A massive Wells Fargo glitch has erased money from several customer accounts plunging some users into negative.
“Customers at one of America’s biggest banks are reportedly seeing erroneous withdrawals hit their accounts”, says TDH.
Concerns have risen over a rather mysterious glitch at Wells Fargo that resulted in unexplained withdrawals and a “debit card pending correction” tag.
Thousands of people were affected according to CBS-affiliated news station WNCT.
“I stopped using Wells Fargo years ago because they CONSTANTLY screwed with my money there were multiple times I suddenly had hundreds missing and bank account they claimed it was a “glitch” it happened to me about three times,” reports one Wells Fargo customer.
“@Ask_WellsFargo has anyone gotten their money back from the debit card pending correction? My accounts are still pending it’s been 5 days this is ridiculous,” says another user on X, formerly known as Twitter.
A Wells Fargo representative says the bank suffered a technical glitch and the lender will be automatically rolling back the charges and any fees connected to the issue.
“Due to a systems issue that has been resolved, some customers may experience a delay in posted transactions. The majority of customers are not affected by this issue.
Any overdraft fees incurred as a result of this incident will be automatically reversed.”
In September, the bank froze a customer account which caused a scandal for the already-then scrutinized company since this type of incident has occurred various times.
Today, the bank is shuttering several branches nationwide and undergoing massive layoffs.
Other Bank News Today
The US Treasury Direct (TreasuryDirect) is now freezing customer accounts, leaving users without access to their funds from weeks to months.
Tammarra Johnson reported to FrankNez that TreasuryDirect has frozen her account ever since she made a deposit going all the way back to April.
Users can purchase securities directly from the US Treasury with TreasuryDirect.
However, big financial institutions have access to TreasuryDirect’s auction house which means they have priority over individual customers.
Finance Strategists reports that’s securities purchased through TreasuryDirect cannot be sold in the secondary market before they mature.
“This lack of liquidity could be a disadvantage for investors who may need to access their investment capital before the securities’ maturity.”
But Johnson’s issue is a little different – TreasuryDirect froze the account after a deposit from a settlement.
“My account has been frozen since April right after I deposited $1,500 from a settlement. I mailed in the required form from my bank that was needed to unlock my account and it is still locked.
It’s sad to know financial institutions are basically taking citizens money like times aren’t already hard.”
Just ten months ago, Samuel Clemens reported having a similar issue.
“I’ve been buying iBonds for 10 years. So earlier this year, 4 years after I opened some some proprietorship accounts, t direct finally comes back to me to query some of the registrations.
There’s no way to speak with them. Emails are ignored and written correspondence takes months. In the meantime, my accounts are frozen, and I do not have access to my money. If this were a private business, fraud charges would be laid!
How about organizing a campaign to write to our congressional representatives to fix this? The IRS takes months to process returns, and the treasury can’t handle a simple savings program for citizens. It’s a national disgrace.”
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