A Wells Fargo customer now reports money vanishing from their account after $14,000 was used at a Mercedes-Benz dealership.
The customer says they do not own a Mercedes-Benz and that the $14,000 transaction at the dealership was unauthorized.
Now Wells Fargo is refusing to reimburse the stolen funds.
The Pischke family lost about $14,000 after receiving an alert from Wells Fargo that their account was flashing suspicious activity, reported the ABC-affiliated news station WSB-TV.
“It was determined the transactions were authorized by you or someone you authorized. We have closed your claim,” a Wells Fargo letter to the Pischke family stated.
In an effort to recoup their funds, the Pischkes filed a police report, sent paperwork to Wells Fargo and contacted Mercedes.
Even after going through the proper channels, the Pischkes say the lender still refuses to reimburse the lost funds.
“They said, ‘That doesn’t make any difference. It’s still your wife is the one that actually did the transactions.’
Now, I’ve been married for 42 years. I would know if my wife would do something like that. And she doesn’t have a Mercedes in the garage either or anywhere else.”
WSB-TV touched base with Wells Fargo to get the lender’s side of the story. In a statement, Wells Fargo says it is standing by the decision not to make the Pischkes whole.
“While we can’t discuss the specifics of this customer’s situation for privacy and confidentiality reasons, we can confirm that we thoroughly researched the matter, and the evidence supports our decision.”
Other Banking News Today
Massive banks in Illinois are now closing down according to fresh data from the Office of the Comptroller of the Currency (OCC).
This week, five new locations have been added to the growing list of bank closures in Illinois.
Four of these branches closing this week are PNC Banks, which announced that 19 branches would be closing nationwide in February.
- Chicago PB. 10 S. Wacker Dr, Chicago
- PNC Bank. 5650 South Brainard Ave, Countryside
- PNC Bank. 1140 N Main St, Gainesville
- PNC Bank. 2217 W Market St, Bloomington
- PNC Bank. 1949 E Sangamon Ave, Springfield
Between 2017 and 2021, 9% of all branches — almost 7,000 locations— shut their doors.
The increase in bank closures means many people must travel further to reach their nearest bank, primarily impacting vulnerable and elderly customers.
Online banking is the primary reason as to why we’re seeing less and less physical branches now.
CNBC reports this leads to “banking deserts when communities are without access to a bank or credit union within 10 miles.
Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
Below is a list of banks that have closed in Illinois or are scheduled to close within the next few month:
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