Wells Fargo (1 Viewer)

[bigmarc27]

Looks like they’ve been having some issues the last day or so. Now I’m reading that direct deposits aren’t loading, so I go check and... paycheck isn’t there.  Not a huge deal this second, but I like to stay on top of things. How long before I call and start complaining?

I should probably change banks but that’s such a pain in the ### for direct deposits and bill pay stuff. 

 

[eoMMan]

Just change.  It's not as much as pain as you might think.

Wells Fargo and a lot of the big banks are horrible.  Go with a good local credit union or smaller local bank.

 

[shadyridr]

I wish they forgot to take my mortgage payment out this month

 

[Courtjester]

Yeah I have noticed the problems as well . It sucks because I have a large deposit to make this morning and liabilities coming out against it next week. They better fix this. 

 

[Apple Jack]

I'm traveling with somebody who has a WF account. They were completely offline for at least 6 hours yesterday. His debit card was declined, their website was down, and he gave up trying to reach a customer service agent after we saw what was going on on Twitter. After the fraud thing, I would have been done with them. Now they've denied all of their clients access to their own money twice in the last month or two?

 

[Zegras11]

I wish they forgot to take my mortgage payment out this month

A lot of people were not able to close on their homes because they couldn't get to their money for balance due at closing.  

 

[bigmarc27]

I did call and through their automated system I’m not showing I have a deposit this morning, however the available balance is what’s currently posted + my paycheck amount so I guess it’s there and the app / site just isn’t updating properly.  

 

[SayWhat?]

WF Login Screen: Alert: We apologize to our customers. Online and mobile banking, ATMs, and most other services are now available.  

Logs in and Clicks on Account: System Unavailable: External system temporarily not available. Please try again later.

 

[Dark Matter]

WF Dealer services was offline yesterday but is up and running enough to take a payment today.

 

[The Commish]

Looks like they’ve been having some issues the last day or so. Now I’m reading that direct deposits aren’t loading, so I go check and... paycheck isn’t there.  Not a huge deal this second, but I like to stay on top of things. How long before I call and start complaining?

I should probably change banks but that’s such a pain in the ### for direct deposits and bill pay stuff. 

"some issues" is an understatement.  There are over 2000 people working the issue in the data center.  The background processing is mostly back (99ish%).  You may not see on the front end the changes as they continue to recover data, but that's a formality.  You should have received a text stating:

"Please note that we are aware of an issue regarding the processing of direct deposits of payroll into Wells Fargo accounts.  As a result, some team members and customers may not yet be able to see the payroll deposits in online banking.  However, those team members and customers should operate as they would normally assuming funds are in their accounts, there is no need to call customer service.  Thank you for your patience.  We will continue to provide updates"

It's been essentially two days off for us not working infrastructure jobs since all hands are focused on the data center problems.

 

[JB Breakfast Club]

Do we think this is China or Russia running a test hack? 

 

[bigmarc27]

"some issues" is an understatement.  There are over 2000 people working the issue in the data center.  The background processing is mostly back (99ish%).  You may not see on the front end the changes as they continue to recover data, but that's a formality.  You should have received a text stating:

"Please note that we are aware of an issue regarding the processing of direct deposits of payroll into Wells Fargo accounts.  As a result, some team members and customers may not yet be able to see the payroll deposits in online banking.  However, those team members and customers should operate as they would normally assuming funds are in their accounts, there is no need to call customer service.  Thank you for your patience.  We will continue to provide updates"

It's been essentially two days off for us not working infrastructure jobs since all hands are focused on the data center problems.

Haven’t seen a text.  I mentioned in my follow up that even though the transaction isn’t showing, my posted balance per the automated phone system does include what would be my paycheck. I’m not overly concerned at the moment, just a pain. 

From what im reading though, this is probably your fault though, right?  Plug in a space heater and blow a fuse?

 

[The Commish]

Do we think this is China or Russia running a test hack? 

Datacenter shutdown after what was called a "smoke event".  I don't know what caused the event.  But in those data centers when anything close to a fire is detected extinguishing systems are engaged and people have a very short time to get out.

 

[The Commish]

Haven’t seen a text.  I mentioned in my follow up that even though the transaction isn’t showing, my posted balance per the automated phone system does include what would be my paycheck. I’m not overly concerned at the moment, just a pain. 

