No fix yet for Capital One outage

[rembrandt]

Apparently, Capital One customers are unable to access their money. Big news story.

 

[TheWizard]

My Capital One "money" is strictly CC debt, so that doesn't bother me much...

 

[SnowballCamper]

What's in your wallet?

I hate that guy! This makes me laugh... at him. But it is a pretty serious issue for the bank's customers. Maybe he'll shut up for a while?

 

[aja8888]

I just have a credit card with them so I am using their money!

 

[old medic]

I just have a credit card with them so I am using their money!

Yup.... and they gave me $300 to use their money to boot... To pay a $1200 medical bill that I can pay myself back with HSA, at 0% interest....

 

[Dalton]

I'll say it ...this is precisely the reason I retain my checking account at a local brick and mortar bank (or credit union).

eta: actually, there are numerous reasons, but if I can't access that money, for any reason, it's a BIG problem.

 

[old medic]

I'll say it ...this is precisely the reason I retain my checking account at a local brick and mortar bank (or credit union).

I'll hide with ya..... Unfortunately, our local credit union is splitting off and currently have no B&M nearby, closest projected is going to be over an hour away. So we are in the process of moving things over to the States side.

 

[rembrandt]

What's in your wallet?

I hate that guy! This makes me laugh... at him. But it is a pretty serious issue for the bank's customers. Maybe he'll shut up for a while?

Looks like they lost your wallet. They were also suppressing interest payouts to customers.

 

[2HOTinPHX]

We do some banking with Capitol One. Appears things are working again. A transfer request on a CD that came due last week is now in process.
I am not thrilled with have money out there in Cyber space but it's the same with investment accounts isn't it?
We do have a local bank but much prefer the interest rates online. Been considering consolidating everything to Capitol One Bank as they do have one "cafe bank" in the vicinity. Local banks and their .1 interest rates suck.

 

[rembrandt]

Amazingly, after Capital One customers began reporting issues accessing their account features, some customers are still in the dark.

 

[rpguy4]

I received an email this morning stating that the issue has been resolved.

Here is the message I received this morning. (apologize for not including it in my initial post)

 

[rembrandt]

I received an email this morning stating that the issue has been resolved.

You are one of the lucky ones...

 

[Car-Guy]

In this case I just have a credit card with CapOne, so if they can't bill me for a while, that's okay. But, it does remind me why I keep my checking account(s) at two separate financial institutions. My fear is they may both use some of the same "back end" third party subsystem that could knock them both out at the same time. And that's why I keep some cash on hand. Well there's only so much I can do.

 

[Dalton]

We do some banking with Capitol One. Appears things are working again. A transfer request on a CD that came due last week is now in process.
I am not thrilled with have money out there in Cyber space but it's the same with investment accounts isn't it?
We do have a local bank but much prefer the interest rates online. Been considering consolidating everything to Capitol One Bank as they do have one "cafe bank" in the vicinity. Local banks and their .1 interest rates suck.

Yes, on the investment account issue. I had to refresh my memory on how I feel about that, as I was typing my last post, because that account and my local bank account are linked. But, a) I can call the brokerage and they can send me a check if I need, b) I'm sure the existence of B&M locations are a big reason why a lot of people use Fidelity (I don't have a Fidelity acct), and c) I keep a certain amount of money in my local B&M (and also in my safe at home) to cover me for these what-if situations.

And, as to the local bank interest rates, I decided a number of years ago that keeping a certain amount of money with low/no interest potential is a small price to pay to have that money more readily available and accessible... the nature of an emergency fund.

 

[grasshopper]

I use CapOne for my cloud checking account,and CC. I use Wells Fargo for my B&M bank. I haven't been in a WFB since before Covid. By the way nothing was affected for me mostly because my SSA check was deposited on Monday 2 days before my 3rd Wednesday date.

 

[rembrandt]

Not directly related, but I have 2 SPIA's that started out as separate companies(American National Insurance Company, and American Equity Investment Life Holding Company). They were both acquired by Brookfield Reinsurance. So much for diversification!

 

[walkinwood]

I'll say it ...this is precisely the reason I retain my checking account at a local brick and mortar bank (or credit union).

eta: actually, there are numerous reasons, but if I can't access that money, for any reason, it's a BIG problem.

If there is a problem with the computer systems, it doesn't help having a brick & mortar location.

 

[Koolau]

If there is a problem with the computer systems, it doesn't help having a brick & mortar location.

What helps is having more than one place to get money when you need it. I have one B&M bank and two B&M credit unions as well as my electronic sources.

 

[grasshopper]

I always have a grand at the Bank of Grasshopper.

 

[Dalton]

If there is a problem with the computer systems, it doesn't help having a brick & mortar location.

That depends on who's computer system is having the issue, doesn't it?

 

[Koolau]

That depends on who's computer system is having the issue, doesn't it?

Oddly enough, I stopped at my B&M bank the other day and the nice lady met me at the door and told me she couldn't help me because they had lost electricity (not a particularly unusual situation here in the Islands.)

I was glad I had not needed to do a last minute wire transfer or some such. Of course, there are a dozen branches around the Island, so I suppose I could have driven to one of them since it wasn't an Island-wide power outage (heh, heh, not this time, anyway.)

 

[2HOTinPHX]

Oddly enough, I stopped at my B&M bank the other day and the nice lady met me at the door and told me she couldn't help me because they had lost electricity (not a particularly unusual situation here in the Islands.)

I was glad I had not needed to do a last minute wire transfer or some such. Of course, there are a dozen branches around the Island, so I suppose I could have driven to one of them since it wasn't an Island-wide power outage (heh, heh, not this time, anyway.)

Oh the cost of living in Paradise.... .....so jealous. I imagine when the power goes out you just go to the beaches and wait it out..

 

[Dalton]

I've seen that before. I probably have computer/internet/power issues on my end more than my bank branches, or blackouts from my internet provider (dsl in rural area), was what I was thinking could be other scenarios. Just more reasons to have the B&M option available. I still like to be able to talk to someone, and half the time I call a megacorp I have a heck of a time getting a person on the phone, these days.

Maybe 10 years ago, I wanted to buy something that was over $5 thousand dollars. I went into my savings to move money to checking the night before. Wrote the check for my item next morning, was a Friday. Monday morning, the VP/Branch Manager called my cell phone, and said my check had gone through but couldn't clear, and when she looked in my account saw that I had plenty of money between checking and savings, just not quite enough in checking, so she called me to let me know. She was very understanding that I thought I'd moved the money and couldn't explain why my transfer hadn't happened. I don't know if I forgot to hit "finish" on the transaction or if I just spaced out or got sidetracked when I got to online banking. But, I'm fairly confident I wouldn't get that call from Capitol One (I have one of their credit cards, btw).