Wells Fargo Customers Complain About Missing Deposits, Fresh off the Silicon Valley Bank Collapse

Red State ^ | 03/10/2023 | Jennifer Oliver O'Connell

[SeekAndFind]

It hasn’t been a good day for the banking industry. As our Senior Editor Joe Cunningham reported, Silicon Valley Bank was taken over by bank regulators. The 16th largest bank in the nation, and once a darling of tech industry, its downfall could be directly connected to the woes, layoffs, and setbacks in that very industry.

Silicon Valley Bank (SVB), a financial institution that focused primarily on investing in tech start-ups, has been taken over and shut down by federal regulators in one of biggest financial failures in history, and the biggest since the Global Financial Crisis over a decade ago.

The banking giant Wells Fargo Bank (WFB), which was one of the main drivers of that 2008 global financial crisis, has also been showing cracks that portend more problems. The Street gave the lowdown on WFB’s prior missteps and latest woes.

Between the $3.7 billion loan mismanagement fine it was hit with in December 2022 and lawmakers like Elizabeth Warren (D-Mass.) calling for its dissolution, Wells Fargo is not looking so hot lately.

That’s not even including barely believable stories about its top brass — such as the story of the Wells Fargo VP that urinated on a female passenger during a flight in January.

But now Wells Fargo is trending on Twitter yet again — this time due to numerous customer reports of missing deposits and paychecks.

THESE ARE THE COMMENTS UNDER WELLS FARGO'S LAST TWEET

WHAT IS HAPPENING @WELLSFARGO ??


pic.twitter.com/xXEgTgP5iL

— GURGAVIN (@gurgavin) March 10, 2023

As George Takei delights in saying, “Oh. My.”

From NBC News:

Some Wells Fargo customers woke up Friday morning to find deposits missing from their checking accounts.

In a statement to NBC, the bank acknowledged some direct deposit transactions were not showing up in accounts and that they were working on a resolution. Wells Fargo said the accounts were safe and secure.

That is of little comfort. For most Americans, security means our money is there when we need it, and in this time of inflation and slim margins, that’s every day. I know of very few people that have money just sitting around in the bank—not at less than 2 percent interest, anyway.

The fact that there is so much buzz about Wells Fargo having payday direct deposit problems this morning exposes the larger problem with how many people live paycheck-to-paycheck in America. https://t.co/2ssk5OR5FC

— BitterAfterDark (@BitterAfterDark) March 10, 2023

It’s the beginning of March, and we just scraped out our checking account to pay rent, as many others had to do for their mortgages and rents. So, to find that any amount previously deposited, or scheduled to be deposited is now missing, would have caused us to go ballistic. As the tweet above indicates, Wells Fargo’s social media accounts, not to mention their customer service phone lines, are on meltdown.

Upset customers began reaching out to the bank on social media overnight Thursday to report recent deposits that had been listed in their account were now missing, or deposits that were expected Friday were not there, affecting what showed in the available balance.

In a statement to customers early Friday morning, the bank said the missing deposits were due to an unspecified technical issue.

“If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize. Your accounts continue to be secure and we’re working quickly on a resolution,” the bank said in a statement posted to customers on their website.

Again, cold comfort. On top of mortgages and rents, there are automatic payments being pulled and then rejected from these accounts because of non-sufficient funds. That can only add to an already scary and stressful ordeal. (Note: Language warning)

ATP I’m gonna lose my shit .
It’s been at least 6 hours since Wells Fargo’s “system glitch” & still no resolution .
Surely it’s illegal to withhold a direct deposit from THOUSANDS of people .
On top of that , I’m getting notifications that I am being charged over draft fees ?!

— Rae 🥀 (@Desirae_4) March 10, 2023

I'm overdrafted about $1,000 bucks because wells fargo thought it would be cool to take my two checks that were deposited WEDNESDAY out of my account.

— luke (@lucasmcgrand) March 10, 2023

It was not immediately clear how widespread the issue is or how many customers it affected.

Wells Fargo has not yet released any further details about the problem or when it will be resolved.

Unacceptable. When the situation is reversed and we are the ones on the hook to the bank, all measures to bleed us dry are employed until they receive their funds. When the shoe is on the other foot? We’ll get back to you.

My direct deposit @WellsFargo has completely disappeared from my accounts leaving me in the negative. Does this mean #wellsfargo will pay ME a fee for not having access to my money? 🤔

— Jabari Thomas WTSP (@Jabari_Live) March 10, 2023

The customers who haven’t already done so, are threatening to close their accounts. Better late than never, I guess.

