Date Received: 2023-08-21
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: I am writing to bring to your attention a matter of significant concern pertaining to my business entity 's financial transactions and the subsequent mishandling of the situation by Wells Fargo Bank. I, XXXX XXXX XXXX, represent one of the partners of XXXX XXXX XXXX, a California-formed Limited Liability Company XXXX On XX/XX/XXXX, XXXX XXXX XXXX initiated a banking relationship with Wells Fargo Bank, including the application for a Line of Credit ( LOC ). During the process of applying for the LOC, the bank requested our Company Operating Agreement as part of the requisite documentation. The terms outlined in the operating agreement strictly prohibit the withdrawal of company funds to personal accounts by any of the partners. Following due process, Wells Fargo approved and issued the LOC, with the corresponding LOC card arriving on XX/XX/XXXX. Regrettably, an incident of grave concern arose on the same day when XXXX of my partners ( XXXX XXXX XXXX falsely reported the loss of the LOC documents to the bank. Subsequently, on the same day on XX/XX/XXXX this partner XXXX XXXX XXXX XXXX, using the LOC document opened a online account with WellsFargo and on XX/XX/XXXX, my business partner surreptitiously moved the entirety of the XXXX funds into their personal accounts. At XXXX XXXX on the morning of XX/XX/XXXX, the partner XXXX XXXX XXXX XXXX initiated three online transfers. Recognizing the gravity of the situation, I immediately visited the Wells Fargo branch as soon as it opened at XXXX XXXX, where I promptly lodged a complaint regarding the fraudulent transactions. Additionally, I formally documented the incident in an email communication to the bank, a copy of which is enclosed for your reference. Following these actions, I engaged in correspondence with Wells Fargo 's online fraud team, who confirmed that the fraudulent transactions were carried out in a single login session linked to my partner 's account. The assigned case number for this matter is XXXX, and I communicated directly with a Wells Fargo XXXX named XXXX XXXX at XXXX. Wells Fargo was successful in reversing XXXX of the three unauthorized transactions, which accounted for a wire transfer of {$10000.00}. However, the remaining two transactions, totaling {$24000.00}, were unfortunately not recoverable. These transfers were carried out by my aforementioned business partner, whose identity was conclusively determined by the bank 's investigation. I wish to emphasize that I have taken all necessary actions to address this distressing situation. I formally lodged a written complaint with Wells Fargo, providing substantial evidence and a detailed account of the events as they unfolded. Despite my earnest efforts to rectify the matter, Wells Fargo 's response has been disappointingly inadequate, with no meaningful progress towards recovering the lost funds. Subsequent to this incident, I pursued legal recourse against my business partners, culminating in a civil case filed in XX/XX/XXXX. Furthermore, in XX/XX/XXXX, I received a communication from Wells Fargo, demanding payment for the outstanding LOC balance. I promptly contacted Wells Fargo 's collection department, apprising them of the ongoing legal proceedings and reiterating that the matter was being diligently addressed. It is with deep regret that I must now convey my frustration, as on XX/XX/XXXX, Wells Fargo unilaterally debited {$26000.00} from my personal account to cover the LOC obligation. This action, predicated on my status as a guarantor, has only compounded the distressing situation. I have engaged with Wells Fargo 's branch personnel, who have initiated a formal complaint with their back-office departments. Despite this, no tangible resolution has emerged thus far, leaving me with a notable sense of disillusionment. I possess a comprehensive record of the unfolding events, replete with pertinent documents, which attest to the sequence of occurrences as presented. It is my ardent desire to see this matter resolved equitably. I implore Wells Fargo to promptly reimburse the embezzled funds and redirect recovery efforts towards the responsible parties. Furthermore, I beseech the bank to reconsider the precipitous deduction from my personal account, given the ongoing legal proceedings and the circumstances surrounding this case. Several pressing questions demand attention : a ) Wells Fargo 's discernment of the fraudulent nature of the transactions is evident, as evinced by the blocking of one transaction. What interventions were undertaken to forestall the two subsequent unauthorized transactions? b ) The interval between XX/XX/XXXX, and XX/XX/XXXX, witnessed no substantive efforts by Wells Fargo to retrieve the misappropriated funds. What actions were undertaken during this period to address this issue? c ) Wells Fargo successfully identified the initiator of the fraudulent transactions and traced the funds to an internal account. Why was it not feasible to recover the funds? d ) I, as a guarantor and the individual who reported the fraudulent activity, expected that Wells Fargo would prioritize the resolution of this matter. Regrettably, this situation appears to have been mishandled internally. XXXX ) While Wells Fargo suggested legal recourse for me against my partners, the associated costs eclipse the contested amount. Wells Fargo 's decision not to pursue legal action contradicts its suggestion that I should rely on the legal system. f ) The funds withdrawn from my personal account are primarily held jointly with my spouse, and thus largely consist of her contributions. It is noteworthy that the