Complaint / review text:
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 snowballed in my absence, while I was blissfully unaware that anything was wrong. Upon my return I found my account had been assessed nearly $500 in bank fees, plus a $100 assessment fee imposed by Merchant Services. That's not to mention the $450 chargeback.
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.