Wells Fargo tries to restore system afer two day outage

Wells Fargo is trying to placate angry customers after a computer glitch leaves them without service.

US money after Wells Fargo outage Source: Bloomberg

Wells Fargo is struggling to get back to normal service after a two day outage is angering customers. The financial institution is trying to help clients access their funds. The bank’s stock is plummeting as a result.

Why didn't Wells Fargo customers get service?

Wells Fargo blames the outage on a shutdown at a data center in the US state of Minnesota. Clients have complained about not having access to their accounts and having long wait times for customer service. The bank tried to restore customers’ access to their accounts and claim that the issue has been resolved.

'As a result of the process to restore systems yesterday, some transactions and balances were not visible in online banking or ATMs. The transactions were processed normally, and customers can use their accounts with confidence. This issue has now been corrected, and all transactions are now visible,’ said Wells Fargo in a statement.

Even Wells Fargo employees haven’t been able to deposit their paychecks into their accounts because of the computer glitch. The bank promised to help the workers get their full wages.

‘Some team members were not able to see the payroll deposits in their online banking accounts for a short period of time. Wells Fargo payroll was processed normally. This issue has now been corrected,’ noted Wells Fargo.

How will Wells Fargo help customers?

Wells Fargo has pledged to reverse any fees customers incur as a result of the outage.

‘We apologise for the inconvenience caused by these system issues, and we want our customers to know that any Wells Fargo fees incurred as a result of these issues will be reversed,'said the bank.

Wells Fargo has already had to repay customers for overcharging customers bogus fees. Many disgruntled clients are expressing their displeasure on social media and threatened to take their business to another bank. The financial institution has to work very hard to regain customers’ trust after this latest fiasco.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

See an opportunity to trade?

Go long or short on more than 16,000 markets with IG.

Spread bet and trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Bid
Offer
-
-
China 300
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.