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PostPosted: Wed Jun 28, 2017 5:38 pm 
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What an incredible story.
http://www.thedenverchannel.com/money/c ... le-company

Homebuyers lose life savings during wire fraud transaction, sue Wells Fargo, realtor & title company
Atty: Bank hindered FBI's attempt to retrieve cash

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PostPosted: Wed Jun 28, 2017 10:48 pm 
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They have a good case. This was all through no fault of their own. The real estate commission sent out a warning on wired funds scams as I recall, so the title company in particular as closing agent could have averted this. Errors & Omissions insurance will pay. A good reminder to use best practices.


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PostPosted: Thu Jun 29, 2017 5:21 am 
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Don't understand why you would wire funds? Usually it is a cashier check at closing?

Sounds like tighter controls are needed.


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PostPosted: Thu Jun 29, 2017 6:21 am 
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If you are in different towns, you might wire the funds. I did on my last purchase. You should get a sheet with the correct wire info and you can check the routing number just by googling it.

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PostPosted: Thu Jun 29, 2017 7:57 am 
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cabinish wrote:
They have a good case. This was all through no fault of their own. The real estate commission sent out a warning on wired funds scams as I recall, so the title company in particular as closing agent could have averted this. Errors & Omissions insurance will pay. A good reminder to use best practices.


Only thing is why would they send that without checking on the phone first. I find it a bit stupid, not that Wells Fargo is blameless. I have no understanding why ANYONE would use that bank under any circumstances.

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PostPosted: Thu May 10, 2018 7:02 am 
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Seriously, what the hell? Why is this company still in business?

https://www.cnbc.com/2018/05/10/wells-f ... s-wsj.html

Wells Fargo wrongly pocketed fire and police department pension fund fee rebates: WSJ
The Wall Street Journal report said the bank acknowledged the erroneous fee collection in April after months of questioning by the board of the Chattanooga, Tennessee, pension fund.
Bank officials said that the inappropriate collection was the result of "a system set-up error" and that the fees retained amounted to $15,000.
The pension fund board told the Journal that it has decided to fire Wells as a trustee.

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PostPosted: Thu May 10, 2018 7:12 am 
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haha they made the mistake of sending me a survey when I closed all my accounts with them.

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PostPosted: Fri May 11, 2018 2:51 am 
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I called Land Title when this story was first reported. They defend their security practices but note that others in the chain of a transaction, i.e. buyers,
realtors, lenders may be vulnerable to scams or hacking. Having done a closing with them this year, all wired funds and seller proceeds went through
without a hitch. It's all password protected and encrypted as I recall on their end.

Top notch security on every broker's phone, devices, office and home office is probably a stretch but Wells Fargo should have afforded this couple every
possibility of being made whole.


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