Wells Fargo Customer Deposits Disappeared

It was reported that on March 9th, customers of the Wells Fargo Bank discovered that their deposits in their checking accounts had disappeared. The bank stated that the missing deposits were due to an unspecified technical issue.

That evening, upset users began reaching out to the bank on social media to report that the deposits listed in their accounts had suddenly disappeared, or that deposits that were expected were not displayed. Wells Fargo Bank admitted that some direct deposit transactions had not been displayed in the accounts and was actively working to resolve the issue.

At the same time, the bank assured its clients that the funds in their accounts were secure and that any fees incurred by this issue would be refunded. In a statement to clients in the early hours of March 10th, the bank said that the missing deposits were due to an unspecified technical issue.

Only within a week, Silvergate Bank’s stock price plummeted 98%, and it will announce the closure of its banking business this week. Moreover, the Silicon Valley Bank also went bankrupt due to a run on the bank. This triggered widespread concerns from many market observers who are worrying that there will be a chain-reaction financial disaster similar to that of 2008, which was triggered by the Lehman Brothers.

It is reasonable to deduce that the phenomenon of deposit loss at Wells Fargo Bank currently also heralds the beginning of the collapse of the American banking industry. .