The Banking World's Woes Continue as Wells Fargo Customers Report Missing Paychecks

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What happened

Wells Fargo users complained their paychecks had not reached their bank accounts on Friday, March 11. The bank assured customers their money was safe and said it was working to resolve the issue. According to Forbes, it posted the following message on its app: "If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize."

So what

The Wells Fargo news came after a tumultuous week in banking. The sudden collapse of Silicon Valley Bank is the second-largest banking failure in U.S. history, and it prompted concerns of a broader banking crisis. One immediate problem for consumers is that some companies with money locked on SVB's platform warned they may have to delay employee's paychecks.

It's understandable that customers are nervous about both their paychecks and their bank deposits, no matter who they bank with. However, the issues at Wells Fargo do not appear to be connected to the SVB fallout. Moreover, President Biden has assured Americans, "The banking system is safe." The Federal Reserve also announced it would make emergency funding available to ensure banks could stay solvent.

Now what

Whatever bank you use, it's important to track your deposits and payments. Whether it's an individual issue on your account, a fraudulent payment, or a wider technical glitch, things can go wrong. Keep receipts, payslips, and other documentation in case you need to make a claim and try to log into your account regularly.

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If you are a Wells Fargo customer, check your account to make sure any deposits have arrived and your balance is correct. If there is any money missing, contact the bank straight away to report the problem. Know that the bank has also said it will return any fees you've been charged because of the missing deposits.

More widely, you may be worried what's happening in the banking industry could affect money you have deposited in a checking or savings account. The good news is that there are already a lot of protections in place for U.S. banking customers. Plus, the moves the government made over the weekend show it's committed to protecting your money.

One key protection is FDIC insurance, which covers deposits of up to $250,000 per person, per account. For the majority of consumers, this goes a long way to safeguarding their money.

So now's a good time to double check your bank is FDIC insured.

Another of the concerns about SVB's collapse was that it could impact companies with more than $250,000 in deposits, potentially stopping them from paying employees. Authorities are working to make sure this does not happen, but it is still worth taking steps to shore up your emergency fund. It's good to have a cushion in case your paycheck does get delayed or you face another unexpected financial hitch.

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