Wells Fargo Customer Loses Thousands of Dollars in Mysterious Transaction
A Florida-based business owner, Mike Mitchell, recently discovered that $3,771 was missing from his Wells Fargo business account without his consent. Unfortunately, he missed the 24-hour deadline to report an unauthorized ACH transfer by just 2 hours and 34 minutes.
After reaching out to the media for help, the bank reviewed his case. The money was traced to a company called Pay-By-Phone, which operates a parking payment app. However, Mitchell claims he has no association with the company and did not accumulate such a hefty parking bill.
The bank confirmed that the money was sent to Certegy Card Services, which refused to return the funds when Wells Fargo contacted them.
Wells Fargo stated there is no evidence of account hacking or compromise and considers the matter closed. As a result of this situation, Mitchell closed all seven of his accounts with Wells Fargo.
Hot Take
America’s big banks need to address customer disputes more effectively to prevent situations where customers feel they have no choice but to leave their banks. Keeping your funds safe is crucial, and banking institutions should do better at protecting their customers’ assets.
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