Consumer complaint received 2022-09-13 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
On XX/XX/22, I mailed an envelope via my local USPS to my businesses landlord, containing three rent checks. One for current rent due in the amount of {$6200.00}, one check for back rent payments due per a repayment plan due to Covid closure for {$35000.00}, and one check for other back fees owed for {$3000.00}. These XXXX checks were all made out to the same recipient, XXXX XXXX, and were drafted against my business checking account at Wells Fargo. 

A few days after mailing, I saw the $ XXXX check go through my account. A couple days later, the $ XXXX check went through. I assumed this was my landlord depositing the checks until right after the $ XXXX check went through, she reached out inquiring where the rent was. I quickly learned that someone had stolen the envelope out of the mail and had cashed 2 of the 3 checks successfully. I called Wells Fargo immediately and began a claim. They put a stop payment on the $ XXXX check that had not been cashed yet and opened an investigation. They told me I'd hear back from someone within 10 days and that I could see the funds back in my account before that time. I assumed they would return my funds and do their own thing to go after whoever had done this. I was wrong. 

I didn't hear from them for more than two weeks, with me calling twice during that period to try and escalate things. We're talking about $ XXXX in stolen money here. When I finally got someone assigned, Wells Fargos position was that they held no responsibility here and they would act on my behalf to try and recoup the money as a courtesy to me. A completely absurd position to hold given these circumstances. 

The check for $ XXXX was made out to XXXX XXXX as I mentioned. It was deposited into a Wells Fargo account under a different name, via a Wells Fargo ATM without any manipulation to the check. Wells Fargo and their ATM accepted a check for $ XXXX via the ATM, with a name that didn't match, and no endorsement on the back, and didn't put a hold or call to me to verify. The Wells Fargo claims person basically said there are no security measures in place for verifying checks via an ATM. If a piece of paper has a valid account and routing number, they debit the funds. Absurdity # 1. 

They returned those funds about 60 days from the start of this, even though the money was in their institution and they could clearly see that the account that had them had no relation to the check or me. 

The second successfully cashed check, for $ XXXX, was cashed in a XXXX XXXX XXXX. The payee was still XXXX XXXX, but someone successfully cashed the check by just signing some other name on the back as an endorsement. Again, no verification that this person cashing the check had any connection to the payee listed on the front. It would be like if I found a XXXX dollar check on the ground made out to XXXX XXXX and just signed my name on the back and got it cashed. What kind of ridiculous system is this? 

We're now over 4 months from the start of this, and I have not received my {$3000.00} back. Wells Fargo has said this is on XXXX  XXXX XXXX and XXXX have not answered their letter asking for the monies return. Wells has said there's nothing I can do to get involved and best they'll do is send another letter. Wells ultimately accepted this check, it should fall on them. If they have a claim against XXXX, that should have nothing to do with me. Wells Fargo provided me with a financial vehicle that they apparently do not stand behind, it's negligent at best for this product to exist. 

If this is really the level of security a check offers, checks are completely vulnerable to the dumbest of fraud and should not exist.

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