Consumer complaint received 2022-01-24 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
Dear CFPB ; I am reporting a Wells Fargo ETF Fraud Scam on behalf of my wife and I. 

We have had all of the funds from three accounts stolen from us from our accounts via the XXXX transfer program. None of these transfers were authorized by either one of us. Our funds were transferred to a XXXX bank account. The XXXX program is added to all accounts by Wells Fargo automatically. 

On XX/XX/XXXX we went to our local bank branch in XXXX XXXX, Fl and we reported this fraud to a customer service rep and the rep said we needed to file a claim to dispute the unauthorized online XXXX transfers totaling {$870.00} that occurred on XX/XX/XXXX ( Original Claim # : XXXX ) and their fraud department would investigate the claim and let us know their decision within 7-10 business days. 

After about 10 business days, we received a letter that our claim was DENIED! The letter erroneously stated that the customer service rep said that we authorized these transfers! That was absolutely 100 % untrue!! 

After hearing this, we went to another branch on XX/XX/XXXX at the XXXX XXXX XXXX XXXX, XXXX, Fl XXXX branch and spoke with the branch XXXX XXXX. 

That XXXX was appalled at what they said after we told her we did NOT approve or authorize ANY of the XXXX transfers as this money was set aside for our bills and she agreed that we were wronged and she re-filed another fraud claim ( # XXXX ). We again were told that unfortunately it would be yet another 7-10 business days before we get their decision. 

The letter we received dated XX/XX/XXXX states that " On XX/XX/XXXX, we finalized our investigation and denied the claim number XXXX. Claim number XXXX was resolved and closed. '' Also on page 2 of the same letter, it states " On XX/XX/XXXX, we filed claim number XXXX to re-dispute unauthorized online XXXX transfers totaling {$870.00} that occurred on XX/XX/XXXX, and posted to accounts ending in XXXX, XXXX, and XXXX. At this time claim number XXXX is still under investigation and the resolution will be communicated to you under separate cover. '' It has now been 13 business days and we still do not have a decision! 

Under the following section on your website I read the following : Error Resolution : Unauthorized EFTs We reviewed section # 5 and that is exactly what happened, a fraudster contacted my wife on her cellphone and said he was from Wells Fargo bank and there were suspicious transfers being processed right now and he was trying to help stop that from happening and put the money back into her account and it should be back in the account within 24-48 hours. My wife did not give them ANY account information or personal information either, in fact, she asked the caller " How do I know you are from Wells Fargo? '' He told her to look at his number and compare it to the number on the back of her card and the numbers matched. 

" For example, the Bureau is aware of the following situations where a third party has fraudulently obtained a consumers account access information, and thus, are considered unauthorized EFTs under Regulation E : ( 1 ) a third-party calling the consumer and pretending to be a representative from the consumers financial institution and then tricking the consumer into providing their account login information, texted account confirmation code, debit card number, or other information that could be used to initiate an EFT out of the consumers account, and ( 2 ) a third party using phishing or other methods to gain access to a consumers computer and observe the consumer entering account login information. EFTs stemming from these situations meet the Regulation E definition of unauthorized EFTs. 
Updated XX/XX/XXXX '' We urgently need your help in this matter as we feel the bank has either abandoned our claim or will ultimately deny it AGAIN. 

Best Regards and God Bless

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 non-monetary relief