WF declines repayment because account owner didn't report fraud in 24 hours.
https://www.clickorlando.com/news/investigators/2023/10/23/winter-park-family-discovers-wells-fargo-business-account-hit-by-cyberthieves/
6 replies (most recent on top)
If I am running a business, I definitely would be checking my accounts every day. Or one of my employees would. My personal accounts probably wouldn't be checked as often, although even with them, i check them four or five days a week.
That's not what happened or how it happened. You seem to have a reading comprehension problem.
Absolutely don't do biz with WF and close your account, yes. But if this article is what sways you to do it, you need to spend a little time reflecting on your station in life.
Straight trash article. The customers account wasn't "hacked". This was an ACH transfer initiated by the company or on behalf of the company PayByPhone. This company is a transaction middle man for businesses handling essentially parking fees. This customer probably used his Debit card (why idijits still use Debit for ANYTHING other than a bank branded ATM I'll never know) to pay for parking at some point in time like an airport or somewhere PayByPhone is used. And now PayByPhone has submitted this transaction based on either fraudulent or a perceived valid reason. IE: They parked, submitted payment info, somehow exited parking with out paying/being charged and now they're getting hit with a charge for a huge parking time frame.
Wells Fargo Advisors “Account Alerts” are terrible. Clients should be able to set alerts on their brokerage accounts the same as they can on credit cards.
Who checks their balance every single day?