Wells Fargo well and truly has banking problems
Wells Fargo is another big name to be hit by banking problems with some issues still not solved.
Yesterday (7 February), the bank reported it was “experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance”.
Some users on Twitter were sceptical. One user raged: “How can a fire in a single data centre shut down all operations of the fourth largest bank in America?”
Anyway, the bank gave its explanation.
Problems started around 2pm (UK time) and as often happens, customers complain on social media (although some GIFs were amusing it has to be said), and the issues take a while to be resolved.
At 2am (UK time) today (8 February), the bank said on Twitter that it was a “contained issue affecting one of our facilities, and not due to any cybersecurity event”.
In terms of the latest information on its website, Wells Fargo says its ATM services have been restored and are available for customer use.
Mobile and online banking systems are operational, with the exception of some features, such as consumer credit card and mortgage balances, that it is in the process of restoring.
Customers can use Wells Fargo credit and debit cards for purchases. Its bank branches are operational.
Its contact centre systems are restored, but customers may experience longer than usual delays contacting Wells Fargo’s Phone Bank.
In other bad news, last year, hundreds of Americans had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications.
The issue was picked up in a regulatory filing, and the bank said it set aside $8 million to compensate customers affected by the glitch.