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<![CDATA[2023 Financial Crisis]]>

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

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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.

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.

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

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.

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)

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.

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

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