Wells Fargo confirms customers are missing deposits due to a glitch

As of 9:15 p.m. Eastern Time, this issue has been resolved, as detailed in an update to this post.

Wells Fargo has confirmed that a large number of customers are reporting missing direct deposits.

In my case, I had a pending direct deposit that I promptly withdrew yesterday after I noticed that it hit my account. I was left with a $1 balance. However, when I logged into my account this morning, my balance was -$999.00. At that point, I called Wells Fargo, and even their automated system indicated that my available balance was $1, which is what it should have been.

While on hold, a recording informed me that Wells Fargo was experiencing a high volume of calls. After waiting about 15 minutes in the queue, a representative revealed that many customers were facing the same issue of having their direct deposits disappear. I was told that this was due to a system issue that they’re trying to resolve and I was assured that things would be resolved by 8 a.m.

I was so relieved that this wasn’t due to another account restriction that I either didn’t notice that the rep didn’t provide the time zone or I forgot what the rep said. At the time, I was just happy that my account bonus was safe. 

What to do if you’re impacted by the Wells Fargo glitch

Although things worked out for me, there are some things that you should consider if you’ve had recent or upcoming payments or withdrawals, or if you’re set to receive a bonus from Wells Fargo.

If you’re in the process of completing a Wells Fargo account bonus that requires you to maintain a certain balance, your bonus could be in jeopardy. If the issue is truly resolved today, and your balance is restored, this may not pose an issue. 

If you have recent or upcoming payments or withdrawals, the missing deposit has the potential to result in returned payments. You should review your accounts to ensure that your recent and upcoming payments and withdrawals are not reversed.

It will also be helpful to contact Wells Fargo to get confirmation of the glitch on record so that if your bonus is denied because of the missing deposit, the representative investigating your bonus dispute has documentation of their system glitch. But, this documentation will be the most helpful in the event that the missing deposit results in one of your payments or withdrawals being reversed.

Unfortunately, at least one customer has stated that Wells Fargo refused to offer any assurance that Wells Fargo will cover any fees that are the result of the glitch. If you’re negatively impacted by Wells Fargo’s technical issue and they don’t compensate you for your losses, please file a complaint with the Consumer Financial Protection Bureau (CFPB). Though companies have 60 days to respond to complaints filed with the Consumer Financial Protection Bureau, most companies respond within 15 days. 

Updates

March 11, 2023 9:15 p.m. Eastern Time

As of 9:15 p.m. Eastern Time, Wells Fargo customers now receive a new message in their portal, which confirms that their direct deposits have been restored. The notice also indicates that Wells Fargo will reimburse customers for fees incurred because of the hiccup. On Twitter, Wells Fargo responded to various users to confirm the resolution and promise to reimburse for fees. 

March 11, 2023 1:05 p.m. Eastern Time

Though my direct deposit reappeared in my account yesterday, it later vanished. It appeared in the account again and is still available today. However, Wells Fargo still displays the below new notice in the account portal. It’s unclear if Wells Fargo has officially resolved the matter.

March 10, 2023 11:40 a.m. Eastern Time

It seems as though Wells Fargo hasn’t resolved this issue yet. About two hours ago, I reported that my direct deposit was back in my account. It’s gone again and my balance is negative. 

March 10, 2023 9:59 a.m. Eastern Time

My direct deposit is back in my account. Be sure to check your other accounts and look out for any hiccups that may have occurred with payments and transfers during this glitch. If you have trouble recovering your funds, file a complaint with the CFPB. See the last paragraph above for more info on that.

I suspect that some customers might still have missing direct deposits as Wells Fargo is displaying a different message than they were about an hour ago.

March 10, 2023 8:51 a.m. Eastern Time

As of 8:51 a.m. Eastern Time, the matter has still not been resolved. Wells Fargo’s account portal now displays a message that reads, “If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize. Your accounts continue to be secure and we’re working quickly on a resolution.”