I have checking and saving accounts with Wells Fargo since more than 15 years. The accounts are under Family Trust account and not personal. I started a business over 2 years ago and I got a separate business credit card account for myself and my partner in the business. My banking relation with Wells Fargo Bank was great.
I paid off my business credit card account completely. But my partner did not pay his balance or the minimum payments due on his card for a month or two (card # ending with 1122).
Shockingly, and upon checking my online banking account on 10/7/2008 morning, I saw that an amount of $2, 609 has been taken from the family trust saving account, the savings that was saved for my daughter school. When I called the bank they told me that the bank took the money to pay off the minimum payment on my partner’s card. This has been done without my permission or my authorization.
I went to my Well Fargo Branch, and met with the branch manager and she helped me to make phone calls to the right departments to explain what happened. They told me that I have signed a personal guarantee on the business credit card account, which I don’t recall signing such a document.
I have requested a copy of the signed documentation to show to my attorney by sending a fax from the wells Fargo branch on the same day 10/7/08, and I haven’t received any response so far (copy of the fax confirmation is available)
What the bank has done is totally wrong, even-though if a personal guarantee has been signed – which I haven’t seen yet- the money was taken from a family trust account. Not a personal account. The bank should have called me before they take any action specially when I have a great 15 years banking relation, the bank should have gone after my partner, not punch me because I trusted the bank and kept my savings for my daughter’s school. The bank should not have punched me when I have paid off my business card completely.
I request a refund of the unjustified withdrawal of the amount of $2, 609.00 to my account.