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homebusiness NewsWells Fargo apologises for online, mobile banking outage on March 17

Wells Fargo apologises for online, mobile banking outage on March 17

March 17 outage was the first official payment date for customers to receive the third stimulus payment.

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By CNBCTV18.com Mar 18, 2021 11:00:43 AM IST (Published)

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Wells Fargo apologises for online, mobile banking outage on March 17
Wells Fargo apologised to its customers who experienced problems with online banking on Wednesday (March 17) and said that it had fixed the issue. The bank’s customers were not able to access their online banking on Wednesday — the day when many of them were supposed to receive their $1,400 direct payments included in the latest COVID-19 relief package.

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What had happened?
On March 17, around 8 am MT (Mountain Time), which is around 7.30 pm in India, Wells Fargo customers were unable to access their mobile and online banking. Many of them began reporting about it on social media, even as the $1,400 stimulus checks began hitting their accounts.
In a tweet on its official handle, Wells Fargo apologised to customers and added that the technical difficulties “does not affect stimulus payments with a March 17 effective date which were credited to accounts today.” The bank said the outage Wednesday morning was “due to high volumes”.
In another tweet, the bank informed its customers that “all access to your accounts through online and mobile banking are restored.”
 
First day of the COVID-19 stimulus package
March 17 outage was the first official payment date for customers to receive the third stimulus payment. Last week, US President Joe Biden had signed the $1.9-trillion COVID-19 rescue package. The new bill aims to provide as many as 85 percent of US households direct payments of $1,400 per person. Individuals earning less than $75,000 will be considered eligible for the relief amount. With regard to married couples, those making less than $1,50,000 collectively would receive $1,400 per person. Those earning more than the aforementioned income levels will receive lesser payments corresponding to their incomes. The benefit will be capped at $80,000 for individuals and $1,60,000 for married couples. Apart from the $1,400 direct payments, the package includes funding to distribute vaccines and reopening schools among others.
Though the federal government had told last week that it had started processing and distributing the first round of stimulus payments, many banks, including Wells Fargo, had informed customers that the money would not be available till March 17. However, on the said date, many customers reported problems with Wells Fargo’s online banking platform and mobile app.
 
Bank assuages customers throughout the day
On March 17, throughout the day, the bank responded to many customers on Twitter who shared their grievances.
 
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COVID-19 relief packageWells Fargo

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