From what im reading though, this is probably your fault though, right?  Plug in a space heater and blow a fuse?

my feet got cold!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[The Commish]

I am so glad I made the move from infrastructure side to the business side a few years ago   Some of those guys have been up 36 hours now.

 

[Slapdash]

Datacenter shutdown after what was called a "smoke event".  I don't know what caused the event.  But in those data centers when anything close to a fire is detected extinguishing systems are engaged and people have a very short time to get out.

One data center really shouldn't be able to take out everything it has:  https://www.washingtonpost.com/business/technology/fire-causes-wells-fargo-customers-to-lose-access-to-accounts/2019/02/07/e6289c1c-2b09-11e9-906e-9d55b6451eb4_story.html?utm_term=.2083d0d13d83

 

[The Commish]

One data center really shouldn't be able to take out everything it has:  https://www.washingtonpost.com/business/technology/fire-causes-wells-fargo-customers-to-lose-access-to-accounts/2019/02/07/e6289c1c-2b09-11e9-906e-9d55b6451eb4_story.html?utm_term=.2083d0d13d83

For whatever reason, they decided not to flip data centers.  I'm not sure why they made that decision.  They pride themselves on a hot/hot environment.  This is sort of a sore subject with me as I was in infrastructure during the Wells / Wachovia merger and the arrogance of the Wells group was pretty significant when it came to their set up.  I'll just point out all the legacy Wachovia systems are up and running....didn't skip a beat   

In their defense, if it was a fire, a fire = all bets off.  It doesn't matter what failsafes you have in place because the first priority is getting the fire out and saving the physical building.  "Smoking hole" scenarios suck.

 

[The Commish]

Not to mention being able to physically get into the buildings and then the rooms where the issues were.  Everything was contained by 9am est, but the rooms weren't safe for people to get into until a couple hours after that.  It was a mess.

 

[Slapdash]

For whatever reason, they decided not to flip data centers.  I'm not sure why they made that decision.  They pride themselves on a hot/hot environment.  This is sort of a sore subject with me as I was in infrastructure during the Wells / Wachovia merger and the arrogance of the Wells group was pretty significant when it came to their set up.  I'll just point out all the legacy Wachovia systems are up and running....didn't skip a beat   

In their defense, if it was a fire, a fire = all bets off.  It doesn't matter what failsafes you have in place because the first priority is getting the fire out and saving the physical building.  "Smoking hole" scenarios suck.

The arrogance and terrible performance of Wells technology is probably the worst thing about working here.  Thankfully, I have kept all my accounts at BofA so I got paid unlike a lot of employees this morning  

 

[Tecumseh]

@bigmarc27 - This is from Twitter:

 A possible Wells Fargo direct deposit fix: I transferred money from my savings to my checkings account and it refreshed my online account. My direct deposit was there!! Someone else tried with a penny! #WellsFargo

 

[The Commish]

The arrogance and terrible performance of Wells technology is probably the worst thing about working here.  Thankfully, I have kept all my accounts at BofA so I got paid unlike a lot of employees this morning  

We got paid....it just doesn't show online.  The primary reason is because the SOR is on a mainframe but these apps we have are server based and have to be brought up to speed.  It's my understanding that's what's happening right now.  Having two copies of the data is incredibly ineffective.  It's driven myself crazy too.  Maybe this will be what finally shows them the flaws in their "perfection".

 

[Galileo]

My sister used to work for Wells Fargo at one time.  No way I would do business with any company that would hire her.

 

[Chemical X]

For whatever reason, they decided not to flip data centers.  I'm not sure why they made that decision.  They pride themselves on a hot/hot environment.  This is sort of a sore subject with me as I was in infrastructure during the Wells / Wachovia merger and the arrogance of the Wells group was pretty significant when it came to their set up.  I'll just point out all the legacy Wachovia systems are up and running....didn't skip a beat   

In their defense, if it was a fire, a fire = all bets off.  It doesn't matter what failsafes you have in place because the first priority is getting the fire out and saving the physical building.  "Smoking hole" scenarios suck.

i passed thru wells for 6 months on my way to a better place.  the dynamic there between wachovia, first union and wells people was insane.  the culture was so dreary.  after the suntrust bb&t merger this week, maybe wells becomes in play.  they have to be losing customers and employees in droves.

