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| User Info | Wells Fargo still not functioning in forum [NotSoBreaking] | |||
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Ocbear Posts: 1684 Incept: 2007-06-29 
OC, CA Online 
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I have a number of accounts at Wells that haven't posted any credits or debits since Sunday. Called and can't get a representative on the phone. If this **** keeps up I'm going down tomorrow and pull out every penny I have. They are doing a good job of trying to sweep this under the rug and keep it quiet. This should be on the front page of every major newspaper.
2007-08-21 21:02:12
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Bubba1 Posts: 217 Incept: 2007-07-30 
Florida's Sun Coast
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Wells Fargo Bank on Tuesday said it has repaired a problem that caused a disruption in access to bank services on Sunday and Monday. Customers can now complete transactions as usual, but might not see updated balances until the end of the day as overnight processing has not been completed, said Avid Modjtabai, who leads the bank's technology group. http://www.bizjournals.com/eastbay/stori....
2007-08-21 21:11:58
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Ocbear Posts: 1684 Incept: 2007-06-29
OC, CA Online
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Yes, I read that. It's bull****. I have a merchant acct with Wells that is rejecting transactions RIGHT NOW . These ****ers are going to cause a full fledged bank run.
2007-08-21 21:16:34
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Bubba1 Posts: 217 Incept: 2007-07-30
Florida's Sun Coast
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Wow! That seriously sucks. Hoping for you that it gets resolved soon. I'm in the ATM business and needless to say this scares the you know what out of me. Last modified:
2007-08-21 21:20:43 by bubba1
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Eperson Posts: 452 Incept: 2007-06-27
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There are many banks out there, in this environment you are probably not being too cautious about getting your money somewhere you have access to it. When its apparent to the public that there are serious problems, its probably too late to do anything about it.
2007-08-21 21:20:40
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Fafhrd Posts: 571 Incept: 2007-07-17
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What's their 800-number? I'd be happy to put in some phone calls on their dime.
---------- The structure of society is far more fragile than most believe. To set too much faith in its resilience is to know a moment of pristine astonishment at the instant of its utter collapse- before the wolves close in. -Kruppe of Darujhistan
2007-08-21 21:20:45
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Cashncarry Posts: 3970 Incept: 2007-07-24
SoCal
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I don't know about you guys, but any banking institution that can essentially "go offline" for 48 hours is an institution I would never trust with my money again. That is some scary ****. My funds are primarily in BofA, and I'd pull all my stuff out at the first indication of any similar "Computer problems". I've seen a lot of comments on this forum with regard to spreading money around various banks to make sure everything is covered by FDIC, but then I've also read a lot of scary things with regard to various banking institutions' exposure to subprime/CDO toxicity, and yes, BofA is one that has been exposed to this disease. So, my question is this: Which bank(s) are the least-risky and most likely to survive should this problem worsen? ---------- "What's that burning smell, and why are we in this handbasket?..."
2007-08-21 22:01:14
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Ocbear Posts: 1684 Incept: 2007-06-29
OC, CA Online
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My problem exactly. I'm prepared to go down there tomorrow morning and clean everything out and tell everyone else in the bank exactly what and why I'm doing it. The question is... to where?
2007-08-21 22:09:41
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Kochevnik Posts: 232 Incept: 2007-07-30 Oregon
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"Which bank(s) are the least-risky and most likely to survive should this problem worsen?" 2nd - 4th Bank of Kochevnik - we keep all your deposits in my closet. Seriously, if banks are having trouble this early the smart thing would be to have cash on hand for at least a few months of bills. I've got 6 months cash in my closet right now. Besides look at your username - this should be a no-brainer for you :) Last modified:
2007-08-21 22:13:08 by kochevnik
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Eperson Posts: 452 Incept: 2007-06-27
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I remember waiting in line about 45 minutes for gas on September 11. People can be pretty ****ing irrational when you get them started. Even is WF is fine, you dont want to be caught at the tail end of a self-feeding panic.
2007-08-21 22:16:41
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Zzt Posts: 983 Incept: 2007-06-26
Glendale az
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I dont know if this is useful or not. My brother ( a survivalist, gold guns food etc } has dealt with an organisation named Capital Preservation Fund. I am sure it is on the net. Check it out and see if it fits your needs. Supposed to offer absolute safety financially. Only top rated paper. T-bills etc.
2007-08-21 22:18:31
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Cashncarry Posts: 3970 Incept: 2007-07-24
SoCal
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Kochevnik, Yea I've got cash on hand which I keep in a safe, it's just that having the whole nest egg stashed as Benjamins in the closet would make me nervous. I'm going to move some more funds into my Credit Union since I don't know which banks I should trust. How much interest does the Kochevnik closet bank pay? :-) ---------- "What's that burning smell, and why are we in this handbasket?..."
