Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #7254459
Complaint Overview
Complaint ID: 7254459
Company: Wells Fargo & Company
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Other transaction problem
State: New York
ZIP Code: 10022
Date Received: 2023-07-14T12:00:00-05:00
Date Sent to Company: 2023-07-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I woke up to find that money was moved between my checking and savings account on my Wells Fargo account. The fraudster attempted to transfer all money to XXXX account and XXXX it to themselves. The first attempt was a XXXX transfer to a new recipient, " XXXX XXXX '', that was not added on my behalf in the amount of {$3500.00}. It was unsuccessful. The second attempt was also a XXXX transfer to a new recipient, " XXXX XXXX '', that was not added on my behalf in the amount of {$3500.00} and was successful. This occurred around XXXX according to transaction and email timestamps. As soon as I woke up and saw this activity on my account, I called Wells Fargo customer service. The representative closed my account and transferred to a new account so that no further activity would happen on those accounts and I changed my username and password. Because it was a Saturday, the representative told me to call back Monday to be transferred to the Online Fraud department which is only open on weekdays. When I called them on Monday, the representative asked me questions that would help with the investigation and that it would take 10 business days. I assured them that I did not make nor authorize these transactions. I then received a letter in the mail on XX/XX/XXXX stating that my investigation was closed and they did not find any evidence of fraud. I called on XXXX to dispute the investigation and I was told that once an investigation is closed, it's closed and I can not dispute. I don't understand how they can not offer me the opportunity to dispute when it very clearly was an unauthorized transaction! I also don't understand how they couldn't stop the transaction from going through when it still showed as pending in my account when I called on XX/XX/XXXX!
Frequently Asked Questions
What is Complaint #7254459 about?
Complaint #7254459 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 2023-07-14T12:00:00-05:00.
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.