Wells Fargo Online Bill Pay Glitch: 5 Things To Know

Some Wells Fargo customers who use the bank’s online Bill Pay system found Wednesday their accounts were drained due to a glitch that caused some payments to be processed twice, in some cases leaving a zero or negative balance. The problem was so widespread that angry and confused customers jammed the banking giant’s customer service phones Wednesday night.

The glitch is the latest public relations problem for Wells Fargo, which in 2016 was fined $185 million by various regulators for opening about 1.4 million fake accounts without their customers’ permission.

It’s unclear how many customers were affected by Wednesday’s glitch. Here are five things you need to know about the situation.

Will you get your money back? Wells Fargo communications manager Hilary O’Bryne said in a statement late Wednesday that the company is aware of what it called an internal processing error. By Thursday morning, some customers’ account balances reflected the correction.

What do customers need to do? Nothing. “We are currently working to correct it, and there is no action required for impacted customers,” O’Bryne said.

What if the glitch caused an overdraft? No worries, Wells Fargo says. Any fees or charges incurred as a result of the problem will be erased.

What did customers say? They weren’t happy. Twitter feeds offer a glimpse of customers’ frustration. Noting the glitch occurred on his ninth anniversary, one customer said that “thanks to your double bill pay gaffe, I have almost no money left in my accounts. I also spent over 1.5 hours waiting to speak to someone. Wasted my time.” Howie from Maryland, who was able to get through to a customer service representative, reported to the Twittersphere: “He says they have no update on when the Bill Pay Glitch will be fixed. They have no idea when people will get their money back. I am speechless. Wow.” And another expressed overall frustration with Wells Fargo after his balance dropped below zero: “I don’t understand why I have so many issues banking with you, but you always find a way to screw me.”

In general, is online bill paying safe? Online bill paying is probably safer than handing over your credit card at a restaurant, experts say, and most bank-backed bill pay services are encrypted, but there are some risks to customers who have low balances and may incur overdrafts if they lack sufficient funds to cover the bills, according to the credit rating firm Experian. But it’s important to monitor your account, as Wells Fargo customers found out Wednesday, and there may be a lapse between the time the bank catches up with a cancellation of a membership in a gym, for example. And if you make a manual payment, it can foul things up. But there also are benefits because online bill pay because bills are paid on time and can boost your credit rating.

(AP Photo/Matt Rourke, File)