Wells Fargo Bank Business Owners Beware - Wells Fargo Will PUT YOU OUT OF BUSINESS Bank Refuses to Reverse No Fault Account Fees Nationwide
I have owned my own small business since 1997 and have always had a Wells Fargo Business Banking account. I also use Wells Fargo Merchant Services for credit card processing.
In September 2004 I was called away for 4 weeks. Before I left, I made sure there were was plenty of money in my business account to cover all outstanding checks, monthly direct debits and the routine account fees.
On September 22, Merchant Services deducted a $450 credit card chargeback from my account, which immediately sent my account into an overdraft situation. The NSF and O/D fees s****.>
The $450 chargeback turned out to be a purchase made from my store with a stolen credit card and I.D. There is anyone can do about that. Credit card companies protect the cardholder only. If a merchant gets ripped off by credit card fraud we have to eat it. I understand and accept that.
My complaint is that Wells Fargo refuses to refund the astronomical fees they charged me for something that was not my fault and completely out of my control. I am already a victim of a $450 theft, and Wells Fargo is penalizing me on top of that. As the coup d gras, they have cancelled my Business Credit/Debit card for what they are calling "misuse" which is just an out-and-out lie. Their online and telephone Customer Service reps can't help me. The phone numbers they gave me to call goes directly into a voicemail system. You have to leave a message for them to call you back, there is no option to speak to an operator or anyone else. After dozens of calls and messages, I have had no response.
My business is small and run on a tight budget. I can't see any way I can recover from this loss, and I will probably have to close my business. After years and years of being a Wells Fargo customer in good standing, this is how they thank me for putting my business, trust and loyalty in their hands.
I would advise all existing and future business owners NOT to trust your means of making a living to Wells Fargo Bank. Whatever bank you do use, find out FIRST what their policy is for no-fault overdrafts. Get it in writing to protect yourself and your business. This can and WILL happen to you, it's only a matter of time.
Pat
Frazier Park, California
U.S.A.
2 Updates & Rebuttals
Pat
Frazier Park,California,
U.S.A.
followed the chargeback protocol and sent in all the relevant info to prove it was a valid charge
#3Author of original report
Thu, November 04, 2004
Hi Cory - thank you for your comments and good advice. Yes, I followed the chargeback protocol and sent in all the relevant info to prove it was a valid charge. It turns out that it was a stolen credit card and ID. The actual cardholder was not the person I sold the goods to. I have no idea how she faked a California driver's license - but she did - holograms and all. I was scammed, plain and simple. And I do understand that I'll never see the $450 for the fraudulent purchase again. It's not the REAL cardholder's fault, it's not the bank's fault and it really isn't my fault either but I still have to eat the loss. My complaint against Wells Fargo is that the chargeback overdrew my account and a ton of OD and NSF fees piled up before I was notified. I thought WF would be reasonable and reverse those charges off my account but apparently not. The end result is that WF is profiting from criminal credit card fraud at my expense. I have been given the shaft twice over - once from the thief and again from Wells Fargo. I've paid WF thousands of dollars in legitimate banking fees over the years and I don't complain about it, it's a cost of doing business. But in this particular instance they are repaying my customer loyalty by sticking it to me just because of corporate greed and because THEY CAN. The only fair and just way for WF to make amends is to credit back all those undeserved fees they charged me.
Cory
San Antonio,Texas,
U.S.A.
Chargeback
#3Consumer Comment
Wed, November 03, 2004
How did the chargeback work? My experience with chargebacks, the credit card company usually sends you a letter requesting a copy of the signed invoice along with any other relevant info. If it isn't provided in a timely manner then they will go ahead and chargeback your account. The credit card company's job is to protect their cardholders. The merchant's job is to verify the cardholder's ID. You seem to accept that concept, which speaks highly in your favor. I would contact the highest chief, of the local office of Wells Fargo and request a meeting with him to discuss your situation. If you don't get any satisfaction, I'd go up the food chain. If that doesn't work, I'd contact the local chamber of commerce. Contact the dept. of banking in your state on top of that. Make yourself heard.