Consumer complaint received 2026-03-05 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY
State: UT

Complaint narrative:
Complaint Against Wells Fargo Fraud Claim Denial I am filing this complaint regarding Wells Fargos refusal to reimburse funds that were taken from me as a result of a sophisticated impersonation scam in which criminals posed as Wells Fargo fraud personnel. On XX/XX/year>, at approximately XXXX XXXX, I received a text message that appeared to be from Wells Fargo Fraud Prevention. Shortly afterward, I received a phone call from an individual claiming to be a Wells Fargo representative. The caller referenced my personal information and recent banking activity in a manner that made the communication appear legitimate and consistent with real fraud-prevention outreach from my bank. During the call, the individual told me that my checking and savings accounts had been compromised internally by a bank employee and that immediate action was required to protect my funds while an investigation was initiated. The caller created a strong sense of urgency and instructed me to remain on the phone while steps were taken to secure my accounts. The caller informed me that my online banking credentials were being changed to protect me and stated that funds in my accounts were not secure. I was told that I needed to withdraw my funds immediately so they could be placed in a secure account while the investigation was conducted. The caller referenced specific account details and recent transactions, which reinforced my belief that I was speaking with legitimate Wells Fargo fraud personnel. At all times during this interaction, I believed I was communicating directly with my bank and acting to protect my funds. I was instructed to withdraw {$16000.00} in cash from my accounts. The caller also instructed me not to disclose the purpose of the withdrawal to branch employees because doing so could interfere with what I was told was an internal fraud investigation involving a Wells Fargo employee. Because I believed these instructions were coming from Wells Fargo fraud prevention staff, I complied. I withdrew {$16000.00} in cash and was then instructed to deposit the funds into a new account that the caller represented as a secure account established for the protection of my funds. I was given an account number and instructed to deposit the funds through a Wells Fargo ATM. I deposited the cash as instructed, believing that the account was controlled by Wells Fargo as part of a fraud-protection process. At no point did I intend to transfer funds to a third party or authorize a fraudulent transaction. My actions were taken solely because I relied on instructions from individuals impersonating Wells Fargo personnel. After realizing that I had been the victim of a scam, I immediately reported the incident to Wells Fargo and law enforcement. ( Police Report Number XXXX, with XXXXXXXX XXXX XXXX XXXX Despite the clear circumstances of impersonation and fraud, Wells Fargo denied my claim for reimbursement. The banks decision fails to properly consider that I was manipulated through social engineering by criminals posing as Wells Fargo representatives and that my actions were taken under the reasonable belief that I was following legitimate fraud-prevention instructions from my bank. This transaction would not have occurred but for the impersonation and deception carried out by individuals pretending to represent Wells Fargo.

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