On top of the Silicon Valley Bank collapse, Wells Fargo is another bank that could be in trouble. Customers were reporting missing transactions and other account access problems.
BREAKING: Many Wells Fargo customers reportedly say their direct deposits and scheduled paychecks were missing from their online accounts this morning
— Insider Paper (@TheInsiderPaper) March 10, 2023
They’re claiming it is just a glitch.
It's just a glitch guys, don't pull your money out of @WellsFargo pic.twitter.com/fPQPRtuE1t
— Peruvian Bull (@peruvian_bull) March 11, 2023
Quite a coincidence that this so-called glitch happens on the same day of the Silicon Valley Bank collapse.
I would be very concerned if I were a customer of Wells Fargo. Hell, I’d be very concerned if I had any significant amount of money in any American bank. You shouldn’t count on the FDIC saving you either.
Many Americans are panicking right now because of this and learning that the FDIC only insures $250k. The federal government must restore faith in the banking system before we see a bloodbath on Monday. Yellen's "Everything is fine" bullshit is not enough https://t.co/n6AXKeVv5z
— The Maverick of Wall Street (@TheMaverickWS) March 10, 2023
If you have widespread bank failures, the FDIC will not be able to cover everyone’s losses. It just won’t be mathematically possible.