2007-08-21 22:24:27
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Bubblesee Posts: 3768 Incept: 2007-06-27
nyc
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Cashncarry: I have my portfolio of shorts and puts in BofA investment services (baisidirect.com) ............. Should i be concerned??? ---------- Ticker Forum Special: "Bennie and the Feds" Melody:Elton John Lyrics:Bubblesee http://www.youtube.com/watch?v=etfVMtCq9Oc (Larry Kudblow eat your heart out) Last modified:
2007-08-21 22:40:30 by bubblesee
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Cashncarry Posts: 3970 Incept: 2007-07-24
SoCal
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Bubblesee, I know BofA has some degree of exposure to the subprime issue but I haven't heard anything (yet) that would make me pull all my money out of there at this time. I've moved enough funds out to where everything in there is covered by FDIC (I'd do that regardless of what Bank I was using). Since it's a joint account between my wife and I, it's insured to 200k. That's as much coverage as FDIC will give us for one bank unless we open other accounts there under each of our kids' names. I don't know what the coverage is for their investment services. If you were in WAMU, Countrywide Bank or Indymac I'd say get that money out. I think BofA is in better shape than that. ---------- "What's that burning smell, and why are we in this handbasket?..."
2007-08-21 23:04:58
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Uncleoxidant Posts: 1704 Incept: 2007-07-10 Stumptown
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Cashncarry: I think credit unions for the most part are safer than the big banks. I've got most of my money in a credit union. Credit unions do home loans, but I'm pretty sure that they're conforming loans - at least I never noticed any funny business on the menu at my CU.
---------- I am NOT a consumer, I am a Citizen!
2007-08-21 23:07:15
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Bubblesee Posts: 3768 Incept: 2007-06-27
nyc
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Cashncarry: As a shorter of Indymac - i AGREE!!!! Thanks. ---------- Ticker Forum Special: "Bennie and the Feds" Melody:Elton John Lyrics:Bubblesee http://www.youtube.com/watch?v=etfVMtCq9Oc (Larry Kudblow eat your heart out)
2007-08-21 23:26:07
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Ksh Posts: 2 Incept: 2007-08-21
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Wells was still down as of 8:06 PST. Have not been able to use debit card EXCEPT as credit card.
2007-08-21 23:58:53
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Ocbear Posts: 1684 Incept: 2007-06-29
OC, CA Online
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Yup. They are claiming they will be back up tomorrow morning. Ask me if I believe that? Do you think this will cause a bank run and become a self-fulfilling prophecy? I am going down tomorrow and cleaning out my accts. I will be telling everyone I know to do the same.
2007-08-22 00:01:07
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Ksh Posts: 2 Incept: 2007-08-21
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Good luck with that Ocbear. When I went in Monday, their whole system was down. I couldn't even get $20. They told me to go to a branch where they knew me. About an hour ago, I couldn't use my wells debit card at Safeway. Last modified:
2007-08-22 00:04:41 by ksh
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Ocbear Posts: 1684 Incept: 2007-06-29
OC, CA Online
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Wow. Who won't be cleaning out their accounts the minute their systems come back online?
2007-08-22 00:15:39
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Trainwreck Posts: 280 Incept: 2007-08-17 albuquerque
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sounds ridiculous, but as an alternative, i've been telling people to buy postal money orders. separate the stub/receipts from the money order itself tho, and keep in separate locations in case of loss. also check for any expiration date(s) and re-up as needed. dang, i just wandered in here and glad i did!! this is bad stuff... ---------- Rate cut? Cottony-soft landing? Flaps down... autolock trimtabs... WHOA, dude-- that ain't cotton down there- that's freakin' guncotton!!
2007-08-22 00:50:35
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Av8rphil Posts: 1817 Incept: 2007-06-26
Platte City, MO
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In 1970 I worked for Waddell & Reed, a Kansas City based Mutual Fund company, as a computer operator while I was in college. They changed from an IBM-360(fixed partition CPU) to an IBM-370 (variable partition CPU). Had about 10 IBM techs working to get the 370 running (was the size of a small kitchen) but couldn't for about 2 weeks. They had to bring in an extra 360 to catch back up as the SEC was going to shut them down if they got so far behind (I think it was 3 days). Wonder if the banking industry has anything equivalent?
---------- "Two things in life are infinite: the universe and human stupidity; and i'm not sure about the universe" -Einstein
2007-08-22 01:10:55
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Fafhrd Posts: 571 Incept: 2007-07-17
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The whole thing stinks. I worked in the IS department of a regional bank for awhile and they took disaster management very seriously. They had an entire backup facility they called Sunguard that was located out of state that could quickly put the bank back into action if the primary facility was destroyed. An operation on the scale of Wells should be far more robust. Added to the fact that they've told the media that it was fixed makes it that much stranger.
---------- The structure of society is far more fragile than most believe. To set too much faith in its resilience is to know a moment of pristine astonishment at the instant of its utter collapse- before the wolves close in. -Kruppe of Darujhistan
2007-08-22 01:24:18
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Mliu_01 Posts: 10631 Incept: 2007-07-15
Corona CA
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I just went to wells fargo ATM took out 32o buck. I also went to the branch yesterday and took out 1k. They told me the system was down. But I have not problem taking money out. I don't see any problem there.
---------- A good guy gets friendship, a bad guy gets laid. J6P get the bills, Bankers get the bonus.
2007-08-22 01:37:20
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Ocbear Posts: 1684 Incept: 2007-06-29
OC, CA Online
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I myself have run a small redundant network across multiple national data centers (not anywhere near on the scale of Wells) and I can't fathom being down for 3 hours let alone 3 days. This just smacks of so much bull****.
2007-08-22 01:37:33
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