Banking

Wells Fargo Fixes Glitch That Duplicated Online Payments

Wells Fargo has fixed a glitch that caused online bill payments to be processed twice, infuriating customers who had their accounts inadvertently overdrawn.

“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,” the company said in an emailed statement, according to Reuters.

The issue was discovered on Wednesday and fixed overnight, and the bank has pledged to refund any fees or charges related to the glitch.

While Wells Fargo failed to reveal how many customers were affected, several of them blasted the bank in interviews.

Cindy Alexander, who has been a Wells Fargo customer for 30 years, had to transfer money out of her children’s savings account to cover the $800 that was mistakenly overdrawn from her own account.

"The money is back, but I'm done with them," Alexander told CNN Money. "There's enough stress in life financially. To have your bank make it harder is inexcusable."

This technical glitch is the latest issue with Wells Fargo, which has been facing a stream of scandals since 2016, when it was discovered that employees had opened as many as 3.5 million fake accounts in the retail banking units.

Last July, it was discovered that the bank took advantage of 800,000 auto loan consumers by signing them up for insurance that they did not need or want. The following month, a lawsuit was filed, accusing Wells Fargo of improperly forcing thousands of U.S. customers to lock in home interest rates when their mortgage applications were delayed.

And in late 2017, the Navajo nation alleges that Wells Fargo – the only national bank that services its territory – opened unauthorized bank accounts and debit cards, and also pressured people, especially the elderly, to enroll in services they did not need.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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