Wells Fargo apologizes, pledges fix to computer glitch and incorrect account balances
Editor’s note: This story was updated Friday to include a new estimate from Wells Fargo of when the issue would be fixed.
Wells Fargo promised to fix by Saturday a nationwide computer glitch that left irate customers with incorrect — and sometimes negative — balances and missing transactions, according to a spokesman. It will also refund fees customers incurred because of the issue.
Some customers started their Friday morning routines hoping to see their latest paychecks directly deposited in their accounts. Instead, they had negative balances, a number of customers reported on social media, and a message from the bank: “If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize. Your accounts continue to be secure and we’re working quickly on a resolution.”.
Funds remained 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.
‘I do not like to feel massive panic’
The issue is one more reason people should keep cash on hand, one Twitter user wrote. Another tweeted, “i do not like to feel massive panic immediately upon waking but wells fargo decided to give me that gift this morning.”
Others anticipated Chase Bank and Bank of America would see an influx of unhappy Wells Fargo customers. JPMorgan Chase is the nation’s largest bank by assets, at $3.2 trillion, and Charlotte-based Bank of America is its second largest with $2.4 trillion in assets.
Another Wells Fargo customer tweeted about “definitely closing” their account, using a SpongeBob meme to show how they felt — like they were begging for money.
About Wells Fargo
Wells Fargo is based in San Francisco but has its largest employment hub in Charlotte. With about 27,000 workers, it is one of the region’s largest employers.
It also is the nation’s fourth largest bank by assets, at $1.7 trillion. That number is capped by the Federal Reserve, which restricted the bank’s ability to grow in the aftermath of the 2016 fake accounts scandal.
This is a developing story. Check back for updates.
This story was originally published March 10, 2023 at 11:00 AM.
