Munoz claims that she had more than $5,000 in child support in her account by early 2022. However, she discovered that over $5,500 had been withdrawn from her account through unauthorized transactions, leaving her with only $34 in the account. Tilley had a similar experience, learning that roughly $13,300 had been stolen from his account. Both plaintiffs claim that Wells Fargo and Conduent refused to refund the stolen money despite their obligation under the Electronic Fund Transfer Act to promptly credit the accounts.
The lawsuit alleges that Wells Fargo and Conduent violated the Electronic Fund Transfer Act, which bars financial institutions from holding customers or account holders liable for the unauthorized use of their accounts. The complaint also brings claims under the New Mexico Unfair Practices Act. Munoz and Tilley are seeking damages, declaratory relief, attorney fees, and a jury trial.
This lawsuit serves as a reminder of the importance of financial institutions safeguarding customers’ accounts and promptly investigating claims of fraud. Policyholders expect prompt and fair payment from their insurers, and when they don’t receive it, they have the right to seek legal recourse. In this case, the plaintiffs claim that Wells Fargo and Conduent failed to conduct good-faith investigations into their claims and refused to refund the stolen money.