Check Fraud Leads to Financial Nightmare
John and Patrice Pollard, residents of Philadelphia, are suing Wells Fargo after the bank refused to refund $45,678.12 stolen from their account in a fraudulent transaction.
The Pollards initially wrote a check for $84.53 to pay their Verizon bill. However, the check was stolen in the mail and altered to a larger amount, payable to an unknown individual.
Wells Fargo’s Response
The Pollards reported the fraud to Wells Fargo in early 2022, but the bank has yet to return the stolen funds. Wells Fargo claims that the Pollards failed to report the fraud within 30 days, as required by the bank’s terms and conditions.
Bank’s 30-Day Policy
According to Wells Fargo’s policy, customers have 30 days to report fraudulent transactions. The bank argues that this policy has been in place for over three decades.
Pollards’ Frustration
The Pollards are frustrated by Wells Fargo’s refusal to refund the stolen funds. They argue that the bank should have flagged the fraudulent transaction, as they had never written a check for such a large amount.
Future Banking Plans
Despite the incident, the Pollards continue to keep their money at Wells Fargo. However, they are considering moving their funds to a credit union or using alternative methods to store their savings.