 

[The Commish]

i passed thru wells for 6 months on my way to a better place.  the dynamic there between wachovia, first union and wells people was insane.  the culture was so dreary.  after the suntrust bb&t merger this week, maybe wells becomes in play.  they have to be losing customers and employees in droves.

Everything seems like a burden.  It's 100% process driven.  I started with the company when it was First Union.  The Wachovia / Wells merger is probably the most painful thing I have ever gone through career wise.  It was like going from running a full sprint, making progress and effecting change to being a slug who might get something done in 6 months overnight.  Process is completely overwhelming and it is the albatross around the neck of innovation.  We went from doing deliveries to production every 5-6 weeks to deliveries once a quarter.  They have yet to figure out how to balance security with best practices.  We owe our customers a big apology in terms of what we provide them product wise.  We are behind because of it.  We went from a best in class 401K application to 3rd in one year.  I don't even know where it's at this year.

 

[Slapdash]

i passed thru wells for 6 months on my way to a better place.  the dynamic there between wachovia, first union and wells people was insane.  the culture was so dreary.  after the suntrust bb&t merger this week, maybe wells becomes in play.  they have to be losing customers and employees in droves.

It still is.  

The BB&T/SunTrust merger and relocation to Charlotte is the type of thing everyone in the industry here is stoked about.  Always good to have another big employer join the bidding

 

[Tau837]

Just change.  It's not as much as pain as you might think.

Wells Fargo and a lot of the big banks are horrible.  Go with a good local credit union or smaller local bank.

Serious question: what are the pros and cons of using small local vs. big national like Wells Fargo?

I was with Wachovia for more than 20 years before WF bought Wachovia, and I have stayed with WF ever since. I’m not sure what I might be missing by not moving. 

 

[The Commish]

Serious question: what are the pros and cons of using small local vs. big national like Wells Fargo?

I was with Wachovia for more than 20 years before WF bought Wachovia, and I have stayed with WF ever since. I’m not sure what I might be missing by not moving. 

Local banks and credit unions "know" you.  They aren't "decisions by the books" sort of places.  You are much more likely to get better interest rates on accounts, better loan options etc. 

 

[eoMMan]

Serious question: what are the pros and cons of using small local vs. big national like Wells Fargo?

I was with Wachovia for more than 20 years before WF bought Wachovia, and I have stayed with WF ever since. I’m not sure what I might be missing by not moving. 

In general, better service, lower fees....possibly better rates.

For your WF account,  do you have free checking? Is it only free because you have direct deposit? Do earn any interest on your checking account? Is there a minimum account balance to earn interest?

I assume you have plenty of ATMs around that are absolutely free with no fees?

And all the latest technology as far as mobile banking and what not?

Any fraudulent accounts made in your name? Didn't WF make the news for that a year or so back?

 

[Mrs. Rannous]

I wouldn't stay with WF a day longer than I had to.  I had to close my parents' accounts there when they died.  The people in the branches were very kind and competent.  Everyone else and every other department was a nightmare.  The brokerage people were clueless.  The credit card people ripped us off.  I'm still waiting for the class action lawsuit about the investment they had my dad in.  I moved everything to BofA as fast as I could.  I practically lived in my bank branch for a couple of years.  I was like Norm in Cheers.  Not that I would use Merrill Lynch, either.  That's what Vanguard is for.

Serious question: what are the pros and cons of using small local vs. big national like Wells Fargo?

I would go with the combination of a reasonably big bank and a credit union.  That way, you get the benefits of both.

 

[Tau837]

In general, better service, lower fees....possibly better rates.

For your WF account,  do you have free checking? Is it only free because you have direct deposit? Do earn any interest on your checking account? Is there a minimum account balance to earn interest?

I assume you have plenty of ATMs around that are absolutely free with no fees?

And all the latest technology as far as mobile banking and what not?

Any fraudulent accounts made in your name? Didn't WF make the news for that a year or so back?

Some answers:

1. My wife and I have a legacy banking account from Wachovia that is slightly better on interest and fees that normal WF accounts. I have checked a few times over the years, including this year, to see if there is a better WF setup than we have, and there isn't.
   
