How Wells Fargo caused financial harm

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This week, Wells Fargo let all of us down.. Apparently, a power shutdown at one of their facilities resulted in over 24 hours of panic for their customers. Debit cards weren’t working. Any transactions to / from accounts were declined. Payroll wasn’t processed in business accounts, or received in checking accounts on payday. Branches were running out of money. As a result, customers couldn’t buy gas, buy homes, pay for childcare, pay their employees – operate in their everyday lives.

Financial trauma is real. It’s something many of us carry deep in our bodies, from generations of harm. And it’s also important to note where the financial system is maintaining systems of inequity, and directly causing harm.

Remember that much of shame and fear you carry around money is valid. The worries and anxieties that money place on you are a natural response to the world that we live in today. And when things like this happen, it’s normal to respond in these spaces.

I’ll write another post about practices you can put in place for when things like this happen – because they will, again, and with fervor as we brace for another economic downturn. But I also want there to be space. Space to acknowledge. Space to process. Space to pause before responding to a system that will continue to cause harm. It’s okay to feel the way you may feel, especially if you were directly affected by this company’s actions. Take the time you need to heal. Let me know if you want to talk about it.

Nicole Cardozafear, harm, inequity