I have used Wells Fargo for my business banking for about three years and it has been generally satisfactory. Almost all of my deposits are electronic uploads from my merchant terminal at business, all made with no problems. Occasionally I make deposits at the local ATM, usually just checks.
Three weeks ago I made an unusual, at least for me, deposit. I had ordered some products that were going to be debited from my ATM card for a total of about $600.00. So that day I drove in to the local ATM and deposited 6 100 dollar bills and a $6 check for a total of $606.00. I got the receipt. It showed up in my account viewed on their web page.
Two days later, I noticed a reversal of about $423.00 on that deposit. Calling, I found that they were charging me that amount because of an addition error, saying I had incorrectly counted the deposit.
The whole thing was sent to their ATM Fraud department in AZ. Their less than helpful staff member, Roxanne, told me that I had made an error and told me that there was 6 twenty dollar bills, some other bills and two dimes in the deposit envelope. How can $100 dollar bills become $20 dollar bills and who ever puts change in an ATM machine? I am certain of the deposit as I removed the $100 bills from an envelope at my home.
So, here I am, having been screwed out of $423.00 by Wells Fargo. The hard part is that I have no way of proving what my deposit is. Just my word and the fact that I have had a business banking relationship with them for over three years involving 100s of thousands of dollars in total deposits. But that apparently means nothing.
It seems to me that the era of having an actual banking relationship is dead. Now your relationship is basically composed of your PIN number.
I would suggest that no one ever make a deposit of cash at an ATM anywhere. If something goes wrong, there's little you can do.
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