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Wells fargo mobile banking app down


wells fargo mobile banking app down

Wells Fargo's online banking and mobile app went down on Friday, preventing some customers from paying bills or accessing their accounts for. By about 6 p.m. Thursday, the app and website appeared to be up, though the bank reported continued intermittent outages.Some customers went to. [Update: Oct. 30] Wells Fargo website app down and not working, online / mobile banking suffers - what happened? Himanshu Arora Oct 30.

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Wells fargo mobile banking app down -

Wells Fargo says ‘systems issue’ affecting online and mobile banking is resolved

The bank said in a statement that there was a problem with its systems, and that Wells Fargo was working to fix the issue.

“We are currently experiencing a systems issue, and as a result some customers are unable to log into mobile and online banking,” the statement read. “Our branch and contact center team members are able to assist customers while we resolve this issue as quickly as possible. We apologize for any inconvenience.”

Customers who tried to call Friday said they received messages that the bank was experiencing high call volumes.

Downdetector.com, a service that tracks website performance, showed wellsfargo.com outages beginning around 7 a.m. Friday, spiking around 8:30 and largely dwindling by 10 a.m. A map of outage reports showed problems coast to coast.

A Wells Fargo Twitter account posted at 11:39 a.m. that “some of our customers may continue to experience an issue” banking online and promised further updates. At 2:29 p.m., the bank announced that the problem had been resolved.

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Sophia Kunthara is a San Francisco Chronicle staff writer. Email: [email protected] Twitter: @SophiaKunthara

Источник: https://www.sfchronicle.com/business/article/Wells-Fargo-systems-issue-affecting-online-13580863.php

Screenshots

Description

Simplify your life and stay in control with the Wells Fargo Mobile® app. Manage your finances; make check deposits, add cards to digital wallet, transfer funds, and pay bills, all within the app.

Manage Your Accounts
• Quickly access your cash, credit, and investment accounts with Touch ID®¹ or Face ID®¹
• Review activity and balances in your accounts
• View your credit card transactions and manage your rewards program
• Easily activate or turn cards on or off², add cards to digital wallets, view recurring payments, and manage account access with Control Tower®
• Set your language preference to English or Spanish³

Deposit Funds⁴
• Deposit checks with ease using your iPhone® camera
• Instantly view the processing deposit in your account

Make Transfers and Payments
• Transfer funds between your Wells Fargo accounts and to other financial institutions⁵
• Securely send and receive money with friends and family using a U.S. mobile phone number or email address with Zelle®⁶
• Pay your bills with Wells Fargo’s Bill Pay service
• Add your eligible cards to Apple Wallet™ to use Apple Pay® for fast and convenient payments.⁷

Track Investments
• Monitor balances, holdings, account activity, and open orders for your Wells Fargo Advisors and WellsTrade® accounts
• Get real-time quotes, charts, market data, and news

Investment and Insurance Products are:
• Not Insured by the FDIC or Any Federal Government Agency
• Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Help Stay Secure
• Visit the Security Center to report fraud and learn how to help keep your accounts safe
• Configure and receive alerts⁸
• Get notified of suspicious card activity with text or email alerts
• Get easy access to your FICO® Credit Score

Contact Us
• Email [email protected]
• Locate one of our more than 12,700 ATMs to get cash or find one of our approximately 4,800 retail banking branches near you via GPS
• Set up an appointment to meet with a Banker
______________________________________________________________________________
• 1. Only certain devices are eligible to enable Touch ID or Face ID.
• 2. Turning your card off is not a replacement for reporting your card lost or stolen.
• 3. The Wells Fargo Mobile app may not be available in Spanish to all Wells Fargo customers. Not all products and services are available in Spanish.
• 4. Some accounts are not eligible for mobile deposit. Deposit limits and other restrictions apply.
• 5. Terms and conditions apply. See Wells Fargo’s Online Access Agreement at wellsfargo.com/online-banking/online-access-agreement/ for more information
• 6. Mobile numbers may need to be enrolled with Zelle before they can be used. Available to U.S.-based bank account holders only.
• 7. For a list of compatible Apple Pay devices, see https://support.apple.com/en-us/HT208531.
• 8. Sign-up may be required.

• Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iPad, iPad Pro, iPhone, iTunes, Mac, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Wallet is a trademark of Apple Inc. App Store is a service mark of Apple Inc.

• FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

DEPOSIT PRODUCTS OFFERED BY WELLS FARGO BANK, N.A. MEMBER FDIC.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SPIC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. WellsTrade(R) and Intuitive Investor(R) accounts are available through WFCS.

Version 3.308

-Guided experience for additional eligible new accounts to help set up deposits(4), alerts(8), transfers(5), and more

-Customers with credit and debit card accounts can now view receipts for their Apple digital content purchases with just one click

-Improved identity verification services to reduce steps required in the application process

Ratings and Reviews

4.8 out of 5

6.4M Ratings

Very Nice App, Minor Quirks

The Wells Fargo app is a very good one - you can nickname accounts (even ones from Greenhouse by Wells Fargo), send and request money via Zelle in-app, and add external accounts and initiate transfers from the app. The colors are nice and vibrant, and the iconic stage coach graphics are nice. There are some minor quirks, of course; certain options are given names instead of using the description (i.e. card lock/unlock is under “Control Tower”), so it can be a bit difficult to find certain options or features, at least when you haven’t used the app in a while. Some suggestions for the app - incorporating pictures of bank cards (debit and credit) within the app would be a neat visual; being able to rearrange your accounts within the app (like Chase and Capital One) would be awesome; and maybe some trivia in the app would be nice, including historical trivia about Wells Fargo bank, being one of the oldest banks around (US). When clicking/tapping on the last four digits of accounts numbers to see the whole thing, seeing the routing number would be awesome, so you know are what it is, and being able to copy it to the device’s “clipboard” would be awesome. And finally, being able to view product information would be really nice; ie. view information for checking/savings accounts, as well as credit cards & certificate accounts too. Hopefully some of these things could be implemented in the near future.

The Patti Effect

I’m very app challenged, especially with the Wells Fargo app on my phone on how to do a bill pay. Patty has helped me on several different things including the bill pay and she made it as easy as tying your shoes. She has been “our” favorite banker for a very long time and I made sure my son went to her, my Pops is the one who said to try Wells Fargo and so now allot of our family go to Wells Fargo. I will be totally and completely honest, there have been some cashiers or bank tellers that were not even close to being as helpful or as welcoming as Patty has always been but she is so good she makes up for there short comings!!!!! Thank you for allowing us to have her in the little town we are in. She has taken a personal touch to some of the terrible things that I have gone through and made them
A lot easier by giving advice or a easy tutorial in how to use the APP that I was glad I could even take pictures. I Sincerely from the bottom of my heart I thank her and Wells Fargo for helping my kinda of people!!! Andrew was another great guy! He helped my son when he was under age about how to go about this money that he was getting from an accident when he was 18. He definitely helped me as a single mom how to make sure he doesn’t blow it all and so forth. GREAT EMPLOYEES FOR BOTH!!! THANK YOU FOR BEING THAT TYPE OF BANK/ BUSINESS WHEN I NEEDED IT RHE MOST!

Two small improvement would make it great

I like the app and use it all the time. Two things drive me crazy and one Indont understand. I have brokerage and bank accounts. If I am looking at the list of bank accounts, choose one to look at transactions, then want to move to a different bank account, I can’t just hit one button back
to the list of bank accounts. Instead, it takes me back two screens to the list of all
My accounts. That means I have choose bank accounts again, then scroll to the account I want. I can’t figure out why it would be set up to jump back two screens. Second, I have brokerage and retirement accounts with securities, mutual funds and ETFs. From the summary screen for each account, I can see the overall value and +/- for the day, but if I tap to see the mutual funds or ETFs, which the app seems to allow and encourage one to do, no matter which item I touch (mutual fund, ETF or securities), it takes me to the top of the list, which always begins with the individual securities. So, If I only need to look at an individual mutual fund or ETF, I have to scroll thru everything else first. Makes little sense. Last odd behavior, when i look at the list of indivudal securities on any given day, I cannot figure out what order they are being presented in. It doesn’t default to alpha or largest increase in a day. I can’t tell what it is doing. Probably operator error, but I can’t be sure. Should default to alpha it would seem.

The developer, Wells Fargo, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

Data Linked to You

The following data may be collected and linked to your identity:

Data Not Linked to You

The following data may be collected but it is not linked to your identity:

  • Financial Info
  • User Content
  • Diagnostics

Privacy practices may vary, for example, based on the features you use or your age. Learn More

Information

Seller
Wells Fargo Bank

Size
91.6 MB

Category
Finance

Compatibility
iPhone
Requires iOS 12.0 or later.
iPad
Requires iPadOS 12.0 or later.
iPod touch
Requires iOS 12.0 or later.
Languages

English, Spanish

Age Rating
4+

Copyright
© 2021 Wells Fargo Bank, N.A. All rights reserved.

