Consumer complaint received 2025-01-24 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: WI

Complaint narrative:
I am filing this complaint against Wells Fargo for failing to follow proper protocols and best practices during a transaction at their XXXX, WI, branch on XX/XX/XXXX. Their negligence in handling my account and ensuring my safety directly resulted in a financial loss of {$18000.00} due to a sophisticated scam.

Summary of the Incident : On XX/XX/XXXX, I received a series of calls from individuals impersonating law enforcement officers from the XXXX XXXX XXXX XXXX XXXX XXXX. They informed me that I had a warrant for my arrest due to failure to appear for federal jury duty. The callers provided extensive personal information, including my name, date of birth, address, and Social Security number, to build credibility.

They emailed me official-looking documents, including a " warrant for arrest, '' " mobile escort order, '' and " instructions for refund of cash bond, '' which I was instructed to read aloud under a supposed gag order. They pressured me to withdraw {$18000.00} in cash as a bond payment and threatened me with jail time if I failed to comply.

Wells Fargo 's Failure to Act : Under duress, at the direction of the scammer who was on speaker phone, I went to the Wells Fargo branch in XXXX, WI, to withdraw {$18000.00} in casha transaction entirely out of character for my account. I have been a Wells Fargo customer for over 20 years and have never withdrawn such a large sum of cash before.

At the bank, I was visibly distressed, shaky, and unfamiliar with the process of withdrawing such a large amount. I didn't know where my debit card was, I didn't know how much money was in my account, I was tearful and afraid. Despite this, the banks employees : 1 ) Failed to ask any questions about the purpose of the transaction, or if I could potentially be the victim of a scam 2 ) Did not warn me of the risks of withdrawing such a large amount in cash.

3 ) Did not offer safer alternatives, such as a cashiers check.

4 ) Allowed me to leave the branch with an unusually large sum of cash ( that didn't even fit in an envelope ) without inquiring about my safety.

The transaction was approved by both the teller and a supervisor, yet no effort was made to identify or address the clear red flags associated with this withdrawal.

The Scam and Its Consequences : Following the withdrawal, the scammer directed me to deposit the cash into a cryptocurrency machine ( XXXX ) at a gas station, falsely claiming it was a bond deposit machine. I later realized I had been the victim of a scam and immediately contacted the police, filed a report, and reached out to Wells Fargo and XXXX. 

Wells Fargo informed me that they could not file a fraud claim because I had withdrawn cash. XXXX stated that the transaction had already been processed and was irreversible. As a result, I suffered a financial loss of {$18000.00}. 

I returned to the bank the next day they were open, XX/XX/XXXX, and asked to speak to the branch manager. I was told that all managers were out on vacation and that I could speak with an associate. She also tried contacting another district manager, who was also out on vacation. This employee directly told me that this was against their training and procedures at Wells Fargo. She had recently undergone training and stated that the employees failed to act on many levels and went against policies and procedures. She assisted me in filing a formal complaint to Wells Fargo. They responded via email, which I have attached to this submission.

Concerns About Wells Fargos Policies and Actions : Wells Fargo failed to uphold its responsibilities under the Bank Secrecy Act ( BSA ) and Anti-Money Laundering ( AML ) regulations, which require banks to monitor and report suspicious activities. Their lack of intervention during a highly irregular transaction shows a failure to follow best practices for fraud prevention.

Additionally, the bank 's failure to ensure my safety when leaving with such a large sum of cash placed me at significant personal risk.

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