Wells Fargo storefront

Is it Time to Jump Off the Wells Fargo Wagon?

Over the past few years, Wells Fargo has certainly not generated the most positive headlines. After it was discovered that bank employees had opened more than a million additional accounts that customers never requested or knew about, the company launched an entire apology campaign that declared the bank had been “re-established in 2018.” Unfortunately for them, the past two weeks have brought a different set of problems as the bank has experienced two major outages that may have put some customers in a lurch.

On February 1st, a network outage affected online and mobile banking for several hours. Then just a few days later on February 7th, similar issues reappeared. Moreover, the second outage also seemed to impact bank ATMs and, according to customer reports on Twitter, debit card purchases and direct deposits. In a statement obtained by CNBC, Wells Fargo said Friday, “As a result of the process to restore systems yesterday, some transactions and balances were not visible in online banking or ATMs. The transactions were processed normally, and customers can use their accounts with confidence. This issue has now been corrected, and all transactions are now visible.”

If you, like me, stuck with Wells Fargo through their account scandal and the first outage last week, surely this second and more severe outage has you asking some tough questions. Luckily for me, I don’t rely on my Wells Fargo debit card for most transactions, but there are many that do. For them, the type of interruption seen yesterday could spell disaster.

The question then becomes, what alternatives are there? Well, while there are other nationwide banks you could consider, perhaps an online institution is a better bet. Recently, I actually opened an account with Aspiration — an online bank that offers 1% APY on checking and savings accounts, reimbursed fees for any ATM in the world, and more. Additionally, I also have two accounts with Discover Bank, which includes a debit card that offers 1% cash back on transactions, access to thousands of free ATMs across the country, and currently a 2.10% APY on savings. Best of all, my Discover accounts come with no monthly fees while Aspiration offers a “Pay What is Fair” monthly fee policy, meaning you can select how much you pay.

Of course, even with the level of ATM access that’s offered with these accounts, there are still some downsides to consider before completely moving over to an online bank. For example, there are limits to how much cash you take from an ATM in a day. Thus, while you could visit a traditional bank branch and take as much out of your account as needed, such an option might not be available to you with online banks.

Ultimately, even if you don’t end up completely leaving Wells Fargo or any other national bank, you may want to at least consider having a back up by opening another checking and/or account with a local credit union or an online bank. Not only do these options typically offer better perks like better interest rates on your money but can also help minimize the damage done by an outage like the one we saw this week. In the meantime, hopefully whatever has been ailing Wells Fargo’s network has now been fixed for good.

Author
Founder ~ Moneyat30
Kyle is a freelance writer - including being the head writer for Fioney.com. He also serves as editorial director for the Disney fan site LaughingPlace.com and the founder of Money@30.com. In 2015, Kyle and his wife Bekah moved from Los Angeles to Springfield MO in pursuit of greater financial freedom. Together, the pair enjoy travel, coffee, and spending time with their dog Rigby. Additionally, as of 2023, they become first-time homeowners.
Other Articles by Kyle Burbank
email tiles on a keyboard
Why I Love Using the Ultimate Burner Email Addresses
In my line of work (yes, I just referred to blogging as a "line of work"), there are times when I want to get more info on a product or service but doing so requires me to enter an email address. However, knowing how annoying these companies can be once I've provided them with this...
woman holding an Anker MagGo UFO 3-in-1 Charger
Travel Tuesday: Anker MagGo UFO 3-in-1 Charger Review - Travel With Fewer Cables
To me, one of the most annoying parts of traveling in 2025 is ensuring that I pack chargers for all of the various devices I plan on bringing with me. That's why, in the past, I've been a fan of Rolling Square's InCharge multi-purpose cables that have built-in adapters. But, even then, I still find...
Bilt Mastercard
Bilt is Surveying Cardholders — The Glimpse Inside is Fascinating
At the end of last year, Bilt sent a letter to customers teasing some of their visions for the future of the program and the Bilt Mastercard. Then, earlier this week, they announced that cardholders would soon be receiving a survey on the topic. Now that said survey has arrived, it's revealing some intriguing insight...

I had my 401k with Wells Fargo for thirty years and consistently was able to invest in low fee high performing funds. When I retired a little early the account was well over a million. I was very happy with that part of their business.

Leave a Reply

Featured Articles
Why I Love Using the Ultimate Burner Email Addresses
In my line of work (yes, I just referred to blogging as a "line of work"), there are times when I want to get more info on a product or service but doing so requires me to enter an email address. However, knowing how annoying these companies can be once I've provided them with this...
Travel Tuesday: Anker MagGo UFO 3-in-1 Charger Review - Travel With Fewer Cables
To me, one of the most annoying parts of traveling in 2025 is ensuring that I pack chargers for all of the various devices I plan on bringing with me. That's why, in the past, I've been a fan of Rolling Square's InCharge multi-purpose cables that have built-in adapters. But, even then, I still find...
Bilt is Surveying Cardholders — The Glimpse Inside is Fascinating
At the end of last year, Bilt sent a letter to customers teasing some of their visions for the future of the program and the Bilt Mastercard. Then, earlier this week, they announced that cardholders would soon be receiving a survey on the topic. Now that said survey has arrived, it's revealing some intriguing insight...
Welp. I Got Another Credit Card — Why I'm Excited About Mesa
I love writing about credit cards and, in turn, I also love having solid rewards cards... up to a point, that is. Unlike some other bloggers I follow who regularly apply for and churn rewards cards, I've tried to be more selective and thoughtful about what cards I ultimately add to my wallet. But every...