Chase is one of the largest banks in the world. Now imagine if many customers can’t access online banking tools in order to pay bills or check balances. That’s what has happened to more than 16 million customers of Chase bank, according to the Associated Press and the Chicago Tribune. ATMs and telephone banking weren’t affected.
Chase has agreed to pay any fees or fines incurred by its customers during the outage that they have attributed to a “third party database company’s software caused a corruption of systems information.” As of Wednesday night, some customers were finally getting through to see their accounts.
My Wife’s Bank
Since we travel everywhere and have family all over the United States, my wife and I keep two bank accounts. One account we keep for daily expenses (our local bank), and another that we have nationwide in case we need something in a hurry. That’s where Chase comes in.
My wife had also been using Chase for a while, even before I met her, as it was her family’s bank back in St. Louis and it got her started in banking. We didn’t even notice anything was wrong since the kids are in the school and our traveling is done until the December holidays.
We did hear of the computer malfunction and tried to get into our Chase account to see what was happening. My wife was aghast at the Twitter reports of frustrated customers. Some articles we’ve read say that paperless banking took a major blow with this defect.
My wife and I couldn’t even get past entering any passwords. At times it would time out the connection; other times the website wouldn’t even let us get to the login screen. Since it wasn’t critical, we simply gave up trying until we heard that the problem was fixed.
I’m trying to understand how this software glitch became such a debacle. Shouldn’t Chase have tested this new software on a small number of accounts before making it system-wide? Chase really should look into using another database company after this. The financial hit to the bank probably won’t be too much, as they have assets in the trillions of dollars, but if enough people are mad, they may take their money elsewhere before too long.
My wife and I have called our automated teller, and the money is still there. We didn’t have any bill pay because we haven’t used the account since our summer vacation. We’re still paperless junkies because we want to be environmentally conscious. We chose Chase as our national bank because other banks had too many fees. For now, Chase still has our money because of all of the other benefits we get aside from online banking.
The Associated Press and the Chicago Tribune provided information for this article.