These are called a set off. It means that a party owed Wells Fargo a delinquent debt, and any time you open a banking account, or any other bank, you acknowledge that the bank has the right to seize money from an associated source within the bank to "set off" or "off set" the debt. The rule is simple-NEVER open any revolving or loan accounts at the bank where you have savings or checking if there is a possibility you may default-that bank can seize funds without notice.

They took $208.08 and left me with a dollar.  It's like, "Oh look, he deposited some money in his checknig account, why don;t we take it?"  

I don;t dispute that I am nehind on my payments for the LOC I have with them, but they can't just take your money without your authorization.  If I had money deposted in another bank, they couldn;to say, "Hey, he owes us money -- transfer $___ to us.

Creditors have many recourses to collect from those of us in the unfortunate finaincial state of being debtors.  They can call and harass (within limits -- they can;t threaten to kill your cat), they can brng a collection action, they can even in some cases garnish your wages.  But one thing they CANNOT do is simply transfer money from your bank account to them without your authorization -- that's arbitrary and carpcious, and a violation of various state and federal statutues.  Cntact your local FTC or state counterpart office and register a complaint.  If enough of us do so, there might be some movement.

The very same thing happened to me a few days ago.  And Wells Fargo has placed me through the 5-business day procedure as well.

The price has gone up - $384 to 'PCM Offset' on 12/28/12.

i had money taken from my account today too. PCM Offset/866-769-2300

I got money removed from my account from this # too.

We were also surprised to see this # and $377.00 missing from our account ...WF bank has no idea who it is ,they sayand 5 days to figure it out. Now we have a death in the family and no money to travel up north for funeral !! Who is this ?? Thieves ?

This number showed up on my June 2012, W.F. bank checking account statement. "PCM Offset/866-769-2300," was displayed in the bank statement "description" area, next to a charge of $317.00, (a deduction which I can't account for). :-( Can any one tell me what this is, please?  If so, thanks a bunch.

hi