Wells Fargo Warns Customers of ‘Incorrect Balances or Missing Transactions’
Wells Fargo Warns Customers of ‘Incorrect Balances or Missing Transactions’

By Jack Phillips

A number of Wells Fargo online customers on Friday reported not seeing paychecks and direct deposits in their accounts, which the bank blamed on a technical issue.

“If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize,” Wells Fargo told customers in an alert on its website. “Your accounts continue to be secure and we’re working quickly on a resolution.”

In a statement to multiple news outlets Friday, a spokesperson for the San Francisco-based bank told the Charlotte Observer that funds remain available even though some direct deposit transactions weren’t showing up. Wells Fargo was “working quickly on a resolution,” he said.

It’s not clear how many customers were impacted or when the problem will be resolved. The company also did not release further details about what’s causing the issue.

Downdetector, a website that tracks online outage reports, showed a spike in issues with Wells Fargo starting at around 8 a.m. ET. On Twitter, the company was issuing direct replies to users who complained about missing funds or their paychecks disappearing from their accounts.

In a post targeting Wells Fargo, one woman wrote: “You have been ‘fixing the system glitch’ since at least 7 am when I called with my first complaint.” She added, “Now 6.5 hours later I am still left with NO tangible money. I have bills to pay & a toddler to take care of. Get this issue corrected ASAP. I need my money.”

A number of other people posted on the website that their direct deposits and scheduled paychecks suddenly disappeared. Some stated that their accounts are being overdrafted.

The apparent glitch comes at a turbulent time for banks in the United States after a federal agency took control of a Silicon Valley Bank on Friday in what has been described as the largest U.S. bank failure since the 2008 economic crisis. The bank, SVB, saw its stock drop more than 60 percent after it reported a lower number of deposits. The benchmark KBW Bank Index also dropped more than 8 percent on Thursday.

California banking regulators appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of SVB, putting the tech-heavy lender into receivership and will dispose of its assets, according to a statement.

Treasury Secretary Janet Yellen told lawmakers on Capitol Hill Friday the department was aware of recent developments and was monitoring the situation, calling it “a matter of concern” when banks experience losses, according to CNBC.

The Epoch Times has contacted Wells Fargo for comment.

Reuters contributed to this report.

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