Earlier this year, several banks reported online banking outages as customers anxious for their COVID-19 stimulus checks overwhelmed their syste
Earlier this year, several banks reported online banking outages as customers anxious for their COVID-19 stimulus checks overwhelmed their systems. With another round of stimulus payments possible, you may find that your bank experiences an outage due to increased demand.
Regardless of the reason, any online banking outage can be both frustrating and inconvenient. To help you weather the storm, the tips below can guide you toward a lower-stress experience until your bank’s full functions come back online.
Stay Calm
If you find your efforts to log in to your bank thwarted, stay calm. The app or website could be experiencing a temporary glitch. But if you can’t log in after several attempts, check your bank’s social media accounts to see if they’ve posted about an outage or a known issue that’s preventing customers from being able to log in.
You can also check a site like DownDetector to see if there’s a known outage at your bank.
Try an Alternate Way to Log In
If your login attempts aren’t working, and you can’t find any evidence of an outage via your bank’s social media accounts or website, make sure the login problem isn’t yours.
Here are a few ways to troubleshoot login problems with your bank:
Via Desktop
- Check your internet connection.
- Restart your modem and router.
- Restart your computer.
Via Mobile App
- Check for an app update.
- If there’s an update, install the update and try logging in again.
- Turn your phone completely off and restart.
Via ATM
- Visit an ATM and see if you can get cash.
- Try a cash-back transaction at a grocery store when you pay with your debit card.
If you’ve tried the above methods and still can’t access your account or its funds, call your bank’s customer service number. You may be able to complete your transaction via phone or, at the very least, get an estimate of when they’ll restore service. Keep in mind that if your bank’s experiencing an outage, you may get an “experiencing high call volumes” message and be on hold for quite some time before speaking with a representative.
Contact Service Providers and Creditors Directly
If you need to pay a bill but can’t access your bank’s online bill pay system, don’t fret. You still have alternatives.
For a payment that’s due, reach out to the service provider or creditor directly. You can also often use the company’s website to pay directly.
Alternatively, make a payment by phone. There’s a high likelihood that you can use your debit card or a check-by-phone to make your payment, as an online banking outage won’t necessarily impact payment processing systems.
If the outage affects your bank’s payment processing system, call the service provider or creditor directly, especially if your payment is due within the next 24 hours. Explain the situation and provide evidence of the outage. You may be able to get a payment extension or to provide your payment information to process a payment the next day without penalty.
Communication is imperative if you think an outage might delay payment past its due date. Creditors like to see customers acting in good faith and are typically happy to work with customers who call seeking a solution. You also can ask your creditor if they have automatic payment options, which can help you avoid any last-minute scrambles to get your payments in on time in the future.
Use a Credit Card
If an online banking outage interrupts your bank’s payment processing, it helps to have a credit card on hand for emergencies. Using a credit card for a day or two can help you with basic tasks like paying bills, putting gas in your car and getting lunch or groceries.
For larger expenses like a car, rent or mortgage payment, reach out to your creditors to make arrangements for an alternate payment date so you aren’t unnecessarily charging large expenses.
Consider a Backup Account
You may feel more secure if you have access to cash even if your primary bank suffers an online banking outage. In this case, consider keeping your emergency fund at a separate bank from your primary bank. Online banks are an option that can offer low-to-no fees and often higher interest rates on your savings than many brick-and-mortar banks.
When you need cash in a pinch, you can use a creditor’s website or customer service phone line to process a payment by phone using your bank account and bank routing number.
It’s worth noting that if you need to tap your emergency savings during an online banking outage at your primary bank, try to keep your transactions to a minimum. Even though Regulation D restrictions have been eased, many savings accounts only allow six withdrawals per month.
Be on Alert for Fraud
As has been seen in several outages, fraudsters can use online banking outages at large banks to their advantage. So, it pays to be hypervigilant if you find your bank making headlines.
During an online banking outage, be extra cautious with emails or calls that seem as if they’re coming from your bank. Fraudsters can use banking outages to try to get customers to share their online login credentials and other sensitive information, like Social Security numbers.
If you get a call or email that looks like it’s from your bank, don’t click or divulge any personal information. Instead, use a bookmarked link in your browser to access your bank’s website or call the customer service number on the back of your debit card.
Once you’re able to access your account, look for unfamiliar activity and call your bank immediately if you notice any. It’s also wise to log in to your account more often for a few weeks following an outage to ensure it hasn’t been compromised. It only takes a few minutes to log in and review your transactions. And doing so offers the reassurance that your money is safe and secure following a disruption in service.
If you’re especially worried about money during COVID-19, there are steps you can take to make sure your mobile and online banking information stays secure.
Contact Your Bank to Request Fee Refunds
If you incur any fees during your bank’s online service outage, don’t be shy about calling your bank to ask for a refund. Some financial institutions will automatically refund any fees incurred during outages, but others require a request from customers.
While it may feel frustrating to have to call and ask for a fee refund, keep in mind that an online banking outage isn’t fun for your bank, either. Customer service representatives do the best they can for the bank’s customers. A little extra patience on both sides can usually remedy the situation.
Remember That Your Money Is Safe
Finally, if your bank has an online banking outage, remember that your bank account is insured through the FDIC (Federal Deposit Insurance Corporation) up to $250,000, per account, per ownership category, in the event of a bank failure. At credit unions, your funds are insured up to $250,000 through the NCUA (National Credit Union Share Insurance Fund). Both insurers are backed by the U.S. Treasury and protect you against loss every day of the year, even during online banking outages.
Bank outages are stressful, but rest assured that most pass quickly. Though you may experience frustration for a day or so, there are often workarounds to pay bills and keep life moving, even when your bank’s online system isn’t cooperating.
Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Fonte : www.forbes.com