Price
Free

Supports

  • Wallet

    Get all of your passes, tickets, cards, and more in one place.

  • Family Sharing

    With Family Sharing set up, up to six family members can use this app.

More By This Developer

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Источник: https://apps.apple.com/us/app/wells-fargo-mobile/id311548709

The Wells Fargo outage was caused by an 'automatic power shutdown' at its data center after smoke was detected. Here's what we know

  • Smoke detected at a Wells Fargo facility on Thursday caused the shutdown of a data center that led to a large-scale outage, leaving customers without the use of their debit cards or access to online banking. 
  • A Wells Fargo spokesperson did not comment on whether the incident was connected to its data center in Minnesota, where a fire suppression system was accidentally tripped early Thursday morning. 
  • CNBC first reported the incident, but later said the fire department found no evidence of a fire. 
  • This is not the first time the San Francisco-based bank has experienced a shutdown this sprawling. 

Smoke detected at one of Wells Fargo's main data center facilities caused a large-scale outage Thursday that left customers without access to online banking or working debit cards. The outage continued into Friday, the company said, though some of its ATM services have been restored and branches are operational.

Customers complained that direct deposit paychecks were not reflected in their account and representatives were overwhelmed with requests that caused 2-hour wait times. 

This is not the first time the San Francisco-based bank has seen a shutdown so sprawling — in fact, this is the second time customers experienced loss of access to banking services just this week. 

A Wells Fargo spokesperson declined to specify how many people have been impacted and which facility smoke was detected in, instead offered the following statement:

"The system issues were caused by an automatic power shutdown at one of Wells Fargo’s main data-center facilities, triggered by a smoke condition created by routine maintenance activities in the building. In response to the power shutdown, applications were systematically re-routed to back-up data centers throughout the day yesterday. By end-of-day, most critical systems had been recovered, and Wells Fargo continues to restore services across all business and operational areas. Wells Fargo continues to see high call volume and online and mobile traffic. Team members are aggressively working to resolve customer issues. Any Wells Fargo fees incurred as a result of these issues will be reversed."

CNBC reported Thursday that the fire department was deployed to a data center operated by Wells Fargo in Minnesota where a fire suppression system (typically ceiling water sprinklers) was accidentally tripped. Though, later, no evidence of a fire was found. Whether or not this is the incident that caused the outage is not known nor addressed in any of the press releases or statements Wells Fargo has made in the last 24 hours. 

In a tweet, Wells Fargo assured customers that the outage was not the result of "any cybersecurity event."

The bank then apologized to customers for any inconvenience caused by the system issues, and said it would reverse any Wells Fargo fees incurred. When customers will see accurate banking statements is also unknown. 

Wells Fargo will extend its branches' operating hours at all 5,500 locations one hour Friday and Saturday, according to a press release, to "address any concerns."

Some customers who have been unable to access their Wells Fargo accounts have threatened to find a new bank and took to social media to express frustration. Online banking features like credit card and mortgage balances are still unavailable, the company said in a statement Friday morning. 

Wells Fargo is the third-largest bank in America. 

 

The second outage in 7 days

Earlier this week, on Feb. 1, Wells Fargo took to Twitter to apologize to customers experiencing problems with its online banking and mobile app. The bank said it would research the issue, though did not explain what caused it. 

The latest outage has customers wondering: How can something as small as smoke in one isolated location cause a shutdown of banking services of a corporation that does business globally? 

CBS reports that last December, Wells Fargo blamed a computer glitch for an error affecting an estimated 545 customers who lost their homes. It then filed papers with the Securities and Exchange Commission, revealing it incorrectly denied 870 loan modification requests where over 60% of homeowners went into foreclosure.

But this sort of small incident is not an issue that has only impacted Wells Fargo. A similar outage at Bank of America happened in 2017, where customers were reportedly in the same situation thousands of Wells Fargo customers experienced Thursday — unable to access their accounts through the bank’s website or apps.

Источник: https://www.businessinsider.com/wells-fargo-outage-caused-by-power-outage-at-data-center-after-smoke-detected-2019-2

Wells Fargo apologizes for online banking outage amid stimulus rollout

Wells Fargo on Wednesday apologized to customers who experienced problems with online banking on the same day that many received their $1,400 direct payments included in the latest coronavirus relief package.

