Wells Fargo Accused of Inaction as Couple Loses $40,000 in Fraud

Wells Fargo is facing allegations of inaction as fraudsters drained $40,000 from a Texas couple's business account, despite urgent warnings of fraudulent activity. The couple, Jose and Amanda Vasquez, claim that the bank refused to reimburse them for the stolen funds, leaving them frustrated and seeking legal recourse.

On January 27, the Vasquezes noticed an attempted direct transfer of $20,000 from their account. Jose immediately contacted Wells Fargo, but the bank allegedly showed little concern. "I said, 'hey, please stop the transaction. It’s still pending. I don’t recognize it. I don’t authorize this transaction,'" Jose told FOX 26. The bank responded by allowing the transaction to proceed and promising to investigate.

The very next morning, another $20,000 was transferred from the couple's account. Jose alerted the bank again, but the second transaction was also allowed to go through. The Vasquezes are baffled by Wells Fargo's inaction, given that they had already reported the first fraudulent transaction.

After filing a claim, Wells Fargo declared that it detected no fraud in the disappearance of the couple's money and closed the investigation. The Vasquezes then initiated a criminal investigation, with the Fort Bend County Sheriff's Detective confirming that the transfers were indeed fraudulent. Subpoenas were sent to Wells Fargo and a bank in Alabama where the direct pay account is located.

Amanda expressed her frustration with Wells Fargo's handling of the situation, stating, "At the end of the day, the bank is there to protect customers and they’ve done absolutely nothing to do that. They wrote us a letter saying this is not fraud. Sorry." The couple is concerned about the potential impact on others, as the stolen funds came from their business account and not their personal account.

Wells Fargo initially told the Vasquezes that the case was closed but later stated that it is still investigating the matter. The bank has not yet reimbursed the couple for the stolen funds, leaving them to seek legal action to recover their losses.