Wells Fargo business account holder Robert Branagh is the latest victim of unauthorized withdrawals and transfers totaling just under $150,000. Despite immediately filing a false lawsuit, he was unable to recover more than $24,000 that was illegally transferred from his Volusia County business account to a personal account. Branagh expressed his frustration and confusion, stating that no one at Wells Fargo could answer his question about who authorized the transfers.
According to Nacha rules, a fraudulent Automated Clearing House (ACH) or business transfer must be reported to the bank within two business days. The first breach occurred on August 17th, but was not noticed until August 29th after a total of $149,296.48 was taken in a series of withdrawals. According to bank records, a final withdrawal of $10,000 was taken from Branagh’s business account on August 28, and $530 was later taken from his daughter’s account on August 29.
A representative from the Orlando office of the US Secret Service suggested that the account may have been tested by a potential buyer of the stolen accounts, as the small withdrawals suggested a test to see if the account was active. This escalated into a flurry of larger withdrawals totaling just under $150,000. Therefore, they encourage anyone with a checking or savings account to check their accounts daily and report the incident to local law enforcement or the US Secret Service if they believe their account has been compromised.
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