“We apologize to our customers who may be experiencing issues with our online banking this morning due to high volumes,” Wells Fargo tweeted.

The bank noted that the technical difficulties would not impact whether customers received their stimulus payments.

We apologize to our customers who may be experiencing issues with our online banking this morning due to high volumes. This does not affect stimulus payments with a March 17 effective date which were credited to accounts today. Thanks for your patience. https://t.co/yoHAieoKQO

— Wells Fargo (@WellsFargo) March 17, 2021

Thousands of customers reported problems Wednesday morning with Wells Fargo’s online banking platform and their mobile app, according to multiple reports.

Wells Fargo responded to several users on social media who shared that they were unable to log into their personal accounts. 

Hello. We apologize for the inconvenience. There is an issue with our online banking. Thanks for your patience while we research this issue. If you are impacted, please check back here for updates. -Angie

— Wells Fargo (@WellsFargo) March 17, 2021

I apologize for the experience with our online banking. For immediate help, please call us at 1-800-956-4442. I appreciate your patience. -Alex

— Wells Fargo (@WellsFargo) March 17, 2021

The bank did not immediately confirm a timeline for fixing the outage.

"We are working to address the issue as quickly as possible," Wells Fargo said in a statement to The Hill. 

Wells Fargo and Chase recently sparked an outcry from some customers after they announced that they would not process stimulus payments until Wednesday. Several banking giants claimed that the funds for the payments were not sent to financial institutions until March 17.

“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” Wells Fargo noted on its website.

President BidenJoe BidenMarcus Garvey's descendants call for Biden to pardon civil rights leader posthumouslyGOP grapples with chaotic Senate primary in Pennsylvania​​Trump social media startup receives commitment of billion from unidentified 'diverse group' of investors MORE last week signed his $1.9 trillion coronavirus rescue package into law. The measure includes $1,400 direct payments for most Americans, in addition to funding for vaccine distribution efforts, school reopenings and more. 

--Updated at 1:50 p.m.

Источник: https://thehill.com/policy/finance/543644-wells-fargo-apologizes-for-online-banking-outage-amid-customers-getting

Online, mobile banking down for Wells Fargo customers due to intermittent outages

Wells Fargo is currently experiencing intermittent outages that are affecting online banking and the mobile app, according to a series of Tweets posted by @Ask_WellsFargo.

We’re experiencing a systems issue that is causing intermittent outages, and we’re working to restore services as soon as possible. We apologize for the inconvenience.

— Wells Fargo (@Ask_WellsFargo) February 7, 2019

This is not the first time Wells Fargo customers have had difficulty accessing their bank accounts this month.

Outages were initially reported on February 1, when Wells Fargo posted the following message on Twitter:

We’re sorry some of our customers may continue to experience an issue with our online banking and mobile app. We’re working hard to resolve the matter ASAP and will post additional updates here.

— Wells Fargo (@Ask_WellsFargo) February 1, 2019

The same day, Wells Fargo tweeted that their technical team had resolved the issue; however, customers are still allegedly without access to the mobile banking app and desktop site.

We apologize for the issue we had with our online banking and our mobile app. Our technical teams have resolved the issue. If you continue to experience issues please let us know.

— Wells Fargo (@Ask_WellsFargo) February 1, 2019

ABC15 reached out to Wells Fargo for further explanation regarding the outages but has not yet heard back.

Источник: https://www.abc15.com/national/online-mobile-banking-down-for-wells-fargo-customers-due-to-intermittent-outages

Wells Fargo working to resolve outage

Smoke at one of Wells Fargo's data centers left some of the bank's customers without access to online or mobile banking as well as accessing cash from ATMs.

It is unknown how many Wells Fargo customers were impacted.

Wells Fargo said workers discovered the problem following routine maintenance.

We apologize to our customers who may be experiencing an issue with our online banking and mobile app. Thanks for your patience while we research this issue. If you are impacted, please check back here for updates.

— Wells Fargo (@WellsFargo) February 7, 2019


"We apologize to our customers who may be experiencing an issue with our online banking and mobile app," Wells Fargo tweeted.

The company said late on Thursday that it had restored ATM access and some online features, but that that other features, such as credit card and mortgage balances, were still being worked on.

"We continue to work on restoring all our services as soon as possible, and encourage customers to contact us if they have questions or concerns," the latest update reads.

