Some Wells Fargo & Co. customers checked their bank accounts this past week to discover that their recent deposits had disappeared, causing them to express concern over where the money had gone and, in some cases, to report being late on their bills.
The missing funds were caused by “a technical issue,” leaving some customers’ deposits in limbo, Wells Fargo said on social media in response to customer complaints.
However, the bank did not say Saturday how many accounts had been affected or what had caused the problem.
“A limited number of customers were unable to see recent check deposit transactions on their accounts,” Wells Fargo said in a statement Saturday. “All accounts have been resolved and are showing accurate balances and transactions. We sincerely apologize for any inconvenience.”
Customers began reporting the issue on social media as early as Thursday, and complaints continued into the weekend.
“Our technical teams are aware of this issue and are working to resolve it,” a Wells Fargo customer service representative told a customer on social media Thursday.
A similar glitch that resulted in incorrect balances for some customers occurred in March.
The issue added to customer frustrations with the bank, which has faced controversy in the past over customer accounts.
In May, Wells Fargo agreed to pay US$1-billion to settle a class-action lawsuit that claimed the bank had defrauded investors by misrepresenting the progress it had made in fixing problems after a major fraud case. The scandal included bankers opening millions of customer accounts without their knowledge to meet steep sales goals from 2002 to 2016.
On social media this past week, customers reminded Wells Fargo of the implications of losing access to their money for even a day.
“It’s nice you are aware but how does that put food on my table,” one person wrote on social media Thursday, responding to Wells Fargo. “Or keep me from a $50 late fee on my rent.”