Consumer complaint received 2026-06-15 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
RESOLUTION REQUESTED : ( 1 ) investigate the matters described below under the Electronic Fund Transfer Act ( Regulation E ) ; ( 2 ) provide a written explanation of your findings ( in particular exactly how did the unauthorized electronic withdrawal of {$50000.00} from my savings account to open a new unauthorized CD account occur, including everyone who initiated/participated in the unauthorized actions ) ; and ( XXXX ) correct the error by crediting my savings account with {$50000.00}, together with lost interest at the savings account rate and any related fees. UNAUTHORIZED TRANSACTIONS : I've had a joint savings account at Wells Fargo Bank for over 10 years. Friday XX/XX/year> I met in person with a branch banker to obtain a higher promotional interest rate on that account. We discussed and I specifically rejected opening a personal CD account. Unbeknownst to us, the day before ( Thursday XX/XX/year> ) there was an unauthorized {$50000.00} electronic withdrawal from my savings account that was used to open a new unauthorized CD account. I discovered the unauthorized transactions over the weekend and notified the branch on Monday XX/XX/year>. The branch assisted me in filing a claim with the appropriate group within the bank. COMPLAINT RESPONSE : On XX/XX/XXXX [ XXXX business days ' after my notice ], that group sent a secure message saying they hadn't finished their research, so would get back to me by XX/XX/year>, and would let me know then whether they needed further time. This does not comply with regulatory requirements since ( XXXX ) the authorized extension is XXXX days [ which is XX/XX/year> ] and ( 2 ) most important, is conditioned on at least provisionally crediting the {$50000.00} unauthorized withdrawal back to my savings account, which still hasnt happened despite my repeated requests. IDENTITY THEFT : In the meantime, there was an internal bank referral to the bank 's identity theft group to investigate the unauthorized opening of the new CD account ( but not the withdrawal ). I received a report dated 5/21/26 stating ( 1 ) they confirmed that you did not open or have any knowledge of the new CD account, ( 2 ) I wasn't liable to the bank, and ( 3 ) any reporting to the major credit bureaus would be removed within 90 days. It wasnt clear to me what they reported to the credit bureaus, and there was absolutely no indication of how and by whom the withdrawal was made and the new CD account was opened. Subsequently I was offered a free XXXX yr Experian membership. CURRENT STATUS : To date ( XX/XX/year> ) I have heard nothing further about the unauthorized withdrawal and new CD account, so still have no idea how this happened ; and the {$50000.00} has not been credited to my savings account notwithstanding that the withdrawal was obviously unauthorized since I didnt even know the CD account existed.

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