Consumer complaint received 2026-05-28 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Other transaction problem — 
Company: WELLS FARGO & COMPANY
State: SC

Complaint narrative:
New Complaint Systemic Consumer Protection Concern Wells Fargo XXXX Processing References Closed Cases XXXX and XXXX To the Consumer Financial Protection Bureau , I am filing this new complaint to draw your attention to a systemic consumer protection concern identified through my previous CFPB complaints against Wells Fargo Bank N.A. , case numbers XXXX and XXXX, both of which have been closed. BACKGROUND In XX/XX/XXXX an international wire transfer of {$290000.00} intended for my XXXX XXXX XXXX XXXX XXXX. account was automatically credited by Wells Fargo 's Straight Through Processing ( STP ) system to a different Wells Fargo account holder whose name did not match the beneficiary named in the payment instruction. The funds were eventually recovered after three months, significant distress, and a damages waiver signed under financial duress. Through the complaint process, Wells Fargo confirmed the following in writing : XXXX. The wire was processed via STP without manual review or beneficiary name validation XXXX. The account number in the payment instruction corresponded to an open and valid Wells Fargo customer account XXXX. This practice is industry standard and governed by applicable statutory and regulatory requirements XXXX. Wells Fargo will not change this practice The XXXX ISO XXXX payment message for this transaction the authoritative payment record provided by XXXX XXXX XXXX Wells Fargo as CdtrAgt ( creditor 's agent ) XXXX XXXX XXXX XXXX XXXX as Cdtr ( creditor/beneficiary ). Wells Fargo have never reconciled this designation with their claim that they were the beneficiary bank. SYSTEMIC CONSUMER PROTECTION CONCERN This is not an isolated incident. It is a reproducible and confirmed system vulnerability with the following characteristics : Wells Fargo acts as correspondent bank for XXXX XXXX XXXXXXXX XXXX XXXXXXXX. for international wire transfers Wells Fargo 's STP system will automatically credit any incoming wire to a matching account number within their system regardless of beneficiary name Any XXXX XXXX XXXX XXXX customer whose account number matches a Wells Fargo customer account number faces an identical risk of misdirection Wells Fargo have confirmed they will not implement name validation controls The same misdirection could happen to me again on my next pension transfer using identical instructions Given that Wells Fargo serves millions of customers, the probability that multiple XXXX XXXX XXXX XXXX account numbers match Wells Fargo customer account numbers is significant. Every affected customer faces the same risk international funds misdirected to a stranger 's account, a prolonged recovery process, and potential financial loss. This systemic vulnerability is compounded by Wells Fargo 's practice of : Requiring a Letter of Indemnity and damages waiver from financially distressed customers as a condition of recovering misdirected funds Refusing compensation for lost interest caused by their own processing practices Directing affected customers to pursue unidentified third party recipients for compensation while withholding those recipients ' identities under privacy laws REQUEST FOR SYSTEMIC ACTION I respectfully request that the CFPB : XXXX. Investigate whether Wells Fargo 's STP processing practice specifically the absence of beneficiary name validation on international wires processed in their capacity as correspondent bank for XXXX XXXX XXXX XXXX creates a systemic and ongoing consumer harm XXXX. Determine whether Wells Fargo is required under applicable consumer protection regulations to implement beneficiary name validation controls XXXX. Require Wells Fargo to identify and notify any other consumers who may have experienced the same account number conflict misdirection 4. Investigate whether Wells Fargo 's practice of requiring damages waivers from financially distressed customers as a condition of recovering funds misdirected by their own STP system constitutes an unfair, deceptive, or abusive act or practice under UDAAP 5. Consider whether systemic remediation and consumer notification is warranted I am not primarily seeking personal compensation through this complaint. I am bringing a confirmed and documented systemic vulnerability to the CFPB 's attention in the public interest, supported by Wells Fargo 's own written confirmations across multiple complaint responses. Full supporting documentation including the XXXX payment message, XXXX XXXX, XXXX XXXX case chronology, and complete Wells Fargo correspondence is available upon request and was previously submitted under closed complaint numbers XXXX and XXXX. Yours sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Reference : Previous CFPB complaints XXXX and 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