4 chapters across the catalog
Wells Fargo admitted in a regulatory filing that a "computer glitch" resulted in 625 homeowners being denied mortgage modifications, leading to 400 foreclosures. The bank set aside $8 million for compensation. The hosts expressed skepticism that the issue was a simple software bug, suggesting it may have been a convenient excuse for systemic misconduct.
A significant technical failure in the UK's BACS (Bankers' Automated Clearing Services) system prevented HSBC from processing thousands of salary payments and direct debits. The glitch affected approximately 275,000 payments, leaving customers unable to access funds during a bank holiday weekend. The incident highlights the vulnerabilities of centralized electronic payment systems and the "digital money" infrastructure.
European Bank Software Glitches and Santander Issues
Major banks in the UK and Spain, including RBS, NatWest, and Santander, have reported significant software glitches following system upgrades. These technical failures have resulted in customers being unable to access accounts or seeing incorrect balances, with errors predominantly favoring the banks. The hosts suggest these "glitches" may be a convenient way for struggling Eurozone banks to manage liquidity.
NatWest and Royal Bank of Scotland Technical Failures
The Royal Bank of Scotland and NatWest experienced a massive technical failure following a botched software upgrade, leaving customers unable to access funds for over a week. While the CEO blamed a processing backlog, technical experts suggest the duration of the outage is suspicious given modern data redundancy standards. There are reports of merchants increasingly demanding cash as digital payment terminals fail.
