Consumer complaint received 2024-04-27 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
On XX/XX/year>, I received a text from Wells Fargo Bank, asking if I made a purchase in XXXX FL. Replied no. Fraud specialist called me. Asked me to verify name and address. Typical Wells Fargo. But I became suspicious when they did not ask about the charge. Instead asked if I had knowledge of a wire transfer for {$10000.00} to XXXX XXXX in FL. I immediatly hung up. I checked my online checking account in the app and no charge was made to FL, and no transfer was made to FL. I assumed all was well and planned to call Wells Fargo after I was off work to report this call. An hour later I checked my email on my phone. Two emails. One stating XXXX XXXX had been added as a wire recipient. Second stating that my wire transfer for {$10000.00} was being processed. A number was given to call if I did not make this transfer. The transfer email was XXXX XXXX. I called as soon as I accessed the email, before XXXX XXXX. From the moment I called, Wells Fargo has handled this with nothing but incompetence. I was routed from dept to dept and even hung up. It was not until XXXX XXXX that I was connected to the correct dept, and spoke with a competent individual, to file a claim to recall my funds. This was a full 5+ hours after the transfer email. I was given a case # and told a 10 day investigation would be conducted. No funds would be reinstated during this time, and no guarantee of funds, after the investigation. Not comforting, to say the least, when you've just had {$10000.00} stolen from your account. This has caused undue financial stress and undue physical and emotional stress, with little concern from Wells Fargo. I don't understand how they could allow {$10000.00} to be transferred from my account without flagging it and verifying this transfer with me??!! Yet I can travel out of state and make two or three small charges with my ATM card, and they will put a hold on my account, until I verify that I made those charges. And this was {$10000.00}! This absolutely makes no sense. It makes me very suspicious of Wells Fargo. During the investigation I called every couple of days for an update. It was always a new hoop to jump through and no info or update given. At one point they even told me I was not the primary name on the account. I am the only name! The original claim ended up being returned to the fraud dept because it was filed incorrectly. Again, incompetence. And it wasn't returned until a full week after the incident! So of course the receiving bank indicated that there were no funds to be recalled. The thief had withdrawn them by that time! Yet I called within an hour of the transfer. Had the claim been filed immediatly and the funds flagged, there is a much greater possibility that those funds would have been recalled. Why did they even give a phone number in the email, to call if i did not make the transfer, if they werent going to handle this as an asap emergency??!! This was botched completely by Wells Fargo from the get go, yet I am being held responsible. They completed their investigation and determined that I made the transfer or gave my username or password to someone who made it. This is completely untrue. They are insinuating that I am lying, and refusing to reinstate my funds. I was defrauded, I called within a timely manner, and Wells Fargo acted with total incompetence. I entrusted this institution with my hard earned money, and they have broken that trust, acting with totsl incompetency, and lack of care. They need to be held responsible, not me. My funds were stolen from my account and those funds need to be reinstated.

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