LOC is associated with XXXX XXXX XXXX, an entity distinct from my spouse 's interests. g ) The LOC account featured three guarantors, one of whom orchestrated the misappropriation of funds. This unsettling sequence of events underscores a disconcerting parallel between the actions of a guarantor and the bank itself. h ) When the LOC was applied the whole process of opening a business account and application for the LOC was done in @ 30 to 40 mins, resulting in quickly signing the application documents by all 3 partners. Due to this rush it was not feasible to understand completely what the bank intends to do in case of fraud. In this case the bank took funds out of my account giving a reason that my other 2 partners did not have funds. Did the bank inform us about this while opening the account or did the bank tell that we have protection against fraudulent transactions. The bank specifically asked for the operating agreement, now as per the operating agreement none of the partners can take funds into their personal account. Did the bank specifically tell that the terms of the operating agreement are not read by the bank nor do they intend to do anything about it. I urge Wells Fargo to take this matter seriously and work swiftly to find a solution to this mishandled situation. I eagerly await your response to this formal complaint, replete with a thorough explanation of the steps Wells Fargo intends to take to rectify this situation. Your prompt attention to this matter is greatly appreciated. Yours sincerely, XXXX XXXX XXXX XXXX XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95391
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Problem caused by your funds being low
Subissue: Overdrafts and overdraft fees
Consumer Complaint: I believe wells Fargo owed me back money on overdraft fees and insufficient funds fees I was charged from the bank when I actually did have the money in my account to cover the charges wells Fargo said the covered the charges because I didn't have the money in my account. And that was a lie
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95354
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: My deceased mother owned a house with Wells Fargo as the mortgage holder. As trustee, I sold the home and closed in early XXXXXXXX XXXX XXXX. The funds were wired to the Trust account and I was informed by the title company that there may be an additional escrow refund and that they would be sent through the title company to me to pass through the Trust for distribution. On XX/XX/XXXX, I received an escrow refund at my new, out of state mailing address. The check was made out incorrectly. After speaking with Wells Fargo XXXX XXXX, I was advised to try to cash the check but the amount was too large and the banks I visited would not cash it. I followed up with Wells Fargo and was directed to send a copy of the check and request a reissue to the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I sent the email on XX/XX/2023. On XX/XX/2023, I received an extension letter asking for more time to respond. I immediately called and was told a case worker hadnt even been assigned. A few days later, I received a call in response to my " complaint ''. They needed to verify my address over the phone, although they had already mailed out several documents to my new address. The following week I received a check for the escrow refund made out to the trust.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OR
Zip: 97214
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Closing an account
Subissue: Fees charged for closing account
Consumer Complaint: I opened a {$25000.00} CD for 6 months with Wells Fargo at appx. 4.5 % interest. It matured, and instead of returning the funds, they reinvested them for 6 months at appx. 2.5 % with a penalty to withdraw. I asked them to release the funds, they refused. I have since gone through many calls and their so-called complaint and investigation procedure and the result is effectively " bad luck ''. When I insisted on them releasing the funds, they put me back into the complaint process. For reference, the current rate they are offering on the same duration CD is around 4.5 %, so they have trapped my money at approximately 45 % discount on the return i should have received. They say that they sent me a letter and I didn't respond so this gives them the right to do this. I received no such letter, and do not consent to my funds being trapped on these terms, subject to release only with penalty. Wells Fargo have a well documented history of acting without client consent, and it is on the record that this type of behavior is one of their business practices.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 90068
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: On XX/XX/ I submitted a claim ( claim # is XXXX ) with my bank Wells Fargo as there was 3 charges from XXXX of {$230.00} totaling to {$690.00} I did not approve. I wanted these charges reversed I did not authorize this sell in my checking account. I reached out to XXXX and confirmed from them that these charges were never made in my account ( XXXX account ). Please see attachment below named " XXXX Customer Service '' for proof from XXXX that I myself never made these purchases. On XXXX My claim was cancelled by my bank Wells Fargo and I called the claims department to reopen the case. They made me send an email to XXXX and reopen, within the email I also attached the same email from XXXX you see attached to this complaint below.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 912XX
