Stay away from Wells Fargo Bank. Wells Fargo pursued our company for months to win our business from Chase Bank.
Our Company moved to Wells Fargo in April 2014. Our company has multiple business accounts with balances as high as $90,000 per month. We deposit in the range of $100,000 per month. I have one personal account with Well Fargo I just recently began using due to convenience of mobile deposits.
I quickly transfer the money to my main personal account with another bank. I did a mobile deposit for approximately $1,500 which Wells Fargo could not confirm and clear according to their loss prevention dept. Check was written from another large bank and was a cashiers check. Wells Fargo then flagged the check as Fraudulent and immediately froze my personal account.
The check was later verified and of course not fraudulent. Well Fargo Bank then immediately froze all accounts that my name was on including all business accounts (LLC Corp). All financial asset where seized, frozen and immediately unavailable to myself, and other company owners. Our company was shut down in its tracks.
Wells Fargo never notified me or any corporate member of the issue or freeze of our accounts. We found out when financial business could not take place at any or our facilities throughout the United States. Wells Fargo told a partner that I must work with the Loss Prevention department to clear things up and prove the check was good. The only way to deal with the Wells Fargo Loss Prevention department is by faxing them information which that department has 24 to 48 hours to review and respond.
The only correspondence we ever received was a letter two days later stating Well Fargo found the check to be non-negotiable and they froze all accounts my name was associated with.
The 2nd day of this issue after many calls to the loss prevention department they lifted and reversed all the issues, but never apologized or gave any explanation at all. We will seek legal council.