Customers of Wells Fargo are claiming that direct deposits in their accounts have vanished.
Users on X, the website that replaced Twitter, lamented the loss of their money. One bank customer claimed that as soon as they realized their deposits weren’t in their accounts, they watched the news about the issue.
Their tweet stated, “Right before this appeared in the press, I noticed that my deposits weren’t in my account. “I tried to pay my bills, but none would process. It’s really unacceptable.
A “limited amount” of its clients are seeing the missing deposits
They claimed that most of them had been “resolved” and that the issue would be remedied quickly. The bank’s statement says, “We sincerely apologize for any inconvenience.”
Wells Fargo has recently been involved in a number of problems, from practices that led to improper home foreclosures to the illegal repossession of vehicles. Customers have reported that their direct deposits have vanished from their bank accounts as a result of a technical issue that Wells Fargo is now working to resolve.
Customers who claimed they couldn’t access the money they deposited into the bank on Thursday flooded Wells Fargo’s Twitter account, which is now branded as ‘X,’ with messages. One user reported that when the money disappeared from his account, he was charged an overdraft fee.
However, as of Friday, customer complaints about the issue were still being made on social media, and the bank continued to respond that it was working on a resolution. It was unclear how widespread the issue was on Thursday night.
A few consumers reported having trouble viewing recent deposit transactions on their accounts. Most of the problems have been fixed, and the few that are still open will be soon as well. We really regret any inconvenience, a Wells Fargo representative said in a statement to CNN on Friday.
The precise date that Wells Fargo hopes to have the problem solved is still unknown.
Customers encountered this specific technical issue previously
According to an NBC News article from March, Wells Fargo acknowledged that some customers’ direct deposits weren’t showing up but said their accounts “continue to be secure.”
In recent years, the scandal has also beset the bank.
In December, the business reached a settlement with the client Financial Protection Bureau, agreeing to pay customers $2 billion (Ksh. 282.3 billion) in compensation as well as a record $1.7 billion (Ksh. 239.9 billion) punishment for “widespread mismanagement” over a number of years that negatively impacted over 16 million client accounts.
In 2016, the bogus accounts scandal at Wells Fargo sparked a national uproar. It reached a $3 billion settlement with the SEC on the phony accounts in 2020.
Since then, the bank has also acknowledged a number of other issues, including those involving its mortgage and auto loan divisions.
According to regulators, the bank wrongly seized some borrowers’ vehicles, assessed fees and interest, and failed to reimburse some expenses.
The erroneous denial of thousands of mortgage loan modifications by Wells Fargo also led to “wrongful foreclosures,” wherein some clients lost their houses.