by Michael Snyder, End Of The American Dream:
When it rains, it pours. On the exact same day that we witnessed the second largest bank failure in U.S. history, Wells Fargo experienced an unprecedented nationwide computer glitch that caused countless numbers of account holders to have “incorrect balances” and “missing transactions”. This is yet another example that demonstrates why it is never wise to put all of your eggs into one basket. If you have all of your money in just one bank, you may wake up one day and find that you are suddenly not able to access any of it. For years I have been telling my readers to spread their assets around, because our banking system is far more vulnerable than most people realize.
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In particular, I have never been a fan of Wells Fargo.
It has been embroiled in controversy for years, and now this massive “computer glitch” has happened…
A nationwide computer glitch at Wells Fargo left irate customers with incorrect balances and missing transactions Friday morning, sometimes dipping accounts into negative balances.
Funds remain available, even though some customers’ direct deposit transactions were not showing on their accounts, bank spokesman Josh Dunn said.
Dunn did not say how many customers were impacted by the problem and did not provide a time when customers can expect the issue to be resolved. But he said Wells Fargo was “working quickly on a resolution.” As of 4:30 p.m. Friday, Dunn could not say when the problem would be resolved.
The number one thing that you should want from any bank is security.
And right now Wells Fargo seems to be severely lacking in this area.
When users tried to log into their online banking apps, they received a very alarming message…
It’s not clear what might be causing the direct deposit issue or when it might be resolved, but Wells Fargo posted a message at the top of its online banking app saying: “If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize.”
Needless to say, a lot of account holders were not pleased.
Wells Fargo is further proof to keep cash on hand for use. In the blink of an eye, a computer glitch or whatever, your funds are inaccessible.
— SD (@SDWilliby) March 10, 2023
i do not like to feel massive panic immediately upon waking but wells fargo decided to give me that gift this morning
— Katy Barber (@katy__kakes) March 10, 2023