First let me start out by saying I am a retired individual who is on a fixed income.
On October 21st, 2015, at about 1330hrs. I noticed two unauthorized transactions on my checking/debit acct as well as an overdraft fee of $30.00. The unauthorized transactions were in the amount of $95.40 and $59.40. As per Wells Fargo instructions I immediately called Wells Fargo and spoke to a banker. I have no knowledge of the company nor did I authorize them to use my debit card which I had in my position all day, to charge any amount on my card. As a result of these unauthorized transactions, my acct was reduced by $154.80 causing a check of mine to bounce and therefore be charged $30.00 over draft fee.
Upon calling I explained the situation and told Wells Fargo, DO NOT PAY THIS. I did not authorize these transactions. I was told because it was a "pending transaction" there was nothing they could do but wait until it was paid, then investigate after it was paid. That made no sense at all. That's like saying don't call the police because you have burglars in the house, wait until the come out and leave. I explained to the banker the depletion and use of my funds caused me an overdraft and I needed the money to remain in the account. I was assured as soon as the transaction was posted they would act on it. They also suggested I obtain a new debit card. I also informed Wells Fargo I had looked up the company and found they were scam artists.
On October 26th, 2015, at approx 1330hrs. I received my new debit card however upon checking my bank account I observed Wells Fargo, on October 23rd, 2015, went ahead and paid the two unauthorized transactions to My Life, even after I told them not to! I immediately called Wells Fargo again and informed the banker of the situation and asked why they paid when I told them this was a scam. The first banker told me he would transfer me to the fraud division and upon doing so the call did not go through. Again, I had to call and get a second banker who explained she would put me on hold while she investigated. So this told me nothing was done on the day I called (5 days prior). Upon getting back on the phone she explained she had contacted the company and they agreed to refund the charge but I would have to wait five days. If I did not receive the money in five days then Wells Fargo would pay me.
This was unsatisfactory. I was a victim of a crime, my money as taken without my authorization, without my approval and notified the bank upon learning of the situation, while it was still in the pending process! I explained, I was being penalized for something I did not do, for something I did not authorize. I explained I had mortgage payments to make and was in need of the $30 they charged me AND the $154.00. She stated this was policy and referred me to a resolution specialist.
Now a third banker got on the line and I explained the entire story. He said there was nothing he could do. He said he could refund me the $30.00 they charged me but I still needed to wait the five days. Again I explained the customer was being penalized for something that wasn't approved or authorized. When I stated, "So what you're telling me is I'm *** out of luck because you won't pay me until they pay you!" he stated YES. I informed him this was just wrong. He apologized for the inconvenience but there was nothing more he could do. I informed him upon resolution I would be closing my accounts and placing this on social media he said ok. I confirmed, "you're willing to risk a customer over a scam?" And his reply was yes, this was their policy.
I believe it is ethically, morally and legally wrong to punish a customer for something he had no knowledge of and did what the bank told him to do. This is an unfair resolution and believe there should be another way of handling this situation. I don't think I should be charged $30 as this is not my fault and I don't believe I should have to wait five days to receive my money back. Oh and by the way, my $30 was never refunded.
When I said I would leave Wells Fargo, they did nothing to make me want to stay.
Reason of review: Poor customer service.
Monetary Loss: $184.
Preferred solution: Full refund.
Wells Fargo Cons: Resolution to problem, Unwillingness to help, Told me what they could not do not what they could do, Liars and deceptive practices.