Wells Fargo fixing tech issue after customers report missing deposit transactions
Wells Fargo customers ran into a similar issue in March
Ed Cofrancesco on banking industry: 'There's probably going to be a lot more consolidation' this year
International Assets Advisory CEO Ed Cofrancesco discusses the FOMC's stress test for big banks and his stock picks to short.
Wells Fargo is working to resolve a technical issue after several customers reported that their deposit transactions had disappeared from their accounts.
Customers started to report the problem to the bank on Twitter, now branded as X, on Thursday.
"My CASH deposit made inside a branch location is still not posting because of a technical issue?," one user wrote. "I’ve been patient all day, but now I’m irritated. Two phone calls and still being told to keep checking."
CREDIT CARD DEBT RISING IN DOUBLE-EDGED SWORD FOR THE ECONOMY
"I need my money now!!!!" another customer wrote on their social media page.
The company replied to some customers on the platform saying that its technical teams are aware of the issue and that it is working to resolve it "as soon as possible."
A Wells Fargo spokesperson told FOX Business Friday that a "limited number" of its customers are unable to see recent deposit transactions on their accounts.
Facade of a Wells Fargo bank branch in Manhattan (Wells Fargo via Associated Press / AP Images)
"The vast majority have been resolved and the few remaining issues will be resolved soon," the spokesperson said.
NEW SURVEY SHEDS LIGHT ON CONSUMER DEBT
According to several reports, some customers ran into a similar issue back in March when their direct deposits were not appearing on their accounts.
These issues mark the latest to plague Wells Fargo, which already faced the largest fine ever leveled against a bank by the Consumer Financial Protection Bureau (CFPB) last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 76.88 | +0.96 | +1.26% |
In December, Wells Fargo agreed to pay about $3.7 billion to settle charges that it had harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Wells Fargo has spent years trying to rehabilitate its image after a series of scandals tied to its sales practices.
The Associated Press contributed to this report.