Robert Branagh, a long-time Wells Fargo business account holder, has become the latest victim of unauthorized withdrawals and transfers totaling just under $150,000. He was able to recover about $24,000 that was illegally transferred from his Volusia County business account to a personal account. However, he is still frustrated and confused as no one at Wells Fargo can answer his question about who authorized the transfers.
Under Nacha rules, a fraudulent Automated Clearing House (ACH) or business transfer must be reported to the bank within two business days. The first breach took place on Aug. 17, but was not noticed until Aug. 29 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 out of Branagh’s business account on Aug. 28 and later $530 dollars were taken out of his daughter’s account on Aug. 29.
The U.S Secret Service Orlando office suggests that the account may have been tested by a potential buyer of stolen accounts as the small withdrawals suggested a test to see if the account was active which escalated to a flurry of larger withdrawals totaling just under $150,000 . Therefore they advise anyone with checking or savings accounts to check their accounts every day and report any suspicious activity immediately to local law enforcement or the U.S Secret Service for assistance .
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