Wells Fargo Outage: Bank to Reverse Customer Fees

WFC stock fell more than 1.2% on Friday

Wells Fargo outage (NYSE:WFC) complicated the lives of a large number of the company’s customers, resulting in many of them being unable to see their paychecks or direct deposits in their online and mobile banking accounts.

Wells Fargo OutageThe bank said that it suffered a major outage, which led to a number of customers going to social media early today to complain about missing paychecks, which led to a number of overdrafts. “As a result of the process to restore systems yesterday, some transactions and balances were not visible in online banking or ATMs earlier today,” company spokesperson Hilary O’Byrne said in a statement to USA TODAY.

“The transactions were processed normally, and customers can use their accounts with confidence,” she added, noting that all of the transactions should now be visible. Wells Fargo noted that it was hit with plenty of technical difficulties on its online banking and mobile app Thursday, which happened due to a power shutdown following smoke being detected at a data center in Shoreview, Minn.

The company said that the outage was not associated with any “cybersecurity event.” Wells Fargo said late on Thursday that its ATM services had been fixed, while its mobile and online banking were working properly, except for certain features such as consumer credit and mortgage balances.

However, the company did return some of the fees that customers were charged due to overdrafts as they couldn’t see these when the outage happened.

WFC stock fell 1.2% on Friday.


Article printed from InvestorPlace Media, https://investorplace.com/2019/02/wells-fargo-outage/.

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