Wells Fargo Twitter is trending as many of Well Fargo’s customers are facing issues with the app. Many Wells Fargo online banking customers reported not receiving scheduled paychecks on Friday, which the bank blamed on a technical issue unrelated to Thursday’s bank stock crash.
However, Wells Fargo’s website states that phone services are operational and that customers with questions can contact their bankers 24 hours a day, seven days a week.
The company posted on Twitter regarding the situation. You can see the Tweet below.
We’re experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We’re working to restore services as soon as possible. We apologize for the inconvenience.
— Wells Fargo (@WellsFargo) February 7, 2019
But before we jump to any conclusion, here are some key points to keep in check.
It’s unclear what’s causing the direct deposit problem or when it will be resolved. Still, Wells Fargo stated at the top of its online banking app
“If you see incorrect balances or missing transactions, this may be due to a technical issue, and we apologize.”
The problem caused Wells Fargo to be one of the top trending terms on Twitter early Friday afternoon. It received the most complaints of any service on DownDetector beginning early Friday morning and continuing for hours into the afternoon.
According to a Wells Fargo spokesperson, the bank “is aware that some customers’ direct deposit transactions are not showing on their accounts,” but no timetable for resolution was provided. Wells Fargo’s message to its customers
“Your accounts continue to be secure, and we’re working quickly on a resolution,” Wells Fargo assured customers on its app.
The Back Story
The glitch comes at a difficult time for banks in the United States, culminating in the federal government seizing control of Silicon Valley Bank on Friday morning, marking the largest American bank failure since the 2008 financial crisis.
SVB’s stock dropped more than 60% on Thursday after it reported lower customer deposits, putting pressure on other banks despite the absence of obvious solvency issues at financial behemoths like Wells Fargo. The benchmark KBW Bank Index fell more than 8% at times on Thursday, the most since June 2020.
Wells Fargo has had a string of legal problems in recent years, including a fake accounts scandal in which employees opened millions of checking and savings accounts for real customers without their permission to meet quotas set by top executives.
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For the fake accounts, the company agreed to pay a $3 billion fine in 2020, and former CEO John Stumpf was barred from ever working in the banking industry again.
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