For years and years I had a checking account at Wells Fargo that cost me something like $10 a month. A new bank opened, Washington Mutual, and offered free checking. I signed up and after I was sure it all worked I closed my Wells Fargo account – they practically begged me to stay, offering free checking for a year, but confirming I’d be charged per month after that. I bailed.
With the banking crisis Washington Mutual morphed into JP Morgan Chase so I switched to a Feminist Credit Union. That closed and I moved upstairs to a regular credit union. Frankly I think everyone ought to switch to a credit union.
Flash forward to, oh, last week and this – with a focus on yesterday and today.
Last Monday or Tuesday a client sent me a check, drawn on a U.S. Bank (Wells Fargo it turns out) but from his summer home in Canada.
Yesterday I let him know it hadn’t arrived and sent wire transfer information. I also told him I’ve occasionally lost email at this address, the only place it’s ever happened to me.
He decided to let Wells Fargo “email me” the money.
Maybe 40 minutes after he called to tell me to be on the lookout, notice finally hit my email box. That missive said that since I’m not a Wells Fargo account holder I had to join an intermediary that will be responsible only for sending notices back and forth. Now there’s a nice job. The application for the intermediary was fairly extensive, and it would not let me enter anything but my middle initial. My bank account is in my full name, Katherine Anne Wayman. After I confirmed my joining via email, they told me the transfer would take three days.
Turns out Chris (client) sent the money to Anne Wayman which isn’t good enough, even though that works on checks. Chris spent time on the phone to Wells and they tell him I must call a customer service number – which, when I call, won’t let me in without an Wells Fargo account number. You can imagine my thoughts about their total lack of customer service.
I sent Chris my full name, the fact that the intermediary won’t let me put in my full middle name, the wire transfer info again and my Paypal email.
He called Wells Fargo again and in theory gave them my whole name. He then told me to expect another notice from Wells that the money had been sent.
He says the money is out of his account, but second notice of the transfer with the right name hasn’t arrived here yet.
As near as I can tell from here, they have his money and so far have had a full 24 hours to earn interest. Neither of us knows if it will be sent or returned to his account. Meanwhile I know they’re earning interest – a tiny amount in my case, but multiplied by who knows how many millions when you consider how many times a day this sort of thing happens.
Of course, the check did arrive today.
The client decided to just let things play out. I’m to deposit the check, and if the emailed payment shows up, consider it next month’s payment. If it doesn’t he’ll send another check and we’ll both be more patient.
Have you ever had trouble collecting money the client was trying to send you? How did it finally get resolved?
If you like this post, share it with your network.