If you use Wells Fargo for banking and have noticed money such as paycheck funds are missing, don't panic. You may be one of the customers experiencing an apparently widespread glitch that is creating havoc in people's accounts.
CNN, CBS News, USA Today and others are reporting the financial company is dealing with problems that include funds disappearing from customer accounts and website issues that were continuing into Friday.
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The company said in a statement that it has been having problems but, "The vast majority have been resolved and the few remaining issues will be resolved soon." Its Twitter account, Ask Wells Fargo, has been addressing complaints individually on X (formerly Twitter).
I apologize for the inconvenience, Jacqueline. We have identified an issue with deposit posting and our technical team is working on a resolution at this time. -Richard
— Ask Wells Fargo (@Ask_WellsFargo) August 4, 2023
The company says it will reverse any overdraft fees or other fees associated with missing funds. This would be more comforting for customers, probably, if this hadn't already happened back in March, when there was a similar occurrence of missing deposits in Wells Fargo accounts.
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This is also the company that was ordered to pay out $3.7 billion due to mismanagement. The Consumer Financial Protection Bureau said late last year that the company was misapplying loan payments, wrongfully foreclosing on homes, incorrectly applying fees and interest and engaging in other nefarious practices that affected more than 16 million consumer accounts.
We're not going to suggest you stop banking with a company merely because it engages in these kinds of practices. We'll just ask a simple question: Knowing all this—and about the bank’s long history of racism, including an ongoing class action lawsuit that alleges discriminatory mortgage lending practices—why would you stay?