Consumer complaint received 2025-02-05 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: WELLS FARGO & COMPANY
State: UT

Complaint narrative:
Summary of Fraud Incident On XX/XX/year>, I was the victim of a fraud scheme where a scammer impersonating a Wells Fargo representative called me from a spoofed Wells Fargo phone number and manipulated me into transferring {$9900.00} from my Wells Fargo checking account ( ending in XXXX ) to XXXXXXXX XXXX under false pretenses. 

Wells Fargo case number : XXXX Account number ending in : XXXX During this same call, the fraudster also transferred {$2000.00} from my savings account to my checking account WITHOUT my authorization. This was a fraudulent transaction under Wells Fargos own definition, yet they initially failed to stop the larger {$9900.00} transaction that followed. 

The fraudster gained full control of my XXXX account, locking me out at XXXXXXXX XXXX and then drained the stolen funds through multiple XXXX XXXX transactions in Georgia, a location where I was not present. 

This was an unauthorized transaction under Regulation E, as I did not knowingly authorize the fraudster to take my funds, and I received no benefit from the transaction. 

Timeline of Events & Wells Fargos Actions XX/XX/year> The Fraud Occurs XXXXXXXX XXXX I missed a call from a spoofed Wells Fargo phone number. 
XXXXXXXX XXXX I received a second call from the same number. The fraudster impersonated a Wells Fargo representative and provided detailed account information, making the call appear legitimate. 
During this call, the fraudster transferred {$2000.00} from my Wells Fargo savings account to my checking account. I did NOT initiate or authorize this transfer. 
XXXX XXXX Under the fraudsters instructions, my debit card daily limit was increased to {$10000.00}. 
XXXX XXXX XXXX XXXXXXXX account details were changed without my consent, preventing me from accessing my XXXX XXXX funds. 
By XXXX XXXX  The {$9900.00} was stolen via multiple XXXX XXXX transactions in Georgia, where I was not located. 
XX/XX/year> Wells Fargo Detects Suspicious Activity ( But Fails to Act in Time ) XXXXXXXX XXXX I received a call from Wells Fargos fraud team regarding suspicious activity. 
The representative asked me about the {$2000.00} internal transfer ( which was fraudulent, as I did not initiate it ). 
The rep did not mention the {$9900.00} XXXX XXXX transaction, which had already gone through. 
I was instructed to reset my Wells Fargo username and password, and my checking and savings accounts were closed. 
However, by this time, the fraud had already been completed, and Wells Fargos delayed response failed to prevent further loss. 
XXXX XXXX XXXX  I Reported the Fraud to Wells Fargo I called Wells Fargo immediately to report the fraud and open a formal claim for the {$9900.00} transaction. 
Claim Number Issued : XXXXXXXX XXXX XXXX XXXX Wells Fargo Denies My Fraud Claim On XX/XX/year>, I received a denial letter from Wells Fargo , stating that my claim was denied because I had " authorized '' the transfer. 
This decision failed to acknowledge that I was coerced into making the transfer under fraudulent pretenses, which invalidates consent under Regulation E. 
XX/XX/XXXX - XX/XX/year> My Actions to Escalate the Claim XX/XX/XXXX : I escalated my claim to the Wells Fargo Executive Team for further review. 
Case : XXXX XX/XX/XXXX : I submitted a detailed fraud timeline, police report ( XXXX XXXX ), and XXXX XXXX balance to Wells Fargo XXXX 
XX/XX/XXXX : I provided additional documentation, including XXXX  confirmation that my account was accessed and used in Georgia. 
XX/XX/year> Wells Fargo Violates Regulation E by Failing to Issue a Provisional Credit Today ( XX/XX/year> ), Wells Fargo informed me that my claim was still under review, and I would not receive an update until XX/XX/year>. 

When I asked about my Regulation E right to a provisional credit, I was told : It does not apply because I am " disputing a denial, '' not an original claim. 
My case is a " scam, '' not " fraud, '' so it is not eligible for reimbursement. 
Both of these responses violate Regulation E, as : A scam IS fraud under Regulation Eany transaction initiated under coercion or deception is unauthorized ( 12 CFR 1005.2 ( m ) ).

Wells Fargo is required to issue a provisional credit if the investigation extends beyond 10 business days ( 12 CFR 1005.11 ( c ) ( 2 ) ( i ) ).

Regulation E Violations by Wells Fargo 1. Wrongfully Denying My Fraud Claim 12 CFR 1005.2 ( m ) defines an unauthorized electronic fund transfer as one initiated by someone other than the account holder without actual authority and from which the consumer receives no benefit. 
I did not knowingly authorize the fraudster to take my funds, and I received no benefit. 
2. Failing to Issue a Provisional Credit After 10 Business Days Under 12 CFR 1005.11 ( c ) ( 2 ) ( i ), Wells Fargo is required to issue a provisional credit if an investigation extends beyond 10 business days. 
By extending the decision to XX/XX/year>, Wells Fargo is illegally withholding my funds in violation of federal consumer protection laws. 
XXXX. Misclassifying the Fraud as a Scam to Avoid Liability Regulation E does not distinguish between fraud and a scam.

Any transaction initiated under deception, false pretenses, or coercion is unauthorized and must be reimbursed.

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