Consumer complaint received 2023-12-29 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
I have a small business in XXXX XXXX. My Wells Fargo Business account was established nearly 19 years ago. In XXXX of 2023 I noticed some unauthorized ACH withdrawals from my account. I contacted Wells Fargo via telephone. The agent informed me they would put a stop payment on the unauthorized charges. After taking a close look at the account I discovered there were a great many of these unauthorized charges and they all had the name identifier of XXXX XXXX. I thought that it must be some sort of bank error. I thought my money was safe and sound resting in my account. Wells Fargo did manage to return some of my money. There is a great deal of money they have not. Wells Fargo asked me to submit a list so they could continue their efforts to recover the money. Wells Fargo said this could take as much as 120 days. When the 120 days were up, I was contacted by Wells Fargo to let me know they needed more time. Then a few days later they sent a status letter that seems to say they determined last XXXX that I had authorized the charges and the case was now closed. I have tried to contact the Small Business Resolution Team at Wells Fargo. I was told that I needed to talk to XXXX XXXX, Senior Escalations Representative. She was unavailable but I was told she would return my call within 48 hours. She has never returned my call. 

After receiving the case status letter from Wells Fargo ( see attached ) I started looking for any actions I can take to recover my money. I filed a complaint with the Office of the Comptroller of the Currency. I also filed a report with the XXXX XXXX Police. And then I contacted XXXX XXXX. 

Key points : 1. I had no idea that my business account was vulnerable. I thought the bank was a safe place to keep my money. I thought my money was being protected by Wells Fargo.

2. I am seeking the return of {$65000.00} which was taken from my account without my authorization ( see attachment ).

3. Wells Fargo says in their status letter that I authorized the ACH charges but offers no evidence. I know I never authorized the charges so I know they are lying about this.

4. The banker from my branch, XXXX XXXX, acted as though she would help me get my money back. She has done nothing at all. She does not return my emails. She only telephones. I get the feeling she does not want there to be any record of the conversations. 
5. The unauthorized charges had a name identifier attached. XXXX XXXX is the name. My money was used to pay XXXX  XXXX, XXXX, XXXX and XXXX XXXX XXXX. I do not know XXXX XXXX. Wells Fargo knows this. Even after reporting the fraud, Wells Fargo let charges go through with the same name identifier.

6. I have spent a lot of time on the telephone with Wells Fargo. It is always a very frustrating experience. No matter who I speak with at Wells Fargo they always seem to be holding back information. They never provide what I would call a straight answer. Then they send a letter that provides very little information.

7. I submitted a claim to Wells Fargo on XX/XX/2023 at the bank branch office. They said it could take 120 days. Then they sent a letter saying they completed their research and the claim was rejected on XX/XX/2023. How did they deny on XX/XX/2023 when it was not even submitted until XX/XX/2023? And why did they need more than 120 days to tell me a decision that was made before I even submitted my claim? 
My Wells Fargo Branch Banker : XXXX XXXX XXXX Senior Premier Banker XXXX XXXX  XXXX XXXX. 
XXXX XXXX, CA XXXX Tel : XXXX Fax : XXXX XXXX I really appreciate your kind attention to this matter. I can not afford to lose over $ XXXX. Please let me know if you need any more information.

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