Wells Fargo Under Fire After Banking Deposit Incident

It seems like banking behemoth Wells Fargo  (WFC) - Get Free Report is always finding itself in hot water. Whether it’s dishing out payments for major regulatory infractions or closing out loyal customer accounts for discriminatory reasons, the company has shelled out billions of dollars in fines for what has been called “widespread mismanagement” by the Consumer Financial Protection Bureau (CFPB).

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On August 3, a technical issue sent a wave of Wells Fargo customers to the social media site X, formerly known as Twitter, in a panic. Customers reported that the money they had deposited wasn’t showing up in their accounts -- at least one customer said he’d been charged an overdraft fee due to the problem.

@wellsfargo.. you stole almost 4000 from me that I deposited on 8/2. I need my money now!!!! Then you have the balls to overdraft my account! @iamdonewithwellsfargo— Vegas Daddy (@Randy08490149) August 3, 2023

By Friday, customers were still reporting missing money as the bank worked its way through reports in order to fix them.

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“A limited number of customers were unable to see recent deposit transactions on their accounts. The vast majority have been resolved and the few remaining issues will be resolved soon. We sincerely apologize for any inconvenience,” a Wells Fargo spokesperson told CNN.

The technical glitch is similar to a glitch that caused customers’ money to go missing back in March. The glitch, which the bank noticed on a Friday, was addressed and Wells Fargo promised customers that deposits would be returned by the following day. 

No word yet on when customers can expect the current technical hiccup to be fully fixed.