2. We have free checking and haven't paid any fees in decades. I think that is tied to maintaining a minimum balance at some level that we are well above.
   
3. There are ATMs everywhere locally and mostly everywhere I/we travel. In a situation where there is no convenient ATM and I need cash, I just get cash back using my debit card. So there are no ATM fees.
   
4. We moved from NC to VA in 2003, VA to CA in 2014, and CA to VA in 2018, and we never had any issues. In contrast, my in-laws use local credit unions, and they had significant issues moving back and forth (they moved with us to CA and back).
   
5. Our checking and money market accounts earn interest, though I suspect that the rates are not great and could be better at a small bank. I anticipate those rates are probably the worst thing about our current setup.
   
6. We typically haven't carried car loans. We actually have one right now, through a CA credit union facilitated by the dealer, so that did not relate to WF. We had a home equity line once many years ago. It may be that we could have gotten a better rate elsewhere, but it was a good rate via WF as far as I recall.
   
7. I don't use mobile banking; I do everything via computer/laptop. But I know mobile banking is offered.
   
8. I rarely go inside the bank, preferring to do most things online or via ATM. So, while I believe service could be better at a small bank, it hasn't really been a factor. I will note that the few times I have been inside WF, everyone has been quite helpful and friendly.
   
9. We were not affected by the fraudulent accounts or this recent data center mess, though I am not encouraged about these things happening to other WF customers.
   

These things summarize why I haven't felt compelled to switch, but I figured I may not know what I'm missing. I have assumed #5 is the biggest reason to switch, but I haven't gotten around to looking seriously at the rates I could get elsewhere.

 

[Tau837]

I would go with the combination of a reasonably big bank and a credit union.  That way, you get the benefits of both.

I'm interested. What are the services you would target using the credit union for, aside from presumably better interest rates on checking and money market/savings accounts?

I noticed you mentioned your parents invested via WF. I don't do that. I manage my own investments via brokerage accounts.

You also mentioned credit cards. We have debit cards tied to our checking account, but that's it. I don't want or need a credit card with my bank, unless it offers better rewards than I can get elsewhere.

 

[eoMMan]

Some answers:

1. My wife and I have a legacy banking account from Wachovia that is slightly better on interest and fees that normal WF accounts. I have checked a few times over the years, including this year, to see if there is a better WF setup than we have, and there isn't.
   
2. We have free checking and haven't paid any fees in decades. I think that is tied to maintaining a minimum balance at some level that we are well above.
   
3. There are ATMs everywhere locally and mostly everywhere I/we travel. In a situation where there is no convenient ATM and I need cash, I just get cash back using my debit card. So there are no ATM fees.
   
4. We moved from NC to VA in 2003, VA to CA in 2014, and CA to VA in 2018, and we never had any issues. In contrast, my in-laws use local credit unions, and they had significant issues moving back and forth (they moved with us to CA and back).
   
5. Our checking and money market accounts earn interest, though I suspect that the rates are not great and could be better at a small bank. I anticipate those rates are probably the worst thing about our current setup.
   
6. We typically haven't carried car loans. We actually have one right now, through a CA credit union facilitated by the dealer, so that did not relate to WF. We had a home equity line once many years ago. It may be that we could have gotten a better rate elsewhere, but it was a good rate via WF as far as I recall.
   
7. I don't use mobile banking; I do everything via computer/laptop. But I know mobile banking is offered.
   
8. I rarely go inside the bank, preferring to do most things online or via ATM. So, while I believe service could be better at a small bank, it hasn't really been a factor. I will note that the few times I have been inside WF, everyone has been quite helpful and friendly.
   
9. We were not affected by the fraudulent accounts or this recent data center mess, though I am not encouraged about these things happening to other WF customers.
   

These things summarize why I haven't felt compelled to switch, but I figured I may not know what I'm missing. I have assumed #5 is the biggest reason to switch, but I haven't gotten around to looking seriously at the rates I could get elsewhere.

Maybe keep all your WF accounts but set up a separate money market/high yield savings account?  Many are paying above 2% now.

But yeah, if you are happy and not getting hit with fees, roll with it.

 

[Mrs. Rannous]

I'm interested. What are the services you would target using the credit union for, aside from presumably better interest rates on checking and money market/savings accounts?

