Wells Fargo now accidentally drains money from customer accounts, leaving balances in the red according to a new media report.
Wells Fargo reportedly caused a customer’s account to go negative for several days due to a mix-up involving a paper check.
Gerald Monroe Mann, a Sacramento resident and long-time Wells Fargo customer, wrote a $400 check, but later discovered that $4,000 had been withdrawn from his account, reports CBS News.
After spending hours on the phone with the bank, Mann learned that the recipient had cashed the check at Wells Fargo, which mistakenly added an extra zero to the amount.
This error drained both Mann’s checking and savings accounts, leaving him $900 in the negative.
He expressed frustration over the situation, stating that he was told he would have to wait ten business days for the issue to be resolved, effectively cutting him off from his finances.
“Now I’m screwed because you screwed up.
Not cool.
Why would they treat me like that?” Mann said, emphasizing that he has been a loyal customer and that money is important to him.
In response, Wells Fargo stated that they returned the missing funds to Mann within about four business days after learning of the mistake.
They explained that banks have to follow specific processes and timeframes to investigate check disputes and assist customers in reclaiming funds.
Although Mann was not charged overdraft fees, he went without access to his money for a total of eight days.
He criticized the bank’s handling of the situation, saying, “When they make a mistake, it shouldn’t be the person’s problem.
This can’t be the first time it happened.
You need to have something in place to take care of this so people aren’t screwed in the process.”
Separately, Wells Fargo has been accused of overcharging customers in a lawsuit that alleges the bank giant has participated in unethical behavior.
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Other Banking News Today
Citibank now fires a whistleblower for ‘underperformance’, after the former employee provided records requested by the OCC.
Citi has filed a countersuit against its former employee, Kathleen Martin, alleging that she was terminated not for refusing to falsify records for the Office of the Comptroller of the Currency (OCC), as she claimed in her lawsuit from May, but rather for being unable to properly fulfill the duties of her role.
Martin, who was let go from her position as Citi’s interim data transformation chair in September 2023 after nearly two years with the bank, had alleged in her lawsuit that she was fired for not agreeing to Chief Operating Officer Anand Selva’s request to conceal information from the OCC that would make the lender “look bad.”
In a revised lawsuit, Kathleen Martin has accused Citi’s Chief Operating Officer Anand Selva of intentionally deceiving the bank by wanting to misrepresent Citi’s compliance metrics to the Office of the Comptroller of the Currency (OCC).
Martin claims Selva sought to conceal information from the OCC that would have made the bank “look bad.”
However, Citi maintains that Martin’s termination in September 2023 was not due to her refusal to falsify records, but rather because she lacked the necessary “leadership and engagement skills” to effectively execute the role of interim Data Transformation Chair, which she had been appointed to after the previous chair, Rob Casper, departed the company.
Citi asserts that during Martin’s interviews and assessment for the interim role, it was identified that she needed to improve in areas like her “dogmatic nature, lack of innovation and lack of experience driving the execution of complex change across Citi.”
Once Casper left, Citi’s senior leadership, including COO Selva, determined that Martin could not successfully fulfill the demands of the interim chair position.
According to Citi, COO Anand Selva tried to help the plaintiff, Kathleen Martin, improve her performance in the interim Data Transformation Chair role.
Selva allegedly set up one-on-one meetings and working groups to facilitate better collaboration and working relationships with stakeholders.
Selva’s HR team also provided Martin with a senior mentor to support her development.
In May 2023, Citi leadership discussed a plan to improve Martin’s performance.
In July, Selva conveyed Martin’s mid-year review before she raised any concerns about his behavior.
Soon after, Martin contacted HR and expressed fears about her job security.
Citi claims that Martin “felt her position was at risk,” but the bank asserts that internal documents showed she “exceeded expectations” and that CEO Jane Fraser had commended her for her “gravitas” and ability to build “strong relationships” at the bank.
However, Citi says Martin failed to heed the feedback provided, and she was ultimately removed from the Data Transformation Chair role because she lacked the “executive level relationships” and leadership needed to successfully execute the data transformation efforts.
Citi says the data transformation work was too critical for the bank to tolerate Martin’s underperformance.
Citi denies Martin’s claims that she protested the reporting of a key metric accurately or that Selva objected to it.
The bank says Selva and Martin met in September 2023 to discuss reporting certain metrics using red, amber, and green scales.
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