Consumer complaint received 2026-07-01 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: FL

Complaint narrative:
Dear Wells Fargo after going to multiple agencies to get a response from this company I filed dispute through you with as I never authorized this transaction I finally recieve a response. Had I known how many major lawsuits for unethical and shady business practices this company has had I would have never done business with them. I am relying on you my bank to help me. Here is the response XXXX provided below : Thank you for bringing this matter to our attention, and please accept our sincere apology for any inconvenience this matter may have caused you. At XXXX, we pride ourselves on customer satisfaction. We would like to let you know that we take customer feedback very seriously, and we are always striving to improve our services. Our staff diligently looked into the concerns received in your XXXX XXXX XXXX ( XXXX ) complaint. Please see below for more details. On XX/XX/year>, an XXXX deposit in the amount of {$18000.00} was processing to your account. The funds were not available for use until they cleared your bank on XX/XX/year>. Between XX/XX/XXXX and XX/XX/year>, trades were executed and these funds were used. On XX/XX/year>, the {$18000.00} deposit was reversed by the external financial institution and was cited as unauthorized after you could not reach us. Because the funds had not cleared but were utilized for trading, the reversal of this deposit created a negative balance in the account. That evening, notifications were sent regarding the reversed deposit and the resulting account deficit. We apologize for not getting back to you sooner when you reported the unauthorized transaction on XX/XX/year>, but you are liable for the resulting deficit even though we made trades on your behalf or sell your positions without prior authorization under certain circumstances. On XX/XX/year>, an email was sent instructing you on how to resolve the deficit and warning that we could sell your stocks, including positions not related to the unauthorized transaction, if the negative balance from the unauthorized transaction of {$18000.00} was not addressed. Later that day, as the deficit remained unresolved, the firm executed a forced liquidation of stocks you purchased, totaling approximately {$8400.00}. These positions were originally purchased for {$9900.00} with your {$10000.00} bank transfer on XX/XX/year>. Later that same day, your account was flagged for unauthorized activity. Following this, temporary restrictions were placed on your account while an investigation was launched. These restrictions included the prevention of new deposits, withdrawals, and XXXX transfers, and trading was limited to closing positions only. On XX/XX/year>, the investigation of your account concluded, and based on the information available, it was determined that the firm would no longer support your account. Please note that, per the XXXX we can restrict or close accounts at any time. Your losses from the unauthorized transaction and your position sales, which total {$18000.00} plus {$9900.00}, that neither will be reimbursed. Please note that your bank will not be able to help you recover any of these funds. Additionally, the XXXX is not affiliated with XXXX or any of its affiliates. If you have any further questions or comments regarding this matter, please do not hesitate to contact us through our support channels. Sincerely, XXXX XXXX My rebuttal back to XXXX XXXX : Thank you for your response. However, after reviewing your explanation, I must respectfully point out several significant inconsistencies and contradictions that remain unaddressed. First, your response acknowledges that I reported the unauthorized XXXX transaction on XX/XX/year>, yet XXXX admits that it failed to respond in a timely manner. Despite being placed on notice that the transaction was unauthorized, XXXX continued to allow the disputed funds to remain available for trading until the deposit was ultimately reversed. Had XXXX acted promptly upon my report, the subsequent losses and account deficit could have been prevented or significantly mitigated. Second, your timeline is inconsistent. You state that the ACH deposit was not fully cleared until XX/XX/XXXX, yet you simultaneously acknowledge that XXXX permitted those funds to be used for trading between XX/XX/XXXX and XX/XX/XXXX. This demonstrates that XXXX voluntarily extended buying power before the deposit had settled. That decision was made by XXXX, not by me. It is therefore unreasonable to place the entire financial responsibility on the customer for risks XXXX knowingly assumed. Third, your response states that the deposit was reversed by my financial institution on XX/XX/XXXX because it was reported as unauthorized. This directly supports my position that the transaction itself was unauthorized. Despite acknowledging this fact, XXXX nevertheless held me financially responsible for the disputed transaction instead of conducting a meaningful investigation into the unauthorized activity before liquidating my investments. Most concerning is XXXX 's admission that it did not respond after I reported the unauthorized transaction, yet still claims I am liable because it exercised its contractual right to liquidate my positions. Contractual rights do not eliminate a company 's obligation to act reasonably or in good faith when a customer promptly reports suspected fraud. XXXX 's own delay substantially contributed to the circumstances that ultimately resulted in the forced liquidation of my account. Your response also states that XXXX " made trades on your behalf or sold your positions without prior authorization under certain circumstances. '' This statement confirms that XXXX executed transactions without my authorization. While you cite your customer agreement, the fact remains that these actions occurred only after XXXX failed to timely address my fraud report. The sequence of events raises serious concerns regarding whether XXXX fulfilled its duty to reasonably investigate the matter before taking irreversible action. Additionally, your response contains inconsistent calculations regarding my losses. You state that approximately {$8400.00} of stock was liquidated, while noting those positions were originally purchased for {$9900.00}. You then conclude that my losses total {$18000.00} plus {$9900.00}, despite acknowledging that only approximately {$8400.00} was actually liquidated. This calculation is unclear, internally inconsistent, and fails to accurately explain how XXXX determined the amount it claims I owe. Finally, citing XXXX 's contractual ability to restrict or close accounts does not address the substance of my complaint. My complaint concerns XXXX 's failure to timely respond to an unauthorized transaction, its decision to allow unsettled disputed funds to be used despite notice of fraud, the resulting forced liquidation of my investments, and the financial harm caused by those actions. XXXX XXXX has discretion to close an account is separate from whether it exercised that discretion reasonably under these circumstances. For these reasons, I do not believe XXXX 's response adequately addresses the issues raised in my complaint. Instead, the response confirms several key facts that support my position : ( XXXX ) I promptly reported the unauthorized transaction ; ( XXXX ) XXXX failed to timely respond ; ( XXXX ) XXXX allowed trading with unsettled funds despite that report; ( XXXX ) XXXX liquidated my investments after its own delay; and ( XXXX ) XXXX 's explanation of the resulting financial liability is internally inconsistent. Please wells fargo can you please help me. This company says you will not help me. I am so distraught over this whole ordeal. This company greatly took advantage of me.

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