On Friday, Wells Fargo told ABC that some customers were experiencing an issue with direct deposits on Friday morning. The company issued the following statement:

"As a result of the process to restore systems yesterday, some transactions and balances were not reflected in online banking or ATMs earlier today. The transactions were processed normally, and customers and team members can use their accounts with confidence."

When customers logged in on Thursday, some saw a message that apologized and said mobile banking was temporarily unavailable.



"I got on my Wells Fargo App this morning to see what kind of funds I had to take them out, and it wouldn't let me log on or do anything," said Jonas Palmer.

"It is sort of messed up and you can't see what your account balance is, but I could at least deposit a check," said Garth Connor. "I am a government worker who went through all the shutdown stuff and so my bank balance is different than it normally is."

We’re experiencing a systems issue that is causing intermittent outages, and we’re working to restore services as soon as possible. We apologize for the inconvenience.

— Wells Fargo (@WellsFargo) February 7, 2019


Late Thursday, the company promised on Twitter that customers would not be responsible for fees resulting from the outage.

We want our customers to know that this is a contained issue affecting one of our facilities, and not due to any cybersecurity event. We apologize for the inconvenience caused by these system issues, and any Wells Fargo fees incurred as a result of these issues will be reversed.

— Wells Fargo (@WellsFargo) February 8, 2019


San Francisco-based Wells Fargo, the nation's third-largest bank, can't seem to catch a break when it comes to its customer service issues over the last few years. The bank has been plagued with scandals over its sales practices, attaching insurance contracts to auto loans that did not need it, and putting homes into foreclosure where it shouldn't have happened. The bank has been fined more than a billion dollars for its customer service failures.
---
The Associated Press contributed to this report.
Источник: https://abc7chicago.com/wells-fargo-down-outage-customer-service-banking/5125497/

: Wells fargo mobile banking app down

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Wells Fargo says ‘systems issue’ affecting online and mobile banking is resolved

The bank said in a statement that there was a problem with its systems, and that Wells Fargo was working to fix the issue.

“We are currently experiencing a systems issue, and as a result some customers are unable to log into mobile and online banking,” the statement read. “Our branch and contact center team members are able to assist customers while we resolve this issue as quickly as possible. We apologize for any inconvenience.”

Customers who tried to call Friday said they received messages that the bank was experiencing high call volumes.

Downdetector.com, a service that tracks website performance, showed wellsfargo.com outages beginning around 7 a.m. Friday, spiking around 8:30 and largely dwindling by 10 a.m. A map of outage reports showed problems coast to coast.

A Wells Fargo Twitter account posted green dot customer service number 11:39 a.m. that “some of our customers may continue to experience an issue” banking online and promised further updates. At 2:29 p.m., the bank announced that the problem had been resolved.

More for you

Sophia Kunthara is a San Francisco Chronicle staff writer. Email: [email protected] Twitter: @SophiaKunthara

Источник: https://www.sfchronicle.com/business/article/Wells-Fargo-systems-issue-affecting-online-13580863.php

Wells Fargo working to resolve outage

Smoke at one of Wells Fargo's data centers left some of the bank's customers without access to online or mobile banking as well as accessing cash from ATMs.

It is unknown how many Wells Fargo customers were impacted.

Wells Fargo said workers discovered the problem following routine maintenance.

We apologize to our customers who may be experiencing an issue with our online banking and mobile app. Thanks for your patience while we research this issue. If you are impacted, please check back here for updates.

— Wells Fargo (@WellsFargo) February 7, 2019


"We apologize to our customers who may be experiencing an issue with our online banking and mobile app," Wells Fargo tweeted.

The company said late on Thursday that it had restored ATM access and some online features, but that that other features, such as credit card and mortgage balances, were still being worked on.

"We continue to work on restoring all our services as soon as possible, and encourage customers to contact us if they have questions or concerns," the latest update reads.

On Friday, Wells Fargo told ABC that some customers were experiencing an issue with direct deposits on Friday morning. The company issued the following statement:

"As a result of the process to restore systems yesterday, some transactions and balances were not reflected in online banking or ATMs earlier today. The transactions were processed normally, and customers and team members can use their accounts with confidence."

When customers logged in on Thursday, some saw a message that apologized and said mobile banking was temporarily unavailable.



"I got on my Wells Fargo App this morning to see what kind of funds I had to take them out, and it wouldn't let me log on or do 1134 fulton street brooklyn ny said Jonas Palmer.

