Checking or savings account -- Managing an account -- Complaint #6465761
Complaint Overview
Complaint ID: 6465761
Company: Wells Fargo & Company
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Managing an account
Sub-Issue: Funds not handled or disbursed as instructed
State: California
ZIP Code: 946XX
Date Received: 2023-01-20T12:00:00-05:00
Date Sent to Company: 2023-01-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have had {$59000.00} stolen from my accounts. The thieves transferred $ XXXX from my equity line and then used payroll services to pay themselves two bonus payouts from my business checking account. I notified Wells Fargo of the fraud on the equity line account and they closed my small business checking account and opened a new one. At that time the transfer from my equity line had not yet posted. They did NOT stop that transfer. They put the equity line money in the new account and that allowed the thieves to continue their crime and take the money. If they had stopped the transaction as I notified them or blocked the account from unusual transactions the thieves would not have had the money to take or posted successful transactions. The bank claims my notification was too late and that an ACH transaction ( the payroll transactions that were posted ) only have 24 hours to be recalled. My position is that is on them. The crimes happened on XX/XX/XXXX and XX/XX/XXXX. My notification of the fraud on the equity line was on XX/XX/XXXX. The notification of the ACH draws was on XX/XX/XXXX ( after the holiday weekend ) Additionally, when they closed my original bank account, they did not review posted or pending transactions with me. The payroll fraud ( 1st fraudulent payroll ) had already occurred on the XXXX and we could have identified the plan of attack if that transaction had been identified earlier. Wells Fargo fraud and claims departments have only sent unhelpful letters that simply say the claim is denied. My local bankers are trying to help, but they don't seem to have any better support or interaction then I do. Please be advised that the FDIC may contact your financial institution or company to obtain additional information needed to respond to your inquiry or concern.
Frequently Asked Questions
What is Complaint #6465761 about?
Complaint #6465761 was filed against Wells Fargo & Company regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2023-01-20T12:00:00-05:00.
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 (Checking or savings account) 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.