Wells Fargo Merchant Services Review
I am a small service based business in Colorado using Wells Fargo Merchant Services. Our income comes mainly from member fees charged monthly on credit cards. We held a conference and charged fees for attendance. We charged attendees credit cards, but on Feb 17 Wells Fargo froze the deposits. Clients’ money came out of their accounts but is being held by the risk department. They did not notify me in any way – phone, cell, e-mail, mail – nothing. I returned from the conference and discovered the deposits had not been made on Feb 28 – a full 10 days and no notice from Wells Fargo. I spent half a day calling customer service, being transferred from dept to dept before they got me to the risk person in charge of these actions – Michael Gleason. Mr. Gleason was not available. I left a message, called back in a few hours and left another message. When Mr. Gleason finally called back, he stated that our website shows an office in St. Croix. I explained that our company is a Colorado Corporation, we do our business in Colorado, but we have an affiliate office in St. Croix (still a part of the United States!). He asked me several questions, which I answered. He asked me to fax proof of authorizations, which I did immediately. I have all the information that Wells Fargo requires for every transaction, plus I collect signatures, which Wells Fargo does not require. I still have had no response from the risk dept and still no money deposited. I cannot run my business without income. I do not understand how they can freeze deposits without any notification, and even when I provided all they asked, they continue to hold the money. Ironically, when I called Customer Service again today, they have charged me over $800 in transaction fees for the very transactions that they are holding on to.