Krystal and Saagar discuss Wells Fargo reportedly deleting customer funds.
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Wells Fargo, one of the largest banking institutions in the United States, has once again found itself in hot water as it deletes customer funds without any warning or explanation. This is not the first time the bank has been involved in such controversies, raising serious concerns about its ability to handle customer accounts responsibly.
Customers of Wells Fargo woke up to a rude shock as they discovered that their hard-earned money had simply vanished from their accounts. Many were left scrambling to pay bills, make essential purchases, or even cover basic expenses. It is deeply unsettling that a trusted bank like Wells Fargo would treat its customers with such disregard.
What adds insult to injury is the bank’s complete lack of transparency regarding this issue. Customers have reported long wait times, unhelpful customer service representatives, and minimal communication about when and how their funds will be restored. It is as if Wells Fargo expects its customers to accept this blatant violation of their trust without questioning or demanding answers.
This incident is not an isolated one for Wells Fargo. In the past, the bank has faced several scandals, including the notorious fake accounts scandal in 2016, where employees opened millions of unauthorized accounts to meet aggressive sales goals. This incident alone resulted in hefty fines and damaged the bank’s reputation significantly.
The fact that Wells Fargo is repeating similar mistakes raises serious questions about its internal controls and risk management systems. How is it possible that customer funds can disappear without any warning or explanation? This raises concerns about the bank’s ability to secure customer data and financial resources, begging the question of whether customers’ money is truly safe in the hands of Wells Fargo.
Furthermore, this incident highlights a glaring issue with the banking industry as a whole – lack of accountability. It is disturbing that a banking institution, entrusted with people’s hard-earned savings, can simply let their money vanish and get away with it. In a world where individuals are expected to be accountable for their actions, it is unacceptable that banks continue to escape scrutiny and avoid the consequences of their negligence.
Customers affected by this latest incident are rightfully demanding answers and seeking restitution. But the resolution process has been slow and arduous, with many customers left in financial limbo for an extended period. Wells Fargo needs to understand that it owes its customers not only an apology but also a swift and efficient resolution to this crisis. Shortcomings in customer service and communication only worsen the situation, damaging the bank’s credibility further.
Regulatory authorities should also step up their efforts in ensuring that banks like Wells Fargo are held accountable for their actions. Strict penalties should be imposed for repeated violations, and investigations into the bank’s operations and risk management mechanisms should be conducted to prevent such occurrences in the future.
Customers should also take this incident as a wake-up call to diversify their banking relationships and consider switching to more reliable and trustworthy institutions. Entrusting one’s finances to a bank is a significant decision, and events like these remind us of the importance of conducting thorough research and choosing a bank with a proven track record of integrity and responsible handling of customer funds.
All in all, the recent incident involving Wells Fargo deleting customer funds once again is a reminder of the broken system we have in place. It is high time that banks like Wells Fargo are held accountable for their repeated failures and that customers demand better treatment and transparency. Only through collective vigilance and pressure can we hope to achieve a banking system that prioritizes the needs and rights of its customers.
yeah fuck banks. My moneys in Bitcoin. Securiest network on the planet, owned by no one.
worth several times more over every 4 year period since its inception.
I would like to see what kind of testing and software quality they have. Barebones team, dysfunctional processes , probably both.
year after year problem after problem yet people still bank there . if you still banking there its on you
Bank CEOs need to start being on the hook personally to pay the fines.
If a bank loses your money, they need to lend you money interest free until they sort out their glitches
Funny how people still bank at Wells
Local credit union, can’t with the big banks anymore.
Anyone dumb enough to bank with them shouldn't be surprised at this point.
Every bank customer withdraw your money if you can. The banks lost all your money on cryptocurrency!
Something similar happened with my credit card at a major New York bank for a big big big company. They received my payment on time, but it took several days to increase my credit limit. Same excuse… technical issues. Gotta wonder if there's a system wide problem. Good thing the government is focused on Ukraine and Trump.
Thank you!❤❤❤
One thing poor people do better, they don't use banks. Or even get loans. We know they try to take anything they can get and know if they steal our money first we can't sue since we can't afford a lawyer, but they don't know how tight knit we are here, we all have lawyers in our family so joke is on them if they try to go after our assets! Our farms they will not have! the people who rule the food rule the world, until we find other ways of eating they need to realize this.
Study Bitcoin.
These technical issues would never happen where the customer gets more money or reduces their debt. Ever.
4.7 billion in fines, means they've stolen about a 50 billion, once you've paid the "fines" with stolen money, and then the campaigns for all the mouth pieces that perpetually make all of this possible, they've done pretty well for themselves.
