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Bank Runs Have Begun! Wells Fargo Leaves Millions of Americans in Lurch at Worst Possible Time! - Epic Economist

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When it rains, it pours.  On the exact same day that we witnessed the second largest bank failure in U.S. history, Wells Fargo experienced an unprecedented nationwide computer glitch that caused countless numbers of account holders to have “incorrect balances” and “missing transactions”.  This is yet another example that demonstrates why it is never wise to put all of your eggs into one basket.  If you have all of your money in just one bank, you may wake up one day and find that you are suddenly not able to access any of it.  For years I have been telling my readers to spread their assets around, because our banking system is far more vulnerable than most people realize.
In particular, I have never been a fan of Wells Fargo.

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A nationwide computer glitch at Wells Fargo left irate customers with incorrect balances and missing transactions Friday morning, sometimes dipping accounts into negative balances.

Others anticipated Chase Bank and Bank of America would see an influx of unhappy Wells Fargo customers. JPMorgan Chase is the nation’s largest bank by assets, at $3.2 trillion, and Charlotte-based Bank of America is its second largest with $2.4 trillion in assets. Another Wells Fargo customer tweeted about “definitely closing” their account, using a SpongeBob meme to show how they felt — like they were begging for money.

Wells Fargo is further proof to keep cash on hand for use. In the blink of an eye, a computer glitch or whatever, your funds are inaccessible.

The number one thing that you should want from any bank is security.

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Total 4 comments
  • tonyw

    Money should not be used to make money ..too many banks businesses, and individuals make money by turning money over and over actually producing nothing

  • kilroy

    You will own nothing and be happy. Because they will steal it all. Then they will put you on the new, old, communist system of misery enslavement.

  • pohknee

    The article portends to show the differences between 2008 and the current situation. I will tell you what is not different. The rich will be protected and the average depositor is up shits creek without a paddle.

  • Anonymous

    And their stock went up. Had to be from money created from thin air again. Wouldn’t you like to be the counterfeiter for a change?

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