Man Finds $4,000 Missing from Safe Deposit Box at Wells Fargo
The festive season turned grim for Jeffrey Tamer when he discovered $4,000 missing from his safe deposit box at a Wells Fargo branch in West Allis. Jeffrey, who had been preparing for Christmas shopping, was left in shock and despair upon finding his safe deposit box empty after the lock had been drilled out.
“I was going to start my Christmas shopping,” Jeffrey recalled. However, during his visit in November, a bank manager escorted him to the vault, only to find the box empty. Both Jeffrey and the bank manager were equally stunned by the disappearance. Jeffrey said, “She was as shocked as I was,” and noted that she immediately began an investigation.
A safe deposit box, while often considered secure, is essentially a rented storage space at a bank where customers can keep their valuables. Unlike bank accounts, the contents are not insured by the FDIC, and banks are typically not liable for the contents unless negligence can be proven. Jeffrey emphasized that he had always kept his payments up-to-date and only stored money there that he didn't want to touch unless absolutely necessary.
West Allis Police are currently investigating the missing money. Kent Basco, Director of Marquette's Commercial Banking program, noted that typically, both the bank and the customer must have their keys to open a safe deposit box, making them generally secure. Many people use these boxes for important documents, passports, and other valuables to protect them from theft or fire at home. However, the lack of FDIC insurance for safe deposit box contents means customers bear the risk unless bank negligence is proven.
Jeffrey and his family spent two months seeking a resolution from Wells Fargo, who initially required a signed affidavit and a police report, which Jeffrey could not obtain while the investigation was ongoing. Desperate for a resolution, Jeffrey reached out to Contact 6, a consumer advocacy program. Following Contact 6's intervention and an email to Wells Fargo, Jeffrey met with bank representatives and finally received his $4,000, plus an additional $500 for the trouble he endured.
Wells Fargo issued an apology, acknowledging that their communication and resolution process had fallen short. They admitted that their correct procedures were not followed in Jeffrey’s case, leading to the approval of his refund after receiving his affidavit. “I don’t think it would have happened this fast without Jenna Sachs and Contact 6,” Jeffrey said, expressing his relief and gratitude.
Wells Fargo has since stated that they are taking measures to ensure such incidents do not occur again, though they remain uncertain about how the money disappeared. For Jeffrey, the ordeal has ended with the recovery of his funds, bringing relief after a stressful period.
This incident underscores the importance of vigilance and the potential vulnerabilities associated with safe deposit boxes, despite their perceived security. While Wells Fargo works to prevent future occurrences, customers are reminded to carefully consider how they store their valuables.
Source: FOX6 News Milwaukee