MJP –
Now, according to a new media allegation, Wells Fargo inadvertently takes funds out of customer accounts, leaving them with negative balances.
A customer’s account allegedly went negative for multiple days because of a mix-up involving a paper check at Wells Fargo.
According to CBS News, Gerald Monroe Mann, a long-time customer of Wells Fargo who lives in Sacramento, learned that $4,000 had been taken out of his account after writing a check for $400.
A few hours of phone time with the bank later, Mann found out that the receiver had cashed the check at Wells Fargo, which had accidentally added a zero to the total.
Because of this mistake, Mann lost $900 in his checking and savings accounts.
He was irate because, according to him, the situation effectively severed his access to his money; he was informed he would have to wait ten working days for the problem to be remedied.
Because of your mistake, I am now in a bad position.
Very uncool.
What gives them the right to treat me that way? Mann emphasized that he has been a dedicated client and that financial stability is crucial to him.
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Within four working days of discovering the error, Wells Fargo refunded Mann the lost cash, according to their answer.
They went on to say that in order to examine check disputes and help clients recover monies, banks must adhere to certain procedures and deadlines.
Mann experienced an eight-day period without access to his funds, despite the fact that he was not assessed overdraft penalties.
When the bank messes up, it shouldn’t be the customer’s fault, he said, criticizing their response.
Surely this isn’t an isolated incident.
In order to ensure that individuals are not taken advantage of, you must have a plan to handle this.
On a separate note, a lawsuit has accused the banking behemoth of engaging in unethical practices, including overcharging clients.