I noticed you mentioned your parents invested via WF. I don't do that. I manage my own investments via brokerage accounts.

You also mentioned credit cards. We have debit cards tied to our checking account, but that's it. I don't want or need a credit card with my bank, unless it offers better rewards than I can get elsewhere.

Credit unions are individually formed, so the services offered vary.  This credit union sums things up pretty well.  There are state variations.  My dad was one of the founders of his credit union.  He used it to finance the house, rather than getting a traditional mortgage.  Because his was a company union, he could get really favorable rates using his company bnefits and salary as collateral.  It can be great when you are new to the job market.  A company credit union knows who you are, and should offer services at a much better rate.

My parents' got their account before Texas had branch banking.  Eventually, the bank food chain led to their bank getting absorbed by WF.  They needed a brokerage because dad got shares through an Employee Stock Ownership Plan (ESOP).  It was also much more difficult to get investment insturments before online banking, so he was using his old bank to get CD's, etc.  WF just took that over.  It was fine for a good number of years.  I seem to recall a change in WF ownership/management changing all that.

A credit card is useful if you use it correctly.  When we moved, we used it to float ourselves a loan while we got the old house ready to sell.  It saved a lot of budgeting headaches.  We paid the whole thing off the second month.  We bought a new car yesterday, and Mr R had a credit rating of 802.  We must be doing something right.  A credit card is also good for overseas travel.  It also offers purchase protections.  Debit cards don't necessarily offer the same protections.

 

[The Z Machine]

Looks like they’ve been having some issues the last day or so. Now I’m reading that direct deposits aren’t loading, so I go check and... paycheck isn’t there.  Not a huge deal this second, but I like to stay on top of things. How long before I call and start complaining?

I should probably change banks but that’s such a pain in the ### for direct deposits and bill pay stuff. 

If you go in to complain and then threaten to walk with your accounts, the bankers are authorized to give you $200 cash to keep you.

 

[bigmarc27]

If you go in to complain and then threaten to walk with your accounts, the bankers are authorized to give you $200 cash to keep you.

Hmmmm 

Is this like Seinfeld when they don’t say hello?

 

[RUSF18]

I certainly understand why people choose credit unions over big banks, but I'll never understand why anyone who does go with a big bank would choose WF over Chase.

 

[culdeus]

I hit WF for 2x$250 bonuses.  Someone hit my debit card I never activated for Sheri berries.  Took 45 min on phone to deal with.  

Nice bank you have there.  Thanks for the 5 Benji's still

 

[The Z Machine]

What's a Sherri Berry?

 

[Mrs. Rannous]

What's a Sherri Berry?

You live in a berry-free cave, dude.

 

[Slapdash]

I'm interested. What are the services you would target using the credit union for, aside from presumably better interest rates on checking and money market/savings accounts?

I noticed you mentioned your parents invested via WF. I don't do that. I manage my own investments via brokerage accounts.

You also mentioned credit cards. We have debit cards tied to our checking account, but that's it. I don't want or need a credit card with my bank, unless it offers better rewards than I can get elsewhere.

Really direct banks like CapitalOne give you the best rates.  I keep some money at BofA since there are always branches around here, but the bulk of my money stays online

 

[Slapdash]

I hit WF for 2x$250 bonuses.  Someone hit my debit card I never activated for Sheri berries.  Took 45 min on phone to deal with.  

Nice bank you have there.  Thanks for the 5 Benji's still

I'm honestly surprised it only too you 45 minutes.

 

[bigmarc27]

I certainly understand why people choose credit unions over big banks, but I'll never understand why anyone who does go with a big bank would choose WF over Chase.

Honestly I had an account when I was 16 for a bank called Southtrust, which was bought and carried over to Wachovia, and then onto Wells Fargo.  It’s just a simple checking account.  My wife also has her business account there because some patients are private pay and before mobile check deposits, it was the closest to the house. 

All of our other accounts are through different institutions.  I personally have never been screwed over by them other than the setback the other day, but I also don’t conduct much business there. Check goes in, a few things are auto billed, I move the rest where I want it. 

 

[culdeus]

I'm honestly surprised it only too you 45 minutes.

42 minutes.  Took 5 minutes to start a claim, got claim number, another 30 minutes on hold waiting to talk to claim officer.  Told same story again to claim officer, hung up.