This just happened to my relative. She owns a small business. Years ago she sold another small business. During the sale, all debts were to be paid off, but the accounting firm missed a Wells Fargo credit card. She found out about that recently when WF finally got a hold of her. She made arrangements to pay it off. Her mother died and she had to go to the east Coast to make arrangements. She got set back. Business slowed down. She missed a couple payments.
Her small business account is also with Wells Fargo. WF, without notice, took every cent in her checking account to pay off the credit card. So now checks she had written for her business rent, etc. Are going to bounce, at which time they'll hit her with insufficient fund fees. She called them, got
routed to a number that was the wrong department. That department forwarded her to another department — also the wrong department. She ended up leaving a message with yet another department they forwarded her to. Of course, there is a "disclosure" WF has that informs customers it can, without notice apparently, take everything from a WF account to pay off another WF account. They're faxing her that disclosure. This is even worse than the "overdraft" practices of
banks, because this leaves her penniless without notice.
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