Wells Fargo Fixes Computer Problem, Restores Service
San Francisco — August 21, 2007
Wells Fargo & Company (NYSE: WFC) said today that it has fixed a computer problem that occurred Sunday afternoon and that customer service has been fully restored. Avid Modjtabai, head of Wells Fargo’s Technology and Information Group, said all systems are fully operational, all customer transactions can be conducted but overnight processing has not been completed and customers may continue to see end of the day Friday balances until later today.
“Using our back-up facilities, we restored Internet banking service in about one hour and 40 minutes Sunday, Aug. 19, and within hours, customers could access Wells Fargo Phone Bank Centers and make basic ATM transactions, such as withdrawing cash and making deposits at our ATMs but not at non-Wells Fargo ATMs. All point-of sales transactions, processing for mortgage, home equity, student loans, ACH, wire transfers and remittances, are now up and running. Our customers hold us to a high standard of trust and reliability and we want to assure them that all data about their accounts has remained safe and secure throughout this disruption. We apologize for the inconvenience this caused them. We thank the hundreds of team members in our technology group for working so hard to resolve this problem.” Wells Fargo & Company is a diversified financial services company with $540 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, "Aaa,” and Standard & Poor’s Ratings Services, “AAA.”