"It is sort of messed up and you can't see what your account balance is, but I could at least deposit a check," said Garth Connor. "I am a government worker who went through all the shutdown stuff and so my bank balance is different than it normally is."

We’re experiencing a systems issue that is causing intermittent outages, and we’re working to restore services as soon as possible. We apologize for the inconvenience.

— Wells Fargo (@WellsFargo) February 7, 2019


Late Thursday, the company promised on Twitter that customers would not be responsible for fees resulting from the outage.

We want our customers to know that this is a contained issue affecting one of our facilities, and not due to any cybersecurity event. We apologize for the inconvenience caused by these system issues, and any Wells Fargo fees incurred as a result of these issues will be reversed.

— Wells Fargo (@WellsFargo) February 8, 2019


San Francisco-based Wells Fargo, the nation's third-largest bank, can't seem to catch a break when it comes to its customer service issues over the last few years. The bank has been plagued with scandals over its sales practices, attaching insurance ftb bank hours to auto loans that did not need it, and putting homes into foreclosure where it shouldn't have happened. The bank has been fined more than a billion dollars for its customer service failures.
---
The Associated Press contributed to this report.
Источник: https://abc7chicago.com/wells-fargo-down-outage-customer-service-banking/5125497/

Is there a problem with Wells Fargo Online Banking?

Wells Fargo said Thursday that customers are unable to log in to mobile and online banking and it was investigating the cause of the outage. In a post on Twitter, the San Francisco-based bank said, "We apologize to our customers who may be experiencing an issue with our online banking and mobile app.

Click to see full answer.

Also question is, why is Wells Fargo online banking down?

Wells Fargo's online banking and mobile app went down on Friday, preventing some customers from paying bills or accessing their accounts for hours on what is payday for many people. Some customers also had problems accessing the bank's website, which was working sporadically.

is Wells Fargo having direct deposit issues? Wells Fargo says the issue that caused some customers to have trouble seeing paychecks and direct deposits in their online and mobile banking accounts has been corrected. The bank said Friday that it was continuing to see high call volume and any "Wells Fargo fees incurred as a result of these issues will be reversed."

Then, is there a problem with Wells Fargo?

U.S. Some Wells Fargo customers reported a possible outage with the website and the mobile banking app on Friday morning. There were several hundred reports on Down Detector by noon Friday EDT and most of the reports say the issues were with the online banking, website and mobile banking.

Is Wells Fargo a good bank?

Wells Fargo offers many options to handle your financial needs, including checking and savings accounts, credit cards, investments and loans. Compared to other banks, interest rates and fees are average.

Источник: https://askinglot.com/is-there-a-problem-with-wells-fargo-online-banking

Wells Fargo apologizes for online banking outage amid stimulus rollout

Wells Fargo on Wednesday apologized to customers who experienced problems with online banking on the same day that many received their $1,400 direct payments included in the latest coronavirus relief package.

“We apologize to our customers who may be experiencing issues with our online banking this morning due to high volumes,” Wells Fargo tweeted.

The bank noted that the technical difficulties would not impact whether customers received their stimulus payments.

We apologize to our customers who may be experiencing issues with our online banking this morning due to high volumes. This does not affect stimulus payments with a March 17 effective date which were credited to accounts today. Thanks for your patience. https://t.co/yoHAieoKQO

— Wells Fargo (@WellsFargo) March 17, 2021

Thousands of customers reported problems Wednesday morning with Wells Fargo’s online banking platform and their mobile app, according to multiple reports.

Wells Fargo responded to several users on social media who shared that they were unable to log into their personal accounts. 

Hello. We apologize for the inconvenience. There is an issue with our online banking. Thanks for your patience while we research this issue. If you are impacted, please check back here for updates. -Angie

— Wells Fargo (@WellsFargo) March 17, 2021

I apologize for the experience with our online banking. For immediate help, please call us at 1-800-956-4442. I appreciate your patience. -Alex

— Wells Fargo (@WellsFargo) March 17, 2021

The bank did not immediately confirm a timeline for fixing the outage.

"We are working to address the issue as quickly as possible," Bank of eastman magnolia state bank Fargo said in a statement to The Hill. 

Wells Fargo and Chase recently sparked an outcry from some customers after they announced that they would not process stimulus payments until Wednesday. Several banking giants claimed that the funds for the payments were not sent to financial institutions until March 17.

