Consumer complaint received 2025-02-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, FL XXXX XXXX XXXX XX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX XXXXSubject : Request for Investigation into Wells Fargo for Possible Violations ( Case Reference : Fraudulent Accounts ) ** Dear Consumer Financial Protection Bureau, I am writing to formally request that the CFPB investigate potential violations committed by Wells Fargo in connection with fraudulent accounts opened under my name without my authorization. A law enforcement investigation has led to the arrest of a suspect found in possession of Wells Fargo bank statements matching these fraudulent accounts, specifically accounts ending in XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX. Additionally, XXXX has confirmed that the phone number associated with these fraudulent accounts does not belong to me. 

I have attached the following supporting documentation to substantiate my claim : 1. A police report confirming the fraudulent activity related to these accounts.

2. A letter from XXXX verifying that the phone number linked to the fraudulent accounts ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) was not mine and was fraudulently used. 

Furthermore, I was a victim of the XXXX XXXX  data breach, which may have contributed to the compromise of my personal information. Despite clear evidence of fraud, I am concerned that Wells Fargo : - Failed to detect and prevent multiple fraudulent accounts ( eXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX from being opened under my name. 
- Did not properly verify the identity of the individual opening these accounts. 
- Potentially violated consumer protection laws by allowing my personal information to be used fraudulently in connection with these accounts. 
- May have reported negative information about these fraudulent accounts to XXXX XXXX XXXX XXXX XXXX XXXX or other consumer reporting agencies, adversely affecting my financial standing. 

Additionally, XXXX XXXX XXXX has reported that my drivers license number is misspelled in their system, and this incorrect information is being associated with the fraudulent accounts ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ). This error further complicates the situation and may contribute to inaccurate reporting of my identity and financial standing. 

I believe Wells Fargos actions and failures may constitute violations of the following federal laws and regulations : 1. XXXX XXXX XXXX XXXX XXXX 15 U.S.C. 6801-6809 : Wells Fargo may have failed to safeguard my personal information and prevent unauthorized access to accounts ending in XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 
2. Fair Credit Reporting Act ( FCRA ) 15 U.S.C. 1681 et seq. : If Wells Fargo reported fraudulent account activity for accounts ending in XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX to consumer reporting agencies without properly investigating my dispute, this may be a violation.

3. Truth in Savings Act ( TISA ) 12 U.S.C. 4301 et seq. : Wells Fargo may not have complied with proper account disclosure and identity verification requirements for accounts ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 
4. Electronic Fund Transfer Act ( EFTA ) 15 U.S.C. 1693 et seq. : If any fraudulent transactions occurred on these unauthorized accounts ( ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ), Wells Fargo may be liable for failing to prevent or remedy them. 
5. Bank Secrecy Act ( BSA ) & USA PATRIOT Act 31 U.S.C. 5311 et seq. : Wells Fargo may have failed to comply with Know Your Customer ( KYC ) and anti-money laundering ( AML ) requirements by allowing these fraudulent accounts ( ending in XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX ) to be opened. 
6. Dodd-Frank Wall Street Reform and Consumer Protection Act 12 U.S.C. 5301 et seq. : Wells Fargos handling of my fraud case related to accounts ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX constitute an unfair, deceptive, or abusive act or practice ( UDAAP ). 

It is also worth noting that the CFPB has previously issued significant fines against Wells Fargo for similar matters involving unauthorized accounts. For instance, in XXXX, the CFPB fined Wells Fargo {$100.00} XXXX for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts to meet sales targets, affecting over two million accounts. Additionally, in XXXX, the CFPB ordered Wells Fargo to pay {$3.00} XXXX, including a {$1.00} XXXX civil penalty and over {$2.00} XXXX in consumer redress, for a range of illegal practices, including unauthorized account activities that harmed more than XXXX XXXX consumer accounts. These repeated enforcement actions highlight a pattern of conduct that underscores the urgency of your investigation into Wells Fargos current practices related to my case. 

**Possible Penalties and Actions : ** I request that the CFPB investigate Wells Fargos handling of these fraudulent accounts ( ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) and issue any appropriate penalties or corrective actions to ensure compliance with consumer protection laws. Potential fines and actions Wells Fargo could face include : 1. Civil Monetary Penalties : Fines of up to {$5000.00} per violation per day, or {$25000.00} per violation per day if the violations are found willful, for failing to detect and prevent fraudulent accounts ( ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ) and improper reporting. 
2. Restitution : Compensation for any losses I incurred, including fees, charges, or damages to my credit resulting from accounts ending in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 
3. Injunctive Relief : A court order requiring Wells Fargo to remove negative information from my credit report and XXXX XXXX XXXX related to accounts ending in XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX, and to implement improved fraud detection and verification processes. 
4. Disgorgement of Profits : Return of any profits gained from the fraudulent accounts ending in XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX. 
5. Sanctions for Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) : Penalties and required changes to Wells Fargos business practices if their actions related to accounts ending in XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX are deemed unfair or deceptive. 
6. Corrective Actions and Monitoring : Requirements for Wells Fargo to enhance internal procedures and report on corrective actions to prevent future violations involving accounts like those ending in XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX. 

Please confirm receipt of my complaint and provide the next steps regarding this investigation. I would appreciate an update within 30 days. If language assistance services are needed, I am available to coordinate. Thank you for your time and assistance in addressing this matter. 

Sincerely, XXXX XXXX XXXX of Birth : XX/XX/XXXXXXXX XXXX XXXX XXXX XXXX  XXXX XXXX, FL 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