Wells Fargo recently acquired Wachovia. During the acquisition, all users were required to convert their online banking accounts to the new Wells Fargo system. I have both personal and corporate (C corporation) accounts. When performing the conversion to Wells Fargo, I was informed that when I access my personal accounts online, my Corporate accounts will also be accessible. As a Class-C Corporation, I am just an employee of my business although I have majority voting rights on its' board. I receive a paycheck just like any other employee would. Previously, I had separate logins/passwords for personal and corporate accounts, as is standard data security practice.
I was informed by Wells Fargo that they do not support this and my UNRELATED business accounts will also show up in my personal account login. I explained to them that this is potentially a huge data security issue and they stated that there is nothing that could be done. I was also informed that the same access would be granted to any signer on the business accounts (the business accounts would show up on their PERSONAL bank logins).
A few months ago, my PERSONAL online account was hacked and accessed from Mexico—Wachovia (before the acquisition) stopped the hack, and my business accounts were never in danger as they were separate from my personal account. Under this new "better" system, ALL of my accounts would have been breached.
I am appalled that a company who should be as concerned about data security as Wells Fargo would conceive such an insecure system. I intend to close all of my accounts at Wells Fargo and transfer them to a bank that actually cares about data security.
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