Wells Fargo took my direct deposit AND reached up in my savings 😂 best believe I’m switching banks come Monday

— G$ (@doihavetobeG) March 10, 2023

If you're still banking with Wells Fargo, after all the nonsense they've pulled in the last 20 years, you're an idiot.

Get thee to a local bank or credit union.

— Denise the Mennis (@InsightGrammar) March 10, 2023

At the rate things continue to go with banking and the stock market, I’d say: go to the mattresses… literally.

First SVB and now Wells Fargo, the way these banks are acting I'm about to have to go back to keeping my money under mattresses and in shoe boxes.

— Everette Taylor (@Everette) March 10, 2023

[BipolarBob]

https://www.yout-ube.com/watch?v=xpRP91qaaS0

[mikey_hates_everything]

“If you’re still banking with Wells Fargo, after all the nonsense they’ve pulled in the last 20 years, you’re an idiot.”

My first thought reading this but added Bank of America…don’t get why people let it hold their money, especially when Credit Unions have opened up their membership criteria to so many more people in the same time period.

[Regulator]

Looks like generation Woke is finding out what a lot of us knew about WF and BoA for years.

Funny to watch

[blackdog]

"Recent complaints of bank problems has been discredited by 51 banking experts as financial disinformation."

-Janet Yellen.

[LegendHasIt]

‘You ain’t seen nothin yet’

[SeekAndFind]

Is that a real quote? Or satire? Where have I seen the “51 experts” ( yes, THAT number) figure before?

[blackdog]

The Laptop being discredited by 51 current and former government intelligence officials as Russian disinformation.

[blackdog]

Point being our institutions are corrupt and unreliable because the holders of office and bureaucracies are thoroughly corrupt and unaccountable.

[P.O.E.]

Wells Fargo tried to steal my house several years ago. They should be ashamed of themselves, and stop besmirching the name of a US cultural icon.

[RckyRaCoCo]

To quote Chicago...it’s only the beginning.

[Big Red Badger]

Where ya gonna put It?
.
Cash is King but...

[familyop]

Wells Fargo is something else, but the topic of recession bank failures is unrelated. It’s best to ask yourself, “Who would profit by causing a quick panic in the markets?” Publications trying to grab traffic and notoriety? Investors? As for Silicon Valley Bank, some VCs became hysterical and started a panic.

Read the economic history of the ‘70s and ‘80s for some clues to the real thing. It hasn’t even started, yet. You’ll know that it’s begun, when truly large numbers of consumer defaults, repossessions and foreclosures happen. It’s a long process.

And even that didn’t start a general collapse.

[NautiNurse]

Feast your eyes on a preview of Brandon’s digital currency utopia.

[NautiNurse]

Too many of the banks (WF, BoA, Truist, Chase, etc.), don't pay interest on checking, and they toss insultingly paltry 0.01% interest on savings accounts. Might as well keep it under your mattress if you don't want to move it into a fair interest account.

There are banks paying 4% for a savings account with no minimum balance. You can buy short term treasury bills earning 5% for six or twelve months.

[Big Red Badger]

I’m gonna look into this.
I’ve never been very concerned
as I was to busy working but
Now being retired I need to.
😊

[Vaduz]

Not the first time for Wells Fargo or Bank of America been happening for a few years now.

Large accounts hit hardest

[Eva]

This is nothing new with Wells Fargo and it isn’t tech errors. It is human errors in data entry. Wells Fargo has brought me to tears so many times that at times I thought I was losing my mind.

We pay most of our bills on-line, through the bank, all on one page. It is very convenient, when the bank works right, but when it doesn’t, it is very traumatizing. I have had Wells Fargo post bills from one credit card on two companies at the same time. The only reason that I noticed it was because it was for a washer and dryer, a large amount and I had a zero balance on the one card.

I had them fail to process the payment for the phone bill for three months, until I cancelled the home phone because I thought it was the phone company who was losing the payments.

I received almost $14,000 in overcharges on mortgages and refi charges through a class action law suit.

But I am still using Wells Fargo. I will say that the bank is very good at catching fraud and have prevented several fraud attempts, one from ATT, when I purchased a new phone over the phone and the girl (in Dallas) sold my credit card number and I started getting charges all over the country.

So, my problem is how to switch banks and what bank to switch to that offers all the same services. The task seems almost insurmountable, when you have many automated payments, insurance, social security, etc.

[cowboyusa]

I Use PNC. They are very good, and all the WaWa’s have them.