On the same day that the federal takeover of Silicon Valley Bank shook America’s banking system, panic gripped Wells Fargo Bank customers as what was described as a technology malfunction caused widespread problems with their accounts.

Customers had incorrect balances, often due to unrecorded direct deposits, and missing transactions.

According to the Charlotte Observer, Wells Fargo spokesman Josh Dunn said customers’ money is still there, even if it does not appear to be.

Dunn did not provide an estimate of how many customers were affected.

Wells Fargo was “working quickly on a resolution,” he said, promising the problem would be resolved by Saturday morning.

Wells Fargo attempted to warn customers by greeting them as they logged in to check their accounts.

“If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize. Your accounts continue to be secure and we’re working quickly on a resolution,” the message said.

According to the website Bankrate, Wells Fargo is the fourth-largest bank in the United States.

Anger and panic outweighed any other emotion expressed by those who responded on Twitter.

i do not like to feel massive panic immediately upon waking but wells fargo decided to give me that gift this morning

— Katy Barber (@katy__kakes) March 10, 2023

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.

— SD (@SDWilliby) March 10, 2023

@WellsFargo this issue was supposed be fixed this morning. Still don't have my money back in my account that was there Wednesday. And now y'all send me an overdraft letter saying I got till midnight too pay? You need to pay me! You took my money wtf.

— Chris Timms (@t_timms) March 10, 2023

Thanks Wells Fargo for putting my my missing deposit back as "Pending." It's like you waiving in my face the amount you've stolen from me. FYI – Pending does not equal Available. I can't pay bills with Pending funds.

— susan buhrman (@BusterAtx) March 10, 2023

“This is deeply troubling and what it does is it erodes confidence as an investor,” Dallas-area financial advisor Derrick Kinney said, according to WFAA-TV.

“Definitely looking into different banking,” Hannah Bruton of Burleson, told the Texas news outlet. said. “As of right now, we will probably be changing that up in the next month.”

“So, it’s frustrating when it almost just gets taken away from you and you can’t do anything about it,” Bruton said.

She said that because deposits did not show up, the account she and her husband shared was in the red when they woke up Friday morning.

So, what is going on?