Wells Fargo is dealing with a technical issue that has resulted in customers reporting that their direct deposits had disappeared from their bank accounts.
On Thursday, a torrent of customers contacted Wells Fargo via Twitter, now officially branded as ‘X,’ claiming they could not access money that they deposited into the bank. One person tweeted that he had been hit with an overdraft fee after money went missing from his account.
It was unclear how widespread the problem was Thursday night, but as of Friday, customer complaints about the issue were still being posted on social media, and the bank continued to respond that it was working on a fix.
“A limited number of customers were unable to see recent deposit transactions on their accounts. The vast majority have been resolved and the few remaining issues will be resolved soon. We sincerely apologize for any inconvenience,” a Wells Fargo spokesperson told CNN on Friday.
Wells Fargo has yet to say exactly when it expects to resolve the issue.
This isn’t the first time Wells Fargo customers have faced this particular technical glitch. In March, Wells Fargo confirmed that some customers’ direct deposits were not showing up but that their accounts “continue to be secure,” according to an NBC News report.
The bank has also been plagued by scandal in recent years. The company settled with the Consumer Financial Protection Bureau in December, agreeing to pay customers $2 billion and a record $1.7 billion fine for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts.
Wells Fargo’s fake-accounts scandal created a national firestorm in 2016. In 2020, it settled with the SEC for $3 billion over the fake accounts.
Since then, the bank has also admitted to several other scandals, including in its auto loan business and mortgage businesses. The bank wrongfully repossessed some borrowers’ vehicles, improperly charged fees and interest and failed to refund certain fees, regulators say. Wells Fargo also improperly denied thousands of mortgage loan modifications, causing some customers to lose their homes in “wrongful foreclosures,” according to US regulators.
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