- cross-posted to:
- worldnews@lemmy.ml
- cross-posted to:
- worldnews@lemmy.ml
cross-posted from: https://lemmy.zip/post/1089947
Archived version: https://archive.ph/VXk77
Archived version: https://web.archive.org/web/20230805140619/https://www.nbcnews.com/business/business-news/wells-fargo-deposit-missing-outage-what-happened-rcna98201
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Why isn’t it ever the withdrawals that disappear?
Private banks are criminal organizations. When you remove regulations and leave investments up to those that control both ends of transactions they will steal money.
Aaaaand it’s gone.
At this point if you’re still using wells Fargo it’s on you
Wells Fargo? The bank you can trust? I’m shocked!
From wiki:
The company has been the subject of several investigations by regulators. On February 2, 2018, account fraud by the bank resulted in the Federal Reserve barring Wells Fargo from growing its nearly $2 trillion asset base any further until the company fixed its internal problems to the satisfaction of the Federal Reserve.[10] In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.[11] Bloomberg Businessweek reported in March 2022 that Wells Fargo was the only major lender in 2020 to reject more home refinancing applications from Black applicants than it approved.[12]
In December 2022, the U.S. levied a $3.7 billion loan-management fine upon Wells Fargo. In March 2023, Wells Fargo blamed a technical glitch for misstating the balances of customers’ accounts, in many cases incorrectly deeming the customers as having a negative bank balance.[13] Subsequently, in 2023, prison sentencing took place for employee-directed money laundering and funneling cash illegally to Mexico through the creation of fictitious accounts.[14]
Is wells Fargo the worst run of the big banks? The seem to constantly have the worst shit (that’s reported on).
I’m willing to bet a team of untrained, uneducated, software/data engineers receiving big salaries are responsible for this.
It’s my understanding that big brand banks live on top of brittle, low quality, poorly tested code- and that’s if they’re not straight up using excel to run production processes.
I’m willing to bet a team of untrained, uneducated, software/data engineers receiving big salaries are responsible for this.
I’d be willing to bet that they’ve outsourced to India instead.
Nope, they run COBOL programs on mainframes from the 80s
While they do rely on COBOL and old mainframes a great deal, that isn’t the only software supporting the company and its operations. That fact doesn’t negate what I’m speculating would be the cause.
These big banks have multiple programming teams that use different programming languages and work on different products.
If you go to their careers page, you will find tons of Java, .NET, and Python jobs posted. I’ve never seen a COBOL posting at a big bank (which doesn’t mean it’s never happened, but I can see any of these more modern languages posted any given day).
Why are you assuming it’s not just the ceo ordering theft, which is kinda their thing, and blaming some programmers just because they have a living wage?
Wells Fargo are simply criminal, it has been demonstrated again and again. It would not surprise me in the slightest if I were to learn that this was an intentional test to see how many people would notice a missing deposit or two and gauge how often they can simply swipe some deposits “accidentally”.
