RBC Capital Markets head of U.S. bank equity strategy Gerard Cassidy and The Fitz-Gerald Group principal Keith Fitz-Gerald discuss the significance of Silicon Valley Bank imploding on 'The Claman Countdown.'
Wells Fargo announced on Friday that a "technical issue" was causing some customers to not receive direct deposit payments.
"If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize," Wells Fargo posted on Twitter Friday in response to a user who wrote "GIVE ME MY MONEY BACK."
"Your accounts continue to be secure and we’re working quickly on a resolution," the bank added.
"We’ve been actively working to resolve the issue impacting certain customers’ who cannot see direct deposit transactions in their accounts," Wells Fargo said in a statement to Fox Business.
WELLS FARGO AGREES TO PAY $300M TO SETTLE SHAREHOLDER LAWSUIT OVER AUTO INSURANCE DISCLOSURES
A man uses an automated teller machine (ATM) at a Wells Fargo Bank branch (Reuters/Gary Cameron/File Photo/File Photo / Reuters Photos)
"The issue will be resolved no later than tomorrow Saturday, March 11. We will also refund fees incurred by this issue. We sincerely apologize for any inconvenience caused by this."
Wells Fargo responded to numerous customers on social media who were expressing frustration with zero balances and overdrafts throughout the day on Friday and into Saturday.
WELLS FARGO SUFFERED 50% PROFIT LOSS DURING THE FOURTH QUARTER
Facade of a Wells Fargo bank branch in Manhattan (Wells Fargo via Associated Press / AP Images)
"We're sorry if you're impacted by a technical issue affecting direct deposits and account activity," Wells Fargo tweeted to a customer on Saturday afternoon.
"Our dedicated teams are continuously working on a fix."
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Wells Fargo bank entrance, Midtown, Manhattan. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)
The technical glitch comes at the same time that Silicon Valley Bank, the nation’s 16th largest bank, was shut down by the FDIC as regulators moved to protect customers as it faced a liquidity crunch after losing $2 billion.
The banks' failure was the largest since Washington Mutual in 2008 and the second largest in U.S. history.
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March 12, 2023 at 02:53AM
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Direct deposits not showing up in some Wells Fargo customer accounts, here's why - Fox Business
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