Consumer complaint received 2023-11-17 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: FL

Complaint narrative:
FRAUDULENT TRANSACTION TOOK PLACE VIA ACH FROM XXXXXXXX XXXX  Total amount was {$5900.00}. We are a non profit and this was not authorized. 
This was a business to business transaction initiated from XXXX XXXX Telephone number listed was XXXX XXXX XXXX is false and part of a scam as notated via XXXX The correct telephone number is XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX We are responding to your concerns Case Number : XXXX Account number ending in : XXXXXXXX XXXX XXXXXXXX XXXX : Thank you for your patience while we looked into your concerns. Weve completed our research and are ready to share our findings.

Disputing ACH transaction While we realize the information provided may not alleviate your frustrations, we hope this letter helps to ( clarify our actions about this matter. We strive to provide exceptional service and were sorry we didnt meet that expectation in this instance. Enclosed in a copy of the Deposit Agreement for your records. 

Business-to-business CCD ( Cash Concentration and Disbursement ) and CTX ( Corporate Trade Exchange ) ACH payments may only be returned within 24 to 48 hours of the posting date of the transaction. ( XXXX XXXX XXXX XXXX XXXX  the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all XXXX XXXX  and credit union accounts. ) This information is referenced in the Deposit Account Agreement on page 19 under the Reversal or return of ACH transactions section : Business accounts only : Under the ACH Rules, the Bank can return any non-consumer ACH debit entry as unauthorized until midnight of the business day following the business day the Bank posts the entry to your account. In order for the Bank to meet this deadline, youre required to notify us to return any non-consumer ACH debit entry as unauthorized by the cutoff time we separately disclose. The cutoff time is currently XXXXXXXX XXXX XXXX XXXXXXXX. If you dont notify us in a timely manner of the unauthorized non-consumer ACH debit entry, we wont be able to return it without the cooperation and agreement of the originating bank and the originator of the debit entry. Any other effort to recover the funds must occur solely between you and the originator of the entry. 

Based on our records the ACH transaction took place on XX/XX/XXXX for XXXX XXXX XXXX XXXX XXXX XXXX XXXX This type of transaction must be reported within 24 to 48 hours. However, the transaction was not reported until XXXX XXXX XXXX XXXX XXXX XXXX XXXX 21 months after the transaction posted to your account per claim XXXX XXXXXXXX and XXXX. An ACH authorization is given when a customer provides his or her account number and routing number to a third-party merchant. Due to the method used for payment, any disputes regarding a defective product or a failure to provide a promised service would be resolved directly between you and the merchant. In addition, the transaction was reported outside of the time frame outline in the Deposit agreement for ACH transactions, the claim has been declined and at this time can not be overturned. 

We recommend you contact the merchant XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX this issue. While we empathize with your situation, your dispute is with the merchant and not with Wells Fargo. 

Our research confirms we followed the proper procedure and guidelines after being notified. Based on the information available in this situation, we feel our actions were appropriate and necessary to avoid potential risk. While we empathize with you, we respectfully decline your request to reimburse your account for this transaction.

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