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This is absolutely unacceptable, and I'd like to see regulatory fines. A worse version of this that I've read a few times is banks suddenly "security" flagging

This is absolutely unacceptable, and I'd like to see regulatory fines. A worse version of this that I've read a few times is banks suddenly "security" flagging your accounts and disabling everything for sometimes up to weeks at a time while they "investigate." I've tried to protect myself from a single banking point of failure with this setup: - Paycheck into local Credit Union Checking - Partial automatic transfer from Credit Union Checking into online Bank Checking - All bills are paid from the Credit Union except Credit Cards, which are paid out of online bank Ultimately if either the Credit Union or online Bank has problems, I just use the other one. I'd then move my next months Paycheck if it was the local Credit Union that was problematic. This setup is actually simpler than I am making it sound, two checking accounts and a single automatic transfer (then splitting your bills appropriate). Nobody should have to do this to have a good banking experience, but prudence never hurt.

zeroonetwothree 3y ago
If they resolved this in just a few hours (as the article states) why should there be fines? Unless there was some kind of negligence involved anyone can have a technical issue. Software is just too complex now, especially when you are supporting legacy code from 50 years ago
- option 3y ago
  few hours or days, whatever. The fine should be proportional to damage done to customers (more if days, less if hours)
me-vs-cat 3y ago
Is your paycheck direct deposit? Have you considered splitting that into deposits at each of your banks instead of your partial automatic transfer?
bjacobt 3y ago
If that happens to you CFPB[0] is your friend. Chase closed my account because I deposited a valid check, but chase fraud dept closed my account with close to 13k in it. I made a lot of trips to the bank, countless hours on the phone and what I found is different departments don’t communicate or share data. Every time I call or go to the bank the first agent would say a check was mailed and I should wait for it in the mail, but wouldn’t give me an ETA. After I insist they never mailed anything, I get transferred around and finally someone says they have not received the requested document - which I had submitted in person at a local branch. This process repeated few time and got escalated to their “executive office” twice - which restarted the process. It felt like I would never get my money and after two months found out about CFPB and filed a complaint. About 3 weeks later chase magically found all the documents and mailed a check for the balance. [0] https://www.consumerfinance.gov/ https://www.consumerfinance.gov/

zeroonetwothree 3y ago

If they resolved this in just a few hours (as the article states) why should there be fines? Unless there was some kind of negligence involved anyone can have a technical issue. Software is just too complex now, especially when you are supporting legacy code from 50 years ago

option 3y ago
few hours or days, whatever. The fine should be proportional to damage done to customers (more if days, less if hours)

me-vs-cat 3y ago

Is your paycheck direct deposit? Have you considered splitting that into deposits at each of your banks instead of your partial automatic transfer?

bjacobt 3y ago

If that happens to you CFPB[0] is your friend. Chase closed my account because I deposited a valid check, but chase fraud dept closed my account with close to 13k in it. I made a lot of trips to the bank, countless hours on the phone and what I found is different departments don’t communicate or share data. Every time I call or go to the bank the first agent would say a check was mailed and I should wait for it in the mail, but wouldn’t give me an ETA. After I insist they never mailed anything, I get transferred around and finally someone says they have not received the requested document - which I had submitted in person at a local branch. This process repeated few time and got escalated to their “executive office” twice - which restarted the process. It felt like I would never get my money and after two months found out about CFPB and filed a complaint. About 3 weeks later chase magically found all the documents and mailed a check for the balance. [0] https://www.consumerfinance.gov/ https://www.consumerfinance.gov/