Wells Fargo on Friday scrambled to respond to customers who reported deposits were missing from their accounts.
Customers complained about missing deposits in their accounts.
Many customers were unable to pay bills or buy groceries.
Our technical teams are aware and are working to resolve the issue, and I apologize for the inconvenience. Also, Any fees incurred as a result of this issue will be reimbursed. We’re working quickly on a resolution. -Angie
— Wells Fargo (@WellsFargo) March 10, 2023
Another customer complained about a direct deposit disappearing.
If you wish to have your concern escalated for further review, please DM us with your full name, phone number separated by dashes (333-333-3333), your email address, the type of account involved, and other relevant details for review (no account numbers). Thank you. -Ludwicke https://t.co/olzw5ueFSh
— Wells Fargo (@WellsFargo) March 10, 2023
One customer complained about being overdrawn because of missing direct deposits.
Wells Fargo responded: “I understand your concern. If you see incorrect balances or missing transaction, this may be due to a technical issue. We apologize for the inconvenience. Your accounts continue to be secure. We are working quickly on a resolution. -Amanda
I understand your concern. If you see incorrect balances or missing transaction, this may be due to a technical issue. We apologize for the inconvenience. Your accounts continue to be secure. We are working quickly on a resolution. -Amanda
— Wells Fargo (@WellsFargo) March 10, 2023
Wells Fargo customers vowed to pull their money out and take their business elsewhere.
I understand this is concerning. If you see incorrect balances or missing transaction, this may be due to a technical issue. We apologize for the inconvenience. Your accounts continue to be secure. We are working quickly on a resolution. -Amanda
— Wells Fargo (@WellsFargo) March 10, 2023
Wells Fargo released a statement on Friday.
“If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize” Wells Fargo said. “We are working quickly on a resolution and apologize for the inconvenience.”
The Wells Fargo complaints from customers came on the same day Silicon Valley Bank was shut down by regulators in the biggest bank failure since the 2008 liquidity crisis.
Silicon Valley Bank reportedly holds $173 billion in deposits.
The Fed interest rate is at 4.57% and $117 billion of Silicon Valley Bank securities are yielding only 1.56-1.66% – this is causing a run on the bank.
California regulators shut down the bank and the FDIC took over.