Some Wells Fargo Customers Say Their Deposits Aren't Showing Up in Their Account...
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Some Wells Fargo Customers Say Their Deposits Aren't Showing Up in Their Accounts
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"For the second time this year, Wells Fargo acknowledged that deposits were not showing up in customers' accounts," reports NBC News:
In an emailed statement Friday morning, a Wells Fargo representative said the issue was affecting a "limited number of customers," and that "the vast majority" of instances had been resolved before noon, while the "few remaining" would be resolved soon. This week's incident mirrored one encountered by Wells Fargo customers in March, which the company then blamed on an unspecified "technical issue...."
Customers nationwide appeared to be affected by this week's outage. Jeani Cortez, a single, disabled, self-employed accountant and Alaska resident, says she was supposed to have paid her rent, gas, electric and internet payments for the month by now with funds she deposited Wednesday. She said she was told Friday by a Wells Fargo representative that she would not be able to access her deposit for another three to five business days. She'd earlier been told that Wells Fargo could send her a letter to give to her creditors; that too has not arrived.
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I mean, legacy systems up to extreme legacy can be found in many banks, but they are supposed to be reliable. And if this was a transfer job (batch processing is also all over banking core IT), you are supposed to have a way to reliably run it again without causing duplicates. Well, I guess somebody went cheap on the IT "experts" at Wells Fargo.
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... but it was aliens.
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I know the adage is to not attribute to malice what can be attributed to incompetence, but in this case, I bet more heavily on these delays being done on purpose for some benefit to Wells Fargo. Just my $0.02 based on their history of dicking over their customers.
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The real question is who is actually at fault and how will the finger point work out. Second question what the actual balances of those accounts, status of deposits vs what the online banking enviornment shows. Is this something Wells did or is this some thing Hogan screwed up (www.luxoft.com).
One of the dirty little secrets of the megabank world is they don't really maintain their own system of record. They do the business accounting, and their front ends have account records so they can do things quickly
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I must have put a decimal point in the wrong place or something. I always do that. I always mess up some mundane detail.
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Lol humblebrag about bitcoin
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Inertia.
Years ago, I was a customer of Bank United, a "Federal Savings & Loan Bank." Not exactly a credit union, but close. Bank United took care of their customers, you weren't just a number. But BU failed and was bought by Washington Mutual. Washington Mutual failed, and was bought by Chase. As a result, today I'm a Chase customer.
I've thought numerous times about switching. But there are so many hurdles, like having to switch your direct deposit setup, re-setup all your electronic bill payments, and
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I don't think it is inertia for the specific person you responded to.
However it IS inertia for some people, the ones heavily harmed by these bank shenanigans, such as the person described/quoted in the summary.Let me paste for reference:
Wednesday. That's a total of 3 business days.
This is a person living paycheck to paycheck, and worse, unable to weather even a 3 day disruption.This is the real problem with inertia.
She doubtfully has any credit cards that aren't maxed out to use in your step 2.
It's quite p
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Most credit unions don't have their own SWIFT code, so an intermediary bank is required to process wire transfers.
I'm not sure if your Boulder-based credit union is Elevations, but they were a pain to deal with when withdrawing money out of state. They also gave me an attitude when I closed my account. Hope that answers your question.
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What is a routing number? banking systems ar apparently rather different depending om where you live. At lest for transfers within norway the only thing you need is the accoun nunber and name of the receiver. For international transfers yo need Names address, and swift +bic codes (well possibly the address of an intermediary bank if the dest account is in a bank that does not process foreign exchange themselves). hold on might the routing number possibly be what we use as bank address (while this actuall
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If you travel to odd ends of the earth, it's nice to have a broad network to fall back upon.
But more, I know the rugged libertarian response is to deal with bad actors in the marketplace with vote with your dollars.
But there is also throwing bankers in jail for fraud, especially when all of these "technical glitches" seem to only fall in one direction.
Wells Fargo especially has done enough to be prosecuted under RICO statues.
So why aren't they?
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Because they have a bunch of money, obviously. They are, after all, a bank.
