Wells Fargo: Customers report missing deposits from bank accounts

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A Wells Fargo bank branch in New York, United States, Thursday, July 6, 2023. Wells Fargo & Co. is scheduled to publish earnings figures on July 14.

Los Angeles

Wells Fargo is dealing with a technical issue that has resulted in customers reporting that their direct deposits have disappeared from their bank accounts.

On Thursday, a flood of customers contacted Wells Fargo via Twitter, now officially marked as ‘X’ claimed that they could not access money that they deposited in the bank. A person tweeted that he had been hit with an overdraft fee after money disappeared from his account.

It was unclear how widespread the problem was Thursday night, but as of Friday, customer complaints about the problem were still being posted on social media, and the bank continued to respond that it was working on a solution.

“A limited number of customers were unable to view recent deposit transactions on their accounts. The vast majority have been resolved and the few remaining issues will be resolved soon. We sincerely apologize for the inconvenience,” a Wells Fargo spokesperson told CNN on Friday .

Wells Fargo has not yet said exactly when it expects to fix the problem.

This isn’t the first time Wells Fargo customers have faced this particular technical glitch. In March, Wells Fargo confirmed that some customers’ direct deposits did not show up, but that their accounts “continue to be secure,” according to an NBC News report.

The bank has also been plagued by scandal in recent years. The company settled down with the Consumer Financial Protection Bureau in December, agreeing to pay customers $2 billion and a record $1.7 billion fine for “widespread mismanagement” over several years that damaged more than 16 million consumer accounts.

Wells Fargo’s fake account scandal created a national firestorm in 2016. In 2020, it settled with the SEC for $3 billion over the fake accounts.

Since then, the bank has also admitted to several other scandals, including in its car loan business and mortgage business. The bank improperly repossessed some borrowers’ vehicles, improperly charged fees and interest and failed to refund certain fees, regulators say. Wells Fargo also improperly denied thousands of mortgage modifications, causing some customers to lose their homes in “flawed foreclosures,” according to U.S. regulators.

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