Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4837322

Complaint Overview

Complaint ID: 4837322

Company: Wells Fargo & Company

Product: Money transfer, virtual currency, or money service

Sub-Product: Domestic (US) money transfer

Issue: Fraud or scam

State: Massachusetts

ZIP Code: 01906

Date Received: 2021-10-22T12:00:00-05:00

Date Sent to Company: 2021-10-22T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

A criminal fraudster opened a fake escrow bank account at Wells Fargo. The account information is as follows : ABA/Routing No XXXX and Account No XXXX. The criminal was posing as the company, XXXX XXXX. My husband and I were given these fraudulent banking instructions by the criminal to send our closing funds in the total amount of {$260000.00} on our new home in California. My husband sent a wire in the amount of {$130000.00} and I sent one in the amount of {$130000.00} from our separate XXXX XXXX XXXX accounts on XX/XX/XXXX to the fake escrow account. We obviously were not aware that the wire instructions were fraudulent until after the wires were already sent. The next day on XX/XX/XXXX when we were made aware by the real XXXX XXXX company that they had not received our wires at their actual bank account we immediately contacted our bank and Wells Fargo. We told the representative at Wells Fargo the situation and asked to be transferred to someone that could help us and escalate this issue. We were hung up on. We called back and got another representative who told us that they couldnt do anything but to call again the next day and speak to someone at the Executive Office at Wells Fargo when they would be open in that department. The situation was not taken seriously and action was not taken as it should have been to prevent delay on this time sensitive fraud issue. On XX/XX/XXXX we again called Wells Fargo with XXXX XXXX on the line and were informed by a Wells Fargo representative that the fraudsters account was placed on hold. Wells Fargo would not provide any other information. On XX/XX/XXXX we called Wells Fargo again with XXXX XXXX on the line and a representative at Wells Fargo named XXXX confirmed that the amount of funds in the fraudulent account covered our total wire amounts without giving us the actual account value. At this point with the fraudulent account on hold and the full amount of funds in the fraudsters account, there should not have been any activity allowed on the account and our funds should have been secured. All calls were recorded at both Wells Fargo and XXXX XXXX. On XX/XX/XXXX, we filed an IC3 internet crime complaint form with the FBI and an FTC complaint form. We also filed a police report with our local police department. After that, Wells Fargo was less than helpful and refused to give any information on the case or the status of getting our funds returned to us. There was no process in place to escalate and handle this situation at Wells Fargo. Also, Wells Fargo allowed a criminal to open an escrow bank account without proper paperwork or verification where large sums of money can be moved around instantaneously. Our local detective contacted Wells Fargo and again no information was provided. We submitted a complaint letter to Wells Fargo on XX/XX/XXXX telling them the entire situation. We were contacted by a representative who responded to some of our concerns but claimed that they could not locate the call that took place on XX/XX/XXXX where the representative confirmed our funds were still in the fraudsters Wells Fargo bank account. On XX/XX/XXXX, a wire in the amount of {$120000.00} was sent to my bank account at XXXX XXXX. Wells Fargo refused to acknowledge that they sent that wire to my account. We were able to eventually have XXXX XXXX confirm that the wire was from Wells Fargo. We have not received any other funds from Wells Fargo to date. We are owed an additional {$140000.00} from Wells Fargo. They will not provide any other information and are refusing to send the rest of the funds that belong to us. They confirmed that the money was there and that the account was on hold so they are responsible for any transactions that may have occurred after the account was placed on hold. As of XX/XX/XXXX, XXXX XXXX stated on a call that Wells Fargo still has not responded to their requests about the open investigation.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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