Like other reports I have read, I also own a small business. Like all businesses, times are alternately and financially high and then low. When I had over $20,000 in my Wells Fargo business account I received all sorts of genteel treatment and attractive offers. However, my business became slow and I happened to become only $1.50 negative in my account.
I deposited a check for over $2,000.00 after the negative balance of which I was unaware, and due to the VERY SMALL negative balance, and despite the fact that I had the account in good standing for many years with a healthy balance, they decided that from the moment I had that tiny negative balance they would subsequently hold all future checks in excess of THREE WEEKS before showing those deposited checks as cleared.
Of course we wrote all sorts of outgoing business checks to cover expenses, since WE WERE NOT ADVISED of the lengthy holds that would take place.
The day we received the letter from Wells Fargo mentioning how long the holds would be was the day we received our first of what would become many notices of bounced checks due to "INSUFFICIENT" funds. On the first insufficent fund notice there is a clause that states if you were not forewarned about a future, lengthy hold for a check you are to call a certain number.
One would think the number the client would call would connect the client to a well-informed rep regarding such matters. Not so.
The number turned out to be the regular customer service line where we would be bounced continuously from one department to another, all the while receiving the "pass the buck" treatment. We spoke to many agents explaining that we called that number to right a wrong as directed by THEIR company. They all turned a deaf ear saying "And how would you like to pay for that negative balance?" or "When will you make a deposit to cover the negative amount?"
We were mortified for the aforementioned reasons, and did some research showing it is actually illegal to hold checks on an established account for that long. When we advised the reps of our legal findings, giving them one last chance to make it good, they all scoffed and retorted with anti-customer service comments. We don't know what to do. We are in the hole with them to the excess of $800.00.
Naturally we switched banks but feel it is not only unfair but unlawful for them to post such an amount deficit on our credit report, which undermines us as a business.
It is already hard enough for American small businesses to attempt to realize the "AMERICAN DREAM" without such entities further undermining our success. Legal counsel might be sought but we are suffering so much financially that we are trying to right our problem without further paying fees for services rendered. Any advice would be helpful. Thank God for this website, and thanks for listening.
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