Consumer complaint received 2022-02-01 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: CT

Complaint narrative:
On XX/XX/2021, unbeknownst to me a fraudster was able to set up a fake XXXX XXXX account in my name. Subsequently, I received a phone call from the Wells Fargo main number with a man identifying himself as a representative from Wells Fargo Fraud Division. He asked me if I had made a {$1000.00} XXXX transaction, and replied that I did not, nor do I utilize the XXXX function on my Wells Fargo App. Well, he said it is possible to reverse this transaction by sending the {$1000.00} back to myself. He then walked me thru, step by step of opening my banking app, to get me into the XXXX function on the wells fargo banking app. At this time {$1000.00} from my Wells Fargo Account was fraudulently transferred into a XXXX XXXX  account that I had no knowledge of. I never authorized any transaction other than to myself by the use of the XXXX App. I became suspicious of the call, after I didnt see the money reappear into my account like he said it would, I began asking questions to the caller, and then he hung up on me. Within seconds of this transaction, I called Wells Fargo main number ( the same number that called me ) to inform them of what just occurred and reported this unauthorized transaction. However, the wait time was so long, especially after waiting to speak to 2 different Wells Fargo representatives, it took over an hour to get a claim number, and they said they apologize but there is nothing they could do, that the money is gone. I had a lot of questions of what to do next, and the representative said she will connect me to someone who can answer all my questions, specifically about taking screen shots of certain things to send them. However, she did say that a police report was not necessary once I have a claim number, because they will investigate it. Well, she ended up transferring me to the wrong person at the conclusion of our conversation, and the new Wells Fargo representative I was connected to could not assist me, nor did she know who at Wells Fargo could help me since I already had a claim number from the fraud unit. I called back a few hours later hoping to be able to be connected to someone who can tell me what to do next, and again I was told the same thing, if I had a claim number, there is nothing left to do and someone will reach out to me. A week later they put a provisional credit of {$1000.00} in my bank account while they continued to investigate. Well, nobody ended up reaching out to me, and then they sent me another letter stating that that they were unable to retrieve the funds, they are closing my claim, and withdrawing the {$1000.00} provisional credit from my bank account in 3 business days, sorry for any inconvenience. While I was in total disbelief that this was their conclusion, I did some research and called them to appeal this decision. In my research I found that Wells Fargo is surprisingly a part owner of XXXX ( they really try to hide this ). Additionally, I found new directives to Regulation E in regards to the Federal Electronic Transfers Act were put out in XXXX and XXXX of 2021 by the Consumer Financial Protective Bureau, to address these exact scams and protect individuals like me. I also discovered that Wells Fargo and the XXXX XXXX  XXXX have inconsistently resolved these fraudulently transactions with their customers. Some have been reimbursed, but only usually after a news agency contacts them and exposes what they are doing. I dont understand why Wells Fargo is not adhering to the new directives that the Consumer Financial Protect Bureau put out in XXXX and XXXX of 2021. Furthermore, they were not even willing to extend the {$1000.00} provisional credit withdrawal for more than the 3 business day notice that I received. They said if the funds were not in the account, that they will overdraft my account into the negative, regardless of whatever automated electronic debits I have set up to pay my other creditors, and they did exactly that. I have been a Wells Fargo customer for 22 years, and I can not believe they are treating me like this. It is so unacceptable, especially because of the new directive changes to federal regulation E to address these exact fraudulent transactions. Moreover, their untimely handling of the this situation when it was unfolding certainly must have contributed in not being able to reverse this unauthorized transaction. I also feel that I was purposely informed not to file a police report to give them an advantage to not have to reimburse me. Also, the same mishandling goes for me never getting connected to, or having someone reach out to me ( like they said would happen ) to walk me thru what my next steps were suppose to be. Such as, taking screen shots of fraudulent text messages, phone calls and account transactions that would of demonstrated timelines for evidence, especially for a police report.

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