Wells Fargo Online Bill Pay Accidentally Drained Bank Accounts

On Wednesday, the beleaguered bank's online system double-charged many customers' accounts, causing them to be overdrawn.
Published
Stephen Slaybaugh
BY:
DealNews Contributing Writer
Wells Fargo bank

A recent glitch in Wells Fargo's online banking system caused many customers' bill payments to be processed twice, resulting in a domino effect of overdrawn accounts and overdraft fees.

SEE ALSO: Are 'Negative Credit Incidents' Hurting Your Credit Score?

Wells Fargo assured customers who called their customer service line that they would be fixing the problem overnight. However, it wasn't until approximately 11 a.m. that the issue was truly fixed. "The issue we experienced with online Bill Pay has been resolved," Steve Carlson, Vice President of Wells Fargo Corporate Communications told KCCI.

"On January 17, an internal processing error caused temporary double posting of some items, impacting some customers. The issue was corrected overnight, and customers should now see their correct balances. Any fees or charges that may have been incurred as a result of this error will be taken care of. We apologize for any inconvenience."

'On January 17, an internal processing error caused temporary double posting of some items.'

This incident comes after it was revealed in 2016 that the bank had opened several million fake accounts. Wells Fargo announced last week that it plans to close 800 branches by 2020 in an effort to pay for its surging legal expenses, including the $185 million it was fined for the fraudulent accounts.

Readers, did this happen to you? Are you going to stay with Wells Fargo? Let us know in the comments.

Related DealNews Blog Posts:
Stephen Slaybaugh
DealNews Contributing Writer

Stephen has been writing for such national and regional publications as The Village Voice, Paste, The Agit Reader, and The Big Takeover for 20 years. He covered consumer electronics and technology for DealNews from 2013 to 2018.
DealNews may be compensated by companies mentioned in this article. Please note that, although prices sometimes fluctuate or expire unexpectedly, all products and deals mentioned in this feature were available at the lowest total price we could find at the time of publication (unless otherwise specified).

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11 comments
BlueOak
Clearly Wells Fargo has a systematic management problem. They ought to simply close up shop.

In general the big banks have lost sight of their customer needs. We had a pretty solid 25 years of experience with our regional bank... until Bank of America bought them. BoA has seemingly, willingly, frittered away all its goodwill. It really does feel like BoA hates clients.

We will gleefully leave Bank of Amercia for a customer-loving regional or credit union.

(What this means for BoA: losing our substantial near zero interest emergency fund "savings" account... as well as a 7-figure family trust account currently managed by BoA daughter, Merrill Lynch.)
January 28, 2018
Dreadalus
Well, I was still with them even after last year's debacle(s), but this may about do it. Nothing has directly impacted me yet, but I'm a big user of their bill pay system so it's probably only a matter of time. I've had mixed luck with credit unions so I'll probably switch to a smaller, maybe regional bank.
January 25, 2018
jb_mn
Isn't this the same company that was caught (2017) creating millions of fraudulent account for customers that had not authorized those accounts and also the bank that billed millions of people for car loan insurance to people that they no longer needed? Worse yet is Deal News let's these criminals advertise as sponsor here on deal news with credit card offers.
January 25, 2018
chadley25
Agreed about USAA. Been a member for over 30 years and have used their banking for at least half that time. They are phenomenal. I think if Wells Fargo were my only choice, I'd just keep my cash stuffed in my mattress instead.
January 25, 2018
codenerd
Years ago I was a loyal WF customer. Then some genius in their Marketing Dept. thought it would be a good idea to charge customers to TALK TO A TELLER. I closed my account, went to a credit union and haven't looked back.
January 24, 2018
Lindsay Sakraida (DealNews)
@Redbeard

USAA is the best! Not everyone can use them of course. But I do love their services.
January 24, 2018
Redbeard
With so many banks, I never understood the attraction to behemoths like Bank of America, Chase and Wells Fargo. These places thrive of scamming customers and cramming fees.

Personally, I love USAA's online banking (its free, they rebate ATM fees, overdraft protection, etc.). I've not visited a bank branch in years, and don't miss them either.
January 24, 2018
mnrodent
45 year customer. Still the best bank for full relationship -- banking, brokerage, credit card, mortgage and can see all accounts online on a single page and move money easily between all accounts. Personally have never had an issue and their customer service has been outstanding.
January 24, 2018
Rapjac22
I absolutely plan on staying with Well Fargo for a very long time. I have had B of A and Citi neither compare to Wells with how Wells treats customers pertaining to account balances and overdrafts, I do not worry about any overdrafts because we'll gives until midnight to make an ATM deposit and cover, unlike Citi which randomly posts transaction and charges fees, and also unlike BofA which can literally nickel and dine you do death. Thank you Wells Fargo for amazing service, your past is forgotten in my eyes.
January 24, 2018
xmirage2kx
If you are still banking with this dinosaur do yourself a favor and look into a credit union
January 23, 2018
Gaaldornick
BAHAHAHA! "Accidentally"

This "bank" (see dictionary definition of thieves,) needs to go. Seriously.
January 23, 2018