonable amount of oversight into the account. Moreover, Wells Fargo under FDIC 1005.5 should have allowed a grace period for Respondent and joint-owner/spouse to make a complaint about stolen funds, owing to their travel during most or all periods that the 38 transfers were taken out. Finally, it should be state that the Bank 's lack of communication on this issue is particularly concerning given Respondent and Spouse 's amount of capital stored with Wells Fargo bank. It is almost as if Wells Fargo Bank thinks it can simply steal the money and not be held liable for it.

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