Wells Fargo direct deposit issues on Friday 3/10

May 7, 2004
Nokesville, VA
Wells Fargo had some sort of issue with direct deposits on Friday. It was widely reported in the media.

I was expecting a direct deposit from a brokerage where my XOM (Exxon Mobil) stock is, because XOM's dividend payment date was Friday.

It didn't go through--it's sitting in cash in that account now. Now I guess I have to call them and have them mail me a check.

On Thursday, I scheduled a transfer from my Wells Fargo checking account to my Capital One 360 savings account (3.4% APY), that hasn't gone through either.

It's kind of strange that a major bank has a problem like this.

The only reason I'm using Wells Fargo is...nearly 30 years ago I opened an account with Ameribanc while I was still in high school. They got bought out by First Union, which became Wachovia, which became Wells Fargo.

Switch to another bank? Well...

I also have an account with Truist (was BB&T, 1st Virginia bank prior to BB&T) for my dad's estate. They've been unable to explain how an ATM/debit card I've only ever used for check deposits in their own ATMs got over $100 in fraudulent charges by "Twitch TV". They at least reversed the charges.
Can you hold fast for a few days? They'll probably make this right, and retroactively.

Jumping in may only confuse things worse.
Because it was done on Friday, it may not show up until the next business day - which is Monday? If your not technically out any money - its just in the wrong place - I would at least wait until end of business Monday to see what happens. I have had similar situations - because bank to bank is run in batch, weird things happen on Friday.