Earlier quoted context omitted.
This is one of the best financial decisions you will ever make.
At what interest rate? I have mine at 3.35% 30y fixed. Is that remotely possible today?
He's talking about a work account, not really a mortgage.
Tell HN: Wells Fargo completely offline
91–100 of 256 posts
Re: Tell HN: Wells Fargo completely offline
#92Apparently there was a fire in a Datacenter - theres a thread on /r/sysadmin by an insider. https://np.reddit.com/r/sysadmin/comments/ao4g2y/wells_fargo...
Incredible. They had all their mission-critical infrastructure in a single data center. How many billions of dollars do they make per year? And they can't afford even a tiny bit of redundancy? If I were a customer, I'd use this as a sign that this company is not technically competent enough to manage my money.
Wells Fargo is an awful company. Hopefully this outage will be the final straw for many people.
Re: Tell HN: Wells Fargo completely offline
#93Earlier quoted context omitted.
Incredible. They had all their mission-critical infrastructure in a single data center. How many billions of dollars do they make per year? And they can't afford even a tiny bit of redundancy? If I were a customer, I'd use this as a sign that this company is not technically competent enough to manage my money.
Lots of old companies are like this. They don't invest in critical infrastructure because it would bring them below their 20% margins.
Wells is weird though. When I started banking with them in 2009, they were ahead of the curve in online infrastructure - it was much easier to access them online than any of the banks I was used to back in Massachusetts. They also had a reputation for being both honest and conservative - they were the only AAA-rated bank in 2007, they were #1 in green rankings, and Warren Buffett had invested in them because of their sound balance sheet.
And then starting around 2010 but rapidly accelerating around 2014, everything about them went to shit.
The best explanation I can think of is that John Stumpf is a slash & burn sociopath, juicing the numbers so he can get his 473x-the-median-worker paycheck while ruining the company. He wouldn't be alone in the financial world, but it's a shame that a 150+ year old institution can so rapidly go down the toilet.
Re: Tell HN: Wells Fargo completely offline
#94for those who haven't taken the plunge, now is a good time to move to a credit union, regional bank, or online bank: - for instance, in cali: https://www.golden1.com/ - high interest accounts: https://www.bankrate.com/banking/checking/best-checking-acco... - good rate online bank: https://empower.me/ get better service, lower/no fees, and good convenience without all the economy-damaging selfishness and hubris.
I imagine a credit union would be susceptible to the same type of thing (single location/point of failure) due to their smaller sizes.
Re: Tell HN: Wells Fargo completely offline
#95I thought at one time Stripe used Wells Fargo as their bank. Any reported problems from Stripe?
(I work at Stripe.) This does not impact Stripe customers at this time. Specifically, the Stripe API and Instant Payouts are functionally normally. (We're aware of the issues Wells Fargo is experiencing, and have an incident response spun up internally.)
Interesting, I would have thought if the bank API that backs Stripe is unavailable, there would be impacting issues such as payouts.
Re: Tell HN: Wells Fargo completely offline
#96Earlier quoted context omitted.
Incredible. They had all their mission-critical infrastructure in a single data center. How many billions of dollars do they make per year? And they can't afford even a tiny bit of redundancy? If I were a customer, I'd use this as a sign that this company is not technically competent enough to manage my money.
If you're waiting for this to be the straw to move away from Wells Fargo after the last set of scandals, you may have some issues...
Yep, the California AG basically said "Wells Fargo is a criminal enterprise masquerading as a corporation" and I'm inclined to believe him.
Re: Tell HN: Wells Fargo completely offline
#97I thought at one time Stripe used Wells Fargo as their bank. Any reported problems from Stripe?
I signed up for Stripe in 2011 or 2012. About six months after I signed up an account rep from Wells Fargo called me asking about my merchant account. Stripe never made it quite clear what was going on but apparently in the early days they opened accounts at Wells Fargo on your behalf without telling you.
Re: Tell HN: Wells Fargo completely offline
#98Earlier quoted context omitted.
Very funny, but you're describing a failure mode of bitcoin exchanges rather than the bitcoin network, which is not what the parent was talking about.
wells fargo is much more akin to a bitcoin exchange than it is to the bitcoin network though...
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Re: Tell HN: Wells Fargo completely offline
#99Earlier quoted context omitted.
(I work at Stripe.) This does not impact Stripe customers at this time. Specifically, the Stripe API and Instant Payouts are functionally normally. (We're aware of the issues Wells Fargo is experiencing, and have an incident response spun up internally.)
Interesting, I would have thought if the bank API that backs Stripe is unavailable, there would be impacting issues such as payouts.
knowing how most of the banking system works they are just doing all the accounting on their end and waiting to reconcile with Wells Fargo when they come back online.
Re: Tell HN: Wells Fargo completely offline
#100Apparently there was a fire in a Datacenter - theres a thread on /r/sysadmin by an insider. https://np.reddit.com/r/sysadmin/comments/ao4g2y/wells_fargo...
Incredible. They had all their mission-critical infrastructure in a single data center. How many billions of dollars do they make per year? And they can't afford even a tiny bit of redundancy? If I were a customer, I'd use this as a sign that this company is not technically competent enough to manage my money.
What kind of redundancy are we talking about here?
You can't really roll back say 10 minutes of transactions, so are you maintaining 2 parallel systems? How do you keep them perfectly in sync?
This isn't my area of expertise by a long shot, but it occurs to me this is probably hard, especially when your codebase started in the 60s, and has been accreting ever since.