Imagine if you or I deleted our bills
Join USAA or a credit union. They're less evil.
Fines aren't enough. Throw them in a federal PMitA penitentiary. That's how you stop white collar crime.
Fremont Avenue in Bridgeton
Where is Wells Fargo at
Been with Wells Fargo due to being a Furst Union Customer then Wachovia and then Wells Fargo acquired Wachovia so been with them for over 20 yrs. I cannot bring to tell you the amount of money that has been missing from my account. Finally had enough in March 2023 and decided to switch to another bank. Tried their auto loan company still very bad experience. I had GAP insurance with them. Had a car accident where the insurance company paid off $14,000 on a $16,000 balance. I was not worried because that's where the GAP ins should have kicked in for the remaining $2000 well to my suprised GAP insurance refused to pay the balance. Wells Fargo auto tried to damage my credit history by reporting it as a delinquent payment while i battled with The GAP insurance company. So as of today my loan is paid in full and the GAP insurance i was forced to purchase has not paid a dime. Very bad experience at Wells Fargo and Welks Fargo Auto
My question is to the people who do business with Wells Fargo. Why do you continue to do business with a bank that has so much bad history with consumers? I mean come on, transfer all your money from Wells Fargo move to another bank. Would you trust your money with a known scammer? I have never opened and will never open a bank account, credit card, or any other business with Well Fargo.
Higher interest rates to customers often means that banks will have to seek higher rate loans & financial instruments in order to satisfy their depositor obligations. Higher rates almost always involve higher risks because safe loans & investments don't need to pay high interests to get access to capital. (Hence, rich people pay lower rates to borrow money than poor people, and US treasury bonds pay less interest than corporate bonds.)
Ever since the emergence of globalism, systemic risks have been increasing and the financial sector has been hard pressed to make money honestly. At this point, the best strategy has been deceptive scams, mergers & acquisitions, and collusion with the ratings industry to make risky investments look safe. Get too big to fail and you'll only pay fines when actually caught, and even then, if necessary you can rely on a bailout.
This is where The System is at present and neither political party is about to inconvenience the financial sector…
How come there are no 'technical issues' with credit card balances?
Anyone who still banks there deserves whatever their lazy ass gets.
If this did happen then bank with someone else. If enough people leave they’ll get it together
Wells Fargo has a long list of shady things they've done to consumers, and their customer support and escalations departments are useless (I suspect on purpose). This bank needs to be forced to its knees.
At this point, if you get screwed over by Wells Fargo, that's on you. It's common knowledge that they are not a good bank.
I don't know why anyone still banks with them.
You'll see this more as we go increasingly digital with finances. But more importantly, why is anyone still banking with Wells Fargo?
Happened to me.
Before the pandemic banks were required to keep 10% in cash reserves. When the pandemic hit the FOMC removed the 10% reserve requirement. Now to this day, banks are not required to keep anything in reserve.
Wells Fargo is corrupt.
Stop supporting banks. Use credit unions banks.
That is nothing compared to the State of Minnesota – which required my brokage account to be closed because I bought the stock over 10 years ago and I hadn't done anything with it. They claimed that it was "Lost". The performance of the stock over that 10 years bought at $14 and it is currently trading $320 (State sold it at $160). Why would I sell? After taking possession of my stock. The State sold it to use interest on this money for government funding. I lost 10's of thousands of dollars. The State government officials I went after about this didn't give a shit. The Directory of Finance literally said "That unfortunate" and I tried to blame it on that had probably moved within the last 10 years and therefore no one could reach me. When I informed him that I have lived in the same house for the last 23 years and I am pay income tax every year. He just asked is there anything he can do? This isn't a technical issue. It's the policy. GOVERNMENT SUCKS!!! If you are a productive citizen Do NOT move to Minnesota. And if you do Good Luck. And by the way – who still puts there money in a traditional Bank? I guess I can ask why put your money in traditional brokage firms. But, in this case. It was literally the State of Minnesota policy. Oh by the way, I have contacted my Senator and State Rep – DFLers. And they don't give a shit. Still waiting on a reply. As far as they are concerned it's was the STATE's Stock. Communism is a live and well in Minnesota.
So these people get reparations right? Theft is theft no matter how veiled it is.
This is actually pretty common. Happens a lot.
Anyone who worked for WF isn’t surprised by this. The system I used were over 20 years old and they weren’t going to update them anytime soon. The internal operations is sluggish and slowed down by bureaucracy.