Wells Fargo fraud class action overview:
- Who: Wells Fargo is being sued by two of its customers.
- Why: The plaintiffs say the bank routinely holds its customers liable when they are defrauded.
- Where: The Wells Fargo fraud class action lawsuit was filed in a Pennsylvania federal court.
A new class action lawsuit alleges that Wells Fargo does not reimburse its customers when they are defrauded and suffer unauthorized electronic fund transfers from their accounts.ย
Plaintiffs Jennifer Rice and Erik Westervelt filed the complaint against Wells Fargo Bank National Association on June 17 in Pennsylvania federal court.
The two Wells Fargo customers say that when thousands of dollars were illegally stolen from their joint accounts with the bank, Wells Fargo repeatedly refused to reimburse them โ even though they should not have been liable for the losses under the Electronic Funds Transfer Act.
More than $24K taken from plaintiffsโ accounts
The plaintiffs say they have checking and savings accounts with Wells Fargo.
They claim that in December 2023, Westervelt received a call from a person purporting to be from Wells Fargo, who told him they had identified potential fraud on his account. According to Westervelt, the individual described the transaction as a wire transfer for โa large amount of moneyโ having come out of his account.
The person posing as a bank representative informed Westervelt they could stop the wire transfer if he could confirm the six-digit number she was sending him via text message, which he did, Westervelt says.
However, immediately thereafter, a wire transfer in the amount of $24,557.89 was made from Rice and Westerveltโs account to an unknown account with Discover Bank, the lawsuit states.ย
Realizing that the caller was likely a scammer, Westervelt says he immediately called Wells Fargo, and the representative he spoke with instructed him to go to his local Wells Fargo branch for assistance, he says. He says he went to the bank that day, and an employee from the fraud department confirmed that it had received his dispute and it would respond within ten business days.ย
Seven days later, he received a letter from Wells Fargo indicating that it would not reimburse any of the funds that were taken from the account because the transaction had been authorized by Westervelt.ย
Rice and Westervelt appealed the decision. The bank then went back and forth several times, promising to reimburse the funds then telling the plaintiff it had decided not to, before ultimately advising that it would not reimburse the funds.ย
Bank must reimburse under law, plaintiffs say
Rice and Westervelt say this is illegal because, under the Electronic Funds Transfer Act, โa consumer is not liable for any unauthorized electronic fund transfer unless such transfer was made using an accepted card for the account and the issuing institution has provided a means to identify the person using said accepted card.โ
As a result, the plaintiffs are looking to represent anyone in the United States who had funds electronically transferred from a Wells Fargo deposit account in the past year who did not authorize such transfer, and who notified the bank of the unauthorized transfer within sixty days, but were not reimbursed.ย
The plaintiffs are seeking certification of the class action, statutory damages of $1,000 per class member, fees, costs and a jury trial.ย
Meanwhile, another recently-filed Wells Fargo class action lawsuit alleges the bank aided and abetted a Ponzi scheme resulting in investor losses of more than $300 million.
What do you think of the claims in this Wells Fargo class action lawsuit? Let us know in the comments.
The Wells Fargo fraud class action lawsuit is Jennifer Rice et al., v. Wells Fargo Bank, National Association, Case No. 2:24-cv-02647 in the U.S. District Court for the Eastern District of Pennsylvania.
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188 thoughts onWells Fargo class action claims bank does not reimburse customers for fraud
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This happened to me in 2023, Wells Fargo tried to say I authorized a transfer through Zelle. And that they spoke with me personally because of the amount and the call was recorded. After speaking with a manager, they felt confident it was my voice. When I asked for a copy of the recorded call they could not provide one without a court order. Please and me to this lawsuit. Also Wells Fargo opened another account plus a credit card with my name and information but as the consigner to an Wells Fargo employee in 2020. Now they are sending me collection letters because I closed the only account I ever had with this bank since I was 12yrs old.
Please add me. This happened to me.
What about WF not crediting $116m total of 5 transfers w/pre-authorizations to specifics needed. 100% agreed from 2019-2023 prior sent. Homeland Security now has criminal inquiry on WF for wire fraud. Never had anyone at WF claimed concern, doubts, etc nor barely communicated with me. Shut down two accounts without pre-notice. One Saturday morning at 7 amโฆprevents further payments being sent from clients since this
My name is Lorraine Y Hollins and Wells Fargo stole money from me several ago. And they never refunded me my money. And there are a lot of crooked workers working at Wells Fargo. Their scam is finding unsuspecting victims in need of money to save home for their children. Promise to catch up their rent late fees warrant charges. If the victim allows them access to transfer funds from alleged legit bank accounts. Transferring free alleged government grant money into your account. As Iโve stated b4 a friend/ neighbor became a victim within 30 minutes. She was already a negative-$19.95 @5p.m. n @5:30 p.m. she was a negative-$80,019..95. And that young man changed his number immaterial she gave him her banking info. For Washington Mutual n Bank of America.
It just confuses me to how they get away with it. Standard MO is to delay, defame, destruct, and bankrupt people so they cannot fight or have the focus elsewhere.. They try to flex power by calling DC, US Attorney, etc. rather respond or request properly and as expected. The abnormal actions, reactions, claims, & contradictions within (by officers) to my specific is exposing more than they think. Major shareholders will also suffer gaining trust needed for their desired new โventuresโ ahead. Financial institutions are simply upscale piggy banks for everyone. Overstepping and undervaluing the importance of each account holder and for what gain? They have rules that just do not apply and truly control countries directions on some instances for sure. Made it obvious to the influences they have too. I am not blind. Dumbfounded to their admitted guilts they distract from and even deny after actually admitting to violations. ๐ซฃ
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I am disappointed TCA would post this. Only $1000 reward when most of these ppl lost their entire savings. Iโm here to tell you people: The law says if reported within 60 days, you are entitled to the entire amount back minus $50 per transaction. These attorneys putting it in class action and underpaying are probably working for Wells Fargo and not consumers. Go after Wells Fargo yourself. Go to arbitration. Wells Fargo will have to pay for it. Do not be bullied or believe the bank can change regulation E. Shame on these attorneys.
I am amazed at ppl who say they had so many problems but donโt close out all accounts and move to a reputable institution which Wells Fargo IS NOT
All banks participate in fraud either sending or receiving funds. They should have a level.of accountability and liability.
Wells Fargo authorized the clearance of a three party check in the the amount 14,600 without my endorsement.
I do not do business with Wells Fargo (or any other big banks who have โboughtโ Congress; I have heard about their underhanded tactics with mortgage holders in the past. Iโm just sayinโฆ.I believe, ofcourse it is only my opinion (a little CYA) that THEY are the ones actually receiving the money to make up for unscrupulous acts that my have caused a loss of profits.