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: I never had any deposit accounts at Wells Fargo and any account that shows with my information is fraudulent and was opened without my permission
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NE
Zip: 68502
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: I had a Mortgage with Wells Fargo Bank. I sold the house. the Mortgage was pay off on XX/XX/2023. Wells Fargo is reporting me late for the month of XXXX even though the mortgage was paid off. I spoke to Fells Fargo, initially the thirty day was removed. The late reappeared in the month of XXXX. I spoke with a Wells Fargo representative and the late was removed. My credit report is still stating Delinquency first reported XX/XX/2023, which is incorrect because the loan was paid off XX/XX/2023. This remark is preventing me from being approved for my new loan for my new loan for my new house.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 91201
Submitted Via: Web
Date Sent: 2023-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-21
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: XXXX XXXX a employee of my former employer asked for my id and specific banking account information including account and routing numbers and said needed my log in credentials to set up wire transfers for XXXX accounts for me to be able to receive payments from the XXXX management company I was working for that it was needed to make copy of for office and accounting purposes. He said all information would be kept confidential. After several requests for the id back he had the excuse that it was lost. I recently was XXXX for a period of 1 to 2 months for a crime I did not commit and no charges were pressed my case closes out tomorrow. During the time of my incarceration this individual got together with another individual who had my property XXXX XXXX. They took the information my debit card and Id and used it for all kinds of different expenses I should add they also had my phone which had access to all my accounts informations in notes. I first realized that the identity theft part of this when I went to rent a storage at XXXX XXXXXXXX XXXX XXXXXXXX in XXXX. Upon arrival I was informed that I already had a unit there in my name but I had never been there before. Inside the unit was found to be the belongings of XXXX XXXX. XXXX XXXX worked under the table for the storage company cleaning out units and cleaning the building. He befriended me so while I was wrongfully arrested he collected my property but knew XXXX from the storage between the two of them they cleaned me out of almost {$15000.00} after my arrest they had access to all my information and cards account verifications my social everything. The reason I was arrested I should add was I rented a XXXX truck that previously prior to my rental had not been returned and listed as stolen. They never removed the stolen mark from the vehicle so when it was rented to me it still came up in the system as stolen property. I was wrongfully pulled over and immediately arrested for a XXXX XXXX XXXX XXXX again which is being thrown out of court and no charges are being filed against me whatsoever. During the time XXXX XXXX XXXX XXXX a property owned by my grandparents was sold and the proceeds wire transferred to my account. The money from the sale of the property was illegally used to pay a host of fraudulent expenses. The only legitimate expenses that were taken from the account were my car payments from XXXX XXXX and my XXXX monthly payments to XXXX XXXX. Every other single charge on the account is fraud. They opened accounts in my name applied for credit cards opened multiple accounts through apps changed my banking information changed my address my phone number my username and my password so I have no access to the account and now the money is gone. XXXX has fled the state of Florida but left my debit card and Id with a friend and I have recovered it. XXXX however remains at large living in XXXX XXXX. I just learned all of this information and am besides myself as to how I will ever recover from the tragedy my entire inheritance stolen out from under me. I am in contact with law enforcement but need help I suppose from my bank Wells Fargo to see if these charges can be reversed and have the money restored to my account. Its really the only hope I have in regaining my lifes savings. As of now Wells Fargo has no been of any help in having my funds returned to my account.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33139
Submitted Via: Web
Date Sent: 2023-08-22
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-22
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: First one- Sent {$1000.00} over XXXX XXXX meant to send {$100.00} person blocked me i disputed and they denied the dispute. Second- Got phone stolen and they spent {$880.00} on XXXX XXXX/ payment apps etc and they also denied that dispute. Im missing {$1800.00} and they didnt do anything and just closed my claims that money was going to be for this semester of college and now im XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 75063
Submitted Via: Web
Date Sent: 2023-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-22
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I have sent a stamped endorsement XX/XX/XXXX to Wells Fargo and they have not accepted as of yet. I have been sending them endorsements and they keep denying them since XX/XX/XXXX. I have asked them to transfer the positive value to the principal/trustee and have not done so. I am the agent for this principal and need my securities transferred.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94534
Submitted Via: Web
Date Sent: 2023-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A