Posted on 03/15/2023 5:39:27 AM PDT by Red Badger
Friday was a dark day for the U.S. economy.
Last Friday, Wells Fargo customers started complaining about missing money from their accounts. Wells Fargo has publicly acknowledged that customers are missing money from their accounts but did not provide customers with a timeline for fixing the issue. Silicon Valley Bank also collapsed on Friday.
When Wells Fargo customers logged into their bank accounts Friday, they were greeted with a message that read. “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.”
Friday’s Wells Fargo statement to customers uses the interesting language “this may be due to a technical issue.” However, so far, the bank has announced no other “may be issues” as a possible cause for why Wells Fargo customers’ money is missing.
Friday was one of the darker days in American financial history. Silicon Valley Bank’s failure was the most significant financial institution collapse since 2008.
Friday’s grim financial news prompted Twitter users to start sharing a video from 2020 of former President Trump talking about America’s economic future “All this incredible job we have done will go down like that. It will be a terrible sight. It might even be a 1929 situation, but you will have a crash like you have never seen before. If you put the wrong person in office, you will see things you would not have believed are possible.” Trump said in the video.
Bank Panic! Is this Donald Trump prediction about to come true?
SVB, First Republic Bank, Signature Bank, JPMorgan, Wells Fargo, Bank of America & Citigroup all losing HUGE. It was the worst day for bank stocks since 2020 which fell over 4% Per FBN. pic.twitter.com/CogDtMf9GP
— SweetPeaBelle (@SweetPeaBell326) March 10, 2023
Friday’s Wells Fargo and Silicon Valley Banks news also prompted Twitter users to share a 2008 clip from the tv show South Park. The clip shows the local South Park bank losing all its customers’ money. “Another crazy thing South Park wrote that came true.” One Twitter user wrote.
https://twitter.com/i/status/1634268217995583488
Is Lord Buffett tied to this?
It sounds like a round of ACH transactions were screwed up.
In the old days, they were run twice a day. At that time were were in a “batch” mode. If one of the batches got messed up all of the overnight transactions were not posted. This would cause our account system to “not come up” in the morning.
I hope banks have improved their systems….but this “feels” like that kind of screw up.
I would not be surprised.................
Wells Fargo has had problems for years.
Had an account with them a few years ago. It wasn’t paying any interest so I asked if they had any other options that would produce income.
The guy proposed that I should borrow money from them and get a “tax refund” on the interest!
Moved my money out as soon as I could and never looked back.
Only idiots bank at WF at this point. Their corrupt, illegal and unethical business practices have be widely reported in the past. Every depositor should leave WF and WF should allowed to fail.
I dropped them years ago and am all credit unions.
You have no worries. Mortgages are sold all the time. It doesn’t change the terms. You got what you wanted long ago; money to buy a home. They didn’t get paid back yet. You hold the leverage.
This.
Bookmark
Wells Fargo has publicly acknowledged that customers are missing money.
As many time as it’s happened it’s called a habit.
I noticed that at US Bank some 30 years ago. My checking balance was always a few cents less than what my checkbook said I should have. It would be random like -.37, -.66, -.43, but always negative.
I switched to a small local bank and my accounts have been correct to the penny for 30 years.
I always wondered whose account all those pennies from who knows how many accounts they were going into.
FTX has definitely not disappeared from the news cycle even there’s not much new at the moment. They’re now reporting on Shaquille O’Neill’s ties to FTX.
They’re welcome to all 12 cents I have in my WF checking acct.
Maybe you can answer this question I have.
If I have a WF account in one state, and move to another state that also has WF banks, is my account still good with the WF bank in the new state or do I have to open a new account at that bank?................
Paying bills has never been easier with auto-draft, online payments, Venmo, etc. It’s easy to let bills slide for a couple of months without logging everything into the Excel spreadsheet. The one thing I demand of myself is staying on top of the two checking accts we have. And, I do it the old fashioned way...the bank statement compared to the ledger, calculated on a 9-key...to the penny.
I doubt my kids have ever balanced a checkbook.
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