“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” Wells Fargo noted on its website.

President BidenJoe BidenMarcus Garvey's descendants call for Biden to pardon civil rights leader posthumouslyGOP grapples with chaotic Senate primary in Pennsylvania​​Trump social media startup receives commitment of billion from unidentified 'diverse group' of investors MORE last week signed his $1.9 trillion coronavirus rescue package into law. The measure includes $1,400 direct payments for most Americans, in addition to funding for vaccine distribution efforts, school reopenings and more. 

--Updated at 1:50 p.m.

Источник: https://thehill.com/policy/finance/543644-wells-fargo-apologizes-for-online-banking-outage-amid-customers-getting

Wells Fargo account fraud scandal

Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.[2]

Wells Atm piggy bank machine amazon clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.

Background[edit]

Cross-selling[edit]

Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account.[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible[6] quotas.[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any ".overbearing sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang[9] stated: "Wells Fargo's fleecing of its customers.demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.[10]

Fraud[edit]

Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing wells fargo mobile banking app down products.[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,[15] and announced that it might seek damages from Wells Fargo.[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating ".[the fraud] was not part of an intentional strategy".[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so by the company's board.[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after ".deciding that the best thing for Wells Fargo to move forward was for him to retire.".[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the scandal broke.[29] Payments to law firms and other external advisers resulted in increased expenses.[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

  • $6.1 million in customer refunds due to inappropriate fees and charges;[33]
  • $142 million in customer compensation due to a class-action settlement;[33]
  • $480 million settlement for a shareholder class-action lawsuit;[34] and
  • $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.[1]

On consumers[edit]

Approximately 85,000 of the accounts opened incurred fees, totaling $2 million.[11] Customers' credit scores were also likely hurt by the fake accounts.[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.[36][37] The money repaid fraudulent fees and paid damages to those affected.[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.[38][12] At least one employee consumed hand sanitizer to cope with the pressure.[12] Some indicated that calls to the company's ethics hotline were met with either no reaction[38] or resulted in the termination of the employee making the call.[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Banks issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,[39] a practice that received media attention as early as 2011.[40] There is no regulatory process to appeal a defamatory U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of fake accounts.[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.[42]

Elizabeth Warren referred to Stumpf's leadership as "gutless" and told him he should resign.[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which what is the routing number for first interstate bank fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of the bank.[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the ". opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the actions taken by the state of California.[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the city from doing business with the bank for two years.[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,[54] and the state of Illinois.[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued Wells Fargo in December 2017.[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,[65] having previously overseen turnaround efforts at BNY Mellon. As of October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;[66] this plan, announced in January 2021, was received skeptically by industry analysts.[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.[68] Mike Santomassimo, a "lieutenant" of Scharf's from BNY, replaced him.[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Wells fargo mobile banking app down As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to reducing the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as "off the charts" and even "comical".[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.[77][78]

Rebranding[edit]

On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the company's commitment to re-establishing trust with existing and potential customers.[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called "This is Wells Fargo".[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.[82] The company later paid this fine.[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.[81]

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Источник: https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

Online, mobile banking down for Wells Fargo customers due to intermittent outages

Wells Fargo is currently experiencing intermittent outages that are affecting online banking and the mobile app, according to a series of Tweets posted by @Ask_WellsFargo.

We’re experiencing a systems issue that is causing intermittent outages, and we’re working to restore services as soon as possible. We apologize for the inconvenience.

— Wells Fargo (@Ask_WellsFargo) February 7, 2019

This is not the first time Wells Fargo customers have had difficulty accessing their bank accounts this month.

Outages were initially reported on February 1, when Wells Fargo posted the following message on Twitter:

We’re sorry some of our customers may continue to experience an issue with our online banking and mobile app. We’re working hard to resolve the matter ASAP and will post additional updates here.

— Wells Fargo (@Ask_WellsFargo) February 1, 2019

The same day, Wells Fargo tweeted that their technical team had resolved the issue; however, customers are still allegedly without access to the mobile banking app and desktop site.

We apologize for the issue we had with our online banking and our mobile app. Our technical teams have resolved the issue. If you continue to experience issues please let us know.

— Wells Fargo (@Ask_WellsFargo) February 1, 2019

ABC15 reached out to Wells Fargo for further explanation regarding the outages but has not yet heard back.

Источник: https://www.abc15.com/national/online-mobile-banking-down-for-wells-fargo-customers-due-to-intermittent-outages

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