Wells Fargo system outage takes website, app, ATMs offline

The Wells Fargo Advisors website appears online, but customers report being unable to access funds

Feb 7, 2019 @ 12:17 pm

By Ryan W. Neal

Wells Fargo is experiencing a system outage that is disrupting access to the firm's website, mobile apps, ATMs and debit and credit cards.

Wells Fargo customers took to Twitter Thursday morning to report their frustration about their transactions being declined and being unable to withdraw money from their accounts or check their balances online.

The Wells Fargo Advisors website appears to still be up and running. However, investors are unable to check their brokerage accounts via the Wells Fargo mobile app.

InvestmentNews reached out to Wells Fargo to ask whether advisers' internal systems are similarly impacted and what is causing the system outage.

"Wells Fargo Advisors is aware of the issue and technical teams are working to resolve the issue as quickly as possible," spokeswoman Jackie Knolhoff wrote in an email.

At 9:06 a.m. EST, Wells Fargo tweeted an apology to customers. An hour later, the company followed with a tweet saying, "We're experiencing a systems issue that is causing intermittent outages, and we're working to restore services as soon as possible. We apologize for the inconvenience."

TradePMR, a custodian that recently partnered with Wells Fargo on its growing RIA channel, said connectivity to First Clearing, Wells Fargo's subsidiary for RIA services, is not affected.

"Advisers using TradePMR's technology have not experienced any service issues," said Robb Baldwin, founder and CEO of TradePMR, adding that his platform is completely separate from Wells Fargo Advisor technology. "It is business as usual for our advisers."

Regional news outlet KULR 8 reported that the outage could be tied to a fire at a Wells Fargo server farm in Shoreview, Minn. The Shoreview fire department later clarified on Twitter that the server farm's fire suppression system was triggered by dust from construction.

Ms. Knolhoff said the systems issues were "due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance."

This is the second time in a week the firm experienced a digital disruption. A similar disruption occurred last Friday.

InvestmentNews will update this article as the story progresses.

(More: Hundreds of advisers with tens of billions in assets left Wall Street in 2018)

0
Comments

What do you think?

View comments

Most watched

INTV

Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

INTV

Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.

Latest news & opinion

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

Industry push results in chance to air grievances on July 17 and another month to present objections.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession. These stories will surprise, entertain, educate and inspire.

Galvin to propose fiduciary rule for Massachusetts brokers

The secretary of the commonwealth is proposing a fiduciary standard in response to an SEC investment-advice rule he views as too weak.

Summer reading recommendations from financial advisers

Here are some books that will keep you informed and entertained during summer's downtime

4 strategies for Roth conversions

There's never been a better time to do a Roth conversion, and here are several ways to go about it.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print