Please let’s not insult the intelligence of our customers and shareholders. We just happen to have an isolated technical glitch on a day when there are runs on smaller banks??? Concerns are just now becoming common knowledge regarding the hidden dangers of banks bond portfolios in this rapidly rising interest rate environment.
I had to refresh my memory regarding which assets are subject to the $250,000 FDIC Insurance limits. And I checked my accounts at WFC today. It is not just cash, but also Money Market Deposit Accounts and Certificates of Deposit. Will I pull out anything in excess of the FDIC limit?? Absolutely. And so will others if they are not doing so already.
Is your money safe at Wells Fargo?? Yes I believe it is.
Can WFC technology handle a much higher than normal percentage of our 70 million customers all checking their accounts on the same day?? No way. Somebody F’d up and did not increase our engine capacity that day. Or we could not handle the increased activity even with boosted capacity.
Three and a half years in, and our technology is still antiquated and unable to keep up with this increasingly digital-first world. Charlie better get his act together and put a higher priority on shoring up our technology or he is going to end up looking like a clown.