Consumer complaint received 2024-11-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
I am writing to formally lodge a complaint regarding a fraud incident involving Wells Fargo Bank, which has caused me significant financial and personal distress. My name is XXXX owner of XXXX XXXX, and I hold an account with Wells Fargo Bank under the name XXXX XXXX  ( Account Number : XXXX ). 
Details of Incident : On XX/XX/year>, I discovered two unauthorized transactions from my Wells Fargo account totaling {$14000.00} ( {$4800.00} and {$9800.00} ). I immediately informed the bank 's fraud department while the transactions were still processing and requested them to stop the payments. The fraud department assured me that the transactions would be halted, and my funds would be refunded within ten business days. 
Despite this, Wells Fargo allowed the transactions to proceed, later denying my claim for reimbursement on the grounds of insufficient evidence of unauthorized activity, even though the account had been accessed from an unknown IP address ( XXXX ) and under a different username. Wells Fargo failed to take appropriate steps to recall the funds, explain the transaction details, or provide the account information where the funds were transferred. 
I have provided both Wells Fargo and their XXXX XXXX with the necessary documents, including my XXXX and XXXX XXXX statements, which clearly show that the funds were not deposited into my accounts. However, despite these submissions, the bank has refused to take responsibility or issue a refund, further causing me financial strain and emotional distress. 


Summary of Incident : Fraud Amount : {$14000.00} ( Two transactions : {$4800.00} and {$9800.00} ). 
Date of Fraud : XX/XX/year>. 
Account Details : XXXX XXXX XXXX ( Account Number : XXXX, Wells Fargo Bank XXXX. 
My Identity : XXXX XXXX, owner of XXXX XXXX Timeline of Events : Discovery of Fraud : On XX/XX/year>, I discovered two unauthorized transactions from my Wells Fargo account totaling {$14000.00}. 
I immediately notified the banks fraud department by phone and requested them to stop the transactions while they were still processing. 
Initial Response from Wells Fargo : The fraud department assured me the transactions would be halted and the funds would be refunded within 10 business days.

I was asked to monitor the account for any additional unauthorized activity. 
Access to my online banking was restricted, and I was instructed to open a new account the following day. 
Opening a New Account : I complied with the bank 's instructions and opened a new account on the next business day, trusting that the issue would be resolved as promised. 

Subsequent Developments : Denial of Claim : After waiting for 10 days, I was shocked to receive a denial letter from Wells Fargo, which lacked any clear explanation of where the funds had gone. 
The letter claimed there was " no evidence supporting unauthorized transaction ( s ), '' despite me reporting the fraud while it was happening. 
Details of Unauthorized Access : The bank acknowledged in their denial letter that the account had been accessed from a new IP address ( XXXX ) and by a different username ( XXXX ) not my verified username. 
This shows clear evidence of unauthorized access, yet Wells Fargo refused to act on this information. 
Lack of Transparency : The bank failed to provide any details about the recipient account where the money was transferred. 
They did not attempt to recall the funds or explain why the transactions were not stopped despite my immediate notification. 
Responses to My Inquiries : I was repeatedly told that the funds were being transferred to an XXXX XXXX and XXXX XXXX credit card payment, both of which I also hold. However, no such payments were credited to my accounts. 
I provided statements from XXXX and XXXX XXXX to the Wells Fargo branch in XXXX, CA, but there has been no resolution or refund issued. 

Wells Fargo 's Negligence : Failure to Act : Despite being notified while the fraud was in progress, Wells Fargo allowed the transactions to be completed. 
The fraud department failed to halt the payment or recall the funds after being informed. 
Failure to Protect : I use a secure OTP hardware token for all my wire transfers, which was with me at all times. No authorization was given from my side. 
Wells Fargo failed to safeguard my account despite obvious red flags like new IP addresses and usernames. 
Misleading Claims : The bank claimed the transactions originated from XXXX, XXXX location where I do not reside or have a computer. 
I access my Wells Fargo account only from my residence in XXXX, CA, using a fixed IP address. This information was validated by the bank, yet ignored in their investigation. 


Impact : Financial Loss : {$14000.00} remains unreturned. 
Emotional Stress : I have been dealing with XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, due to this ongoing issue. 
Negligence : Wells Fargo failed to act on a timely fraud alert, ignored the clear signs of unauthorized access, and closed my case without proper resolution. 


Critical Questions and Concerns : Why didnt Wells Fargo stop the transactions immediately after being informed? 
Why did Wells Fargo close my case without providing detailed information on the recipients of the funds? 
How was my account accessed without authorization, and why werent sufficient safeguards in place to prevent this? 
Why didnt Wells Fargo issue any warnings about potential fraud or dark web security breaches, despite receiving notifications from XXXX about leaked passwords? 
Request for Action : I kindly request your urgent intervention to hold Wells Fargo accountable for their negligence and take action to : Ensure the immediate release of the {$14000.00} fraudulently withdrawn from my account. 
Investigate and address the banks failure to act promptly when the fraud was reported. 
Prevent other individuals or businesses from suffering similar financial losses and harassment due to the bank 's negligence. 
Attachments : Denial Letter from Wells Fargo. 
my XXXX and XXXX XXXX statements ( XXXX & XX/XX/year> ) Thank you for your attention to this serious matter. I look forward to your swift response.

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