Money Goes Missing From Wells Fargo Accounts

Money Goes Missing From Wells Fargo Accounts

( – The hits keep coming for Wells Fargo. In late 2022, the Consumer Financial Protection Bureau ordered the bank to pay “more than $2 billion in consumer redress” and a $1.7 billion penalty for “unfair acts and practices.” Sen. Elizabeth Warren (D-MA) followed up by renewing her call for the financial institution’s dissolution. Then, in February 2023, a federal judge sentenced a former Wells Fargo personal banker to 33 months in prison for laundering money for a Tijuana-based criminal organization. Most recently, customers reported missing money from their accounts.

On Friday, March 10, Twitter erupted with posts from angry Wells Fargo customers reporting they received a notice in the account summary advising a “technical issue” could account for “incorrect balances or missing transactions.” The advisory didn’t elaborate on the problem or when the bank might correct the situation. However, it did advise customers that their accounts remained secure.

As the following tweet shows, when queried about the problem, Wells Fargo replied by reposting the account summary notice word-for-word with the addition of “Hi [fill in the blank]” at the beginning and a hyphen followed by the bank employee’s name, who posted the response.

Ontario-based stock trader Gurgavin Chandhoke posted a screenshot of several responses to one of Wells Fargo’s tweets regarding the issue. Several customers reported their direct deposits “just vanished” or didn’t appear in their accounts.

Other customers reported their entire paychecks were missing from their accounts. Several questioned why Wells Fargo didn’t bother sending them an email notification as soon as it discovered the problem.

Wells Fargo didn’t issue a press release about the problem or a follow-up notice advising it had corrected the so-called “technical issue” behind the problem. As of March 16, the latest newsroom entry from the company was a fluff piece posted the first week of March.

When approached by media outlets, a Wells Fargo spokesperson merely responded that the bank was “aware” of the problem. Curiously, Wells Fargo admitted it had disabled a feature allowing customers to send them a secure message through its messaging center, advising one Twitter user to send the bank a direct message on Twitter instead.

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