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Putting aside your idiotic bitcoin comment, it's because (a) they have branches and ATMs everywhere, so when you're on vacation across the country you can go to an ATM without being charged (b) same thing except when you move you again have no reason to change banks -- imagine if you signed up for Harvard Credit Union and then moved to Silicon Valley for work, now you have to do EVERYTHING on the phone -- can you imagine what a hassle it would be to get a home mortgage without setting foot in the office? (c
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that there are still people banking with Wells Fargo?
Well, sure, probably safer than crypto. Probably.
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Indeed. A bank that is plagued by one scandal after another is rotten to the core.
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FedNow has nothing to do with fixing a bug in Wells Fargo's software.
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Did you mean feature, as they profit from interest on the float?
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Yes it is, but the other banks involved in sending payments also need to be FedNow participating institutions in order for it to be used as a funds transfer method. At the moment there aren't very many participating institutions [frbservices.org], but that should change as more and more people and businesses start demanding it.
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I still try to keep paper receipts and paper statements. Yes, they cause huge waste, especially thanks to banks printing a small brochure worth of stuff every time.
But it also means I would have a paper trail if something really goes bad. Yes, it could be one in a million, but not having access to your money even for a week could be devastating.
(That is also why I use two banks, and don't hold money in services like PayPal, but immediately withdraw anything that comes from anyone).
Better be safe than sorry.
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There is a digital way to accomplish what you are doing with paper.
My approach is to download PDF copies of my statements each month and save them to my hard drive, which is in turn backed up to OneDrive. If something happens with the bank software, I still have a "paper" trail. I can go back and print these PDFs any time I want, if I need to document something. And I don't have to keep actual stacks of paper.
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This is especially embarrassing for Wells Fargo, as they are enrolled in the new FedNow [frbservices.org] instant payment system. This should eliminate the need for sitting on people's deposits and transfers for days, as long as both payee and payor's financial institutions are participants.
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FedNow is fine, but this isn't an issue with the money not being able to move quickly. This is a software bug. Software bugs can happen with FedNow just as easily as with any other legacy mechanism. The risk is probably actually higher with FedNow, because it's so new.
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So beta testing is passé, eh?
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In Thailand "wire" transfers between private bank customers are instant.
The common way, is to have an mobile app, scan the QR code of your partner, which can be a mom&pop shop, or just a private person showing his code on his phone, type the amount and off you go.
If you pay in a bigger shop, the amount is encoded in the QR code at the cashier.
Money is at the other side instantly.Same for online banking. While the interface is more traditional, the mobile of my GF is pinging with money received, before m
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...was when they torched a Wells Fargo. Fuck Wells Fargo.
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Is this perhaps a glitch with FedNow adoption?
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Has North Korea hacked FedNow already?
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If you are a Wells Fargo customer and are annoyed at crap like this, close your accounts and take your banking elsewhere.
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Ever notice how these massive bank screwups always somehow favor the bank? Either they somehow have beaten all odds by orders of magnitude, or somehow when the error is in the customer's favor they "somehow" "find" the resources to fix the problem instantly.
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From 2009 - 2010, on three superate occasions, I made CASH deposits at a teller that did not show up in my WF account. Had I not kept my receipts, I would have lost the money. When I went to the branch with my receipts, the bank employee never seemed surprised, and always said the exact same thing:
Federal Law gives us 10 days to investigate before we have to make the money available to you. It all seemed very routine to him.
In each case, Wells Fargo took all of those ten days, even though a reconciliation o
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Here's what happens. This is batch processing. The basic systems were built in the 70's, and usually Cobol running on mainframes. As technology and banking has changed, they have added layers and layers of translators, adapters, etc., around the original core systems. The documentation of these systems is on typewritten papers, and the old Greybeards who wrote and understood that code have long since been laid off in the age purges.
So, when something goes sideways, they hire CS contractors from whatever com
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What do Bank of America, Wells Fargo, Westamerica Bank, and Bank of the West have in common? Answer, I have banked with all of them and had all of them willfully and deliberately delay deposits, while falling over themselves to process withdrawals, creating overdrafts which I was then charged for.
When overdraft fees (and "protection" — yes, exactly like a mob) were created at least they would cover your overdrafts for a fee. Now they charge you a fee for denying them, which costs them nothing. So it w
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