Massive Banks Now Suffer Major Money Outage

November 3, 2023

Massive banks now suffer a major money outage affecting customer account balances and direct deposits.

Customers at JPMorgan Chase, Bank of America, US Bank, Wells Fargo and Truist say money that should have arrived in their accounts is not showing up.

The network monitoring app Downdetector is reporting widespread issues at all five banks.

Wells Fargo and Bank of America have released specific statements on the issues via Twitter, telling customers they are working on the issue.

“Wells Fargo direct deposit is officially a day late and customer service has no time frame when the money will come wtf,” said one user Friday morning.

“I noticed your tweet. We are aware of the issue, and we are working on a resolution. We apologize for the inconvenience. At this time, there’s no need to file a claim,” said Wells Fargo on X, formerly known as Twitter.

Although the banks are releasing individual statements on the issue, the Federal Reserve says a “processing issue” at a national network for processing Automated Clearing House (ACH) transactions is to blame.

The ACH system is run by the Federal Reserve Banks and the Electronic Payment Network, and is a core component of the US banking system.

It powers the flow of capital between banks and financial institutions and allows employers to electronically deposit wages into employees’ bank accounts.

Although the Fed believes the issue has been resolved, delays appear to be ongoing.

According to Financelot, a popular financial account on X, banks are now working to clear a backlog of transactions.

“Seems the bank issues were a technical glitch with the Federal Reserve system. Apparently it’s resolved but will take time to work through the backlog, at least that’s the story right now.”

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Banking News Today

A US bank is now stealing customers money in what appears to be a blatant fraud scheme that locks users from their accounts after making deposits.

Green Dot Bank is now facing fraud allegations from various customers who have been locked out of their account from several weeks to even months.

A Green Dot Bank customer who wishes to remain anonymous reached out to FrankNez to share their story.

“I found your info after reading your blog on the Green dot bank pending lawsuits.

I opened my account in June and received deposits in July through August totaling 2300+ dollars.

It’s October and I still haven’t received my money, I was even assigned a case number, gained access to the account after rigorous verification questioning only to be locked out of my account again and call disconnected because I couldn’t recall an old email on my account after they had been on the phone with me for close to an hour.

I’ve had no choice but to contact FDIC because I’m injured can’t work and I’m backed up in bills.”

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

“It been a month and I still haven’t been able to get my money from Walmart green dot. I have asked for a replacement card 4 times and haven’t got a card yet. My rent is due for last month and this month. I think they’re trying to keep my money,” says Marzell Land, another Green Dot Bank victim.

Customers affected by Green Dot Bank fraud should report to the FDIC and Better Business Bureau.

Scammers have lent out ‘support’ emails on forums meant to trick users into contacting the bank’s support team — these are fake.

Also Read: Customers Are Now Unable To Access Money From A Bank

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