Making/receiving payments, sending money

Posted on Posted in Bank

review

A fraudulent transaction, in the amount of {$42000.00} was authorized for payment from a savings account at Wells Fargo Bank. The ” pending ” transaction description detail ” XXXX XXXX XXXX XXXX XXXX XXXX XXXX ” was noticed after logging into mobile banking on the morning of XXXX XXXX. At the same time it was also discovered that XXXX other transactions posted as ( 1 ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( 2 ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX and ( 3 ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX were posted on XXXX XXXX. These transactions were not authorized by the account holder.

I contacted Wells Fargo who submitted a claim and attempted to put a hold on the pending transaction but was told that the funds were gone – I know this is incorrect since the daily processing had not yet occurred. I inquired as to how it is that a transaction of these amounts on an account that has never been authorized to do business with either of these companies / individuals would not be considered suspicious. I raised my concerns that XXXX and other regulations were not being followed with appropriate fraud monitoring. I was told that since someone had intercepted the routing and account numbers there was nothing they could do. I informed them that I was n’t sure how I could trust Wells Fargo to act as a fiduciary of my accounts if this kind of activity could occur without monitoring. I also informed them that I recently opened a HELOC with Wells Fargo where I was asked to provide this savings account statement for underwriting purposes. I contacted XXXX but was told they would not do anything until Wells Fargo contacted them. I contacted XXXX XXXX XXXX, XXXX but as of the submission of this complaint was unable to reach anyone.

My complaint is around non-compliance with XXXX, fraud monitoring and information sharing.

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