Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #5690326
Complaint Overview
Complaint ID: 5690326
Company: Wells Fargo & Company
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Other transaction problem
State: Florida
ZIP Code: 331XX
Date Received: 2022-06-20T12:00:00-05:00
Date Sent to Company: 2022-06-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I sent a wire transfer from my Wells Fargo account in the amount of {$4000.00}. The wire transfer showed as completed on XX/XX/XXXX, but the beneficiary did not receive it. I called the bank on XX/XX/XXXX and submitted a claim saying the wire was never received ( and asked for it to be returned to my account because I paid the beneficiary via other means ). I kept calling to get a status update and no one could tell me anything. I received a response on XX/XX/XXXX that the claim was denied because Wells Fargo did not get a response from the beneficiary bank. I called and was told that the Wells Fargo agent submitted the claim incorrectly and a new claim had to be submitted. They kept telling me it would be resolved in XXXX business days maximum. I keep calling for a status update and again no one could tell me anything. I kept being told that it could take some time and depends on the response from the beneficiary bank. I kept saying that the beneficiary bank never received the wire ( which I confirmed with the beneficiary bank several times ). Finally, XXXX of the XXXX I called on XX/XX/XXXX a Wells Fargo representative said he called a different wire department and found out the funds were being held by the Compliance department because of an OFAC hit and they needed information to clear it ( no one had reached out to me for information ). I gave the information and called to follow up later that day. The agent told me the compliance department had now cleared the wire. I told him I dont want it to go out because I already paid the money another way, I want the funds returned. He said that is not his department. I called the claims department and customer service to tell them about this and no one could do anything. They just said the claim is being investigated and they will probably update me when they hear from the beneficiary bank. I kept saying the bank never received it. The funds have been held by Wells Fargo compliance this whole time! There is apparently no way for anyone ( including agents in the claims department ) to contact the investigators by phone. I have requested repeatedly that they have the investigator call me and he has not. I believe I was told I would be called when there is an update. It seems they are just waiting to hear back from the beneficiary bank, but that bank never received the funds. I am at a loss of what to do.
Frequently Asked Questions
What is Complaint #5690326 about?
Complaint #5690326 was filed against Wells Fargo & Company regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2022-06-20T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.