PSA: automated transfers failed silently on me for 6 months

I set up recurring transfers from my checking to savings back in January. Thought it was all good. Then last week I went to pay my rent in Austin and my account was $400 short. Turns out the bank changed something on the backend in February and the transfers just stopped. No email, no alert, nothing. I only caught it because I checked the statement manually. Is this normal? Has anyone else had a bank just drop scheduled transfers without telling you?

3 comments

3 Comments

lee84725d ago

Honestly that sounds like Wells Fargo. They pulled the same thing on me in 2022. I had a recurring transfer set up for 3 years and then one day it just stopped with zero notification. Turns out they had a "system update" that reset all my scheduled transfers. The thing is banks are legally supposed to notify you if a recurring transfer fails. They either have to send an email or a text or something. I had to escalate it to a manager and cite the Electronic Fund Transfer Act before they even apologized. So no, its not normal, but its way too common. You should file a complaint with the CFPB because a lot of people have had this happen.

phoenix24625d ago

Yeah @lee847 they always try to hide that stuff.

tarabell25d ago

Totally agree, same thing happened to me with Chase back in March and it was a nightmare to sort out.