Capital One is still struggling to resolve what caused its systems to go down on Wednesday, leaving people unable to access their money.
While major U.S. banks and credit cards continue to accept deposits, customers have complained of errors and limitations when trying to withdraw funds or search for accounts. Capital One claimed the issue was due to a technical issue caused by a third-party provider, although it did not name the vendor.
“We are experiencing technical issues with a third-party vendor that are temporarily impacting account services, deposits, and payment processing for some consumer, small business, and commercial banks,” SeaOne said Thursday. ” he said.
“We are working closely with our providers to resolve this issue and restore processing as quickly as possible. Services will gradually begin to return to normal later today, with the majority of issues resolved by tomorrow morning. I expect it to be.”
It’s Friday now, and we’re still working through IT glitches, including accounts not showing the correct balances and withdrawals not working as expected. The company said it would cover “all reasonable costs incurred as a result of this incident upon recovery.”
No solution in sight… Graph showing the number of user complaints over the past day on Downdetector about Capital One’s service not working.
As of publication, the bank had not commented beyond a social media post asking for patience as it continues to rectify the issue. In fact, the situation seems to be getting worse, with more and more complaints coming in, according to Downdetector. It’s no wonder customers are frustrated.
“Do we have an ETA? I need to feed my son and I can’t do that if I don’t have access to my own money,” one person said on social media. Capital One’s response was, “We are actively working to resolve the issue and restore all services. We apologize for the inconvenience,” an oft-repeated line.
It’s been a bad week for Capital One. On Tuesday, the Consumer Financial Protection Bureau filed a lawsuit against the bank, alleging that the bank created a misleading product that “deprecated millions of consumers who held 360 Savings, its flagship ‘high-interest’ savings account.” “The company illegally avoided paying billions of dollars in interest to individuals,” the lawsuit alleges (PDF). .
“The CFPB is suing Capital One for defrauding families of billions of dollars in their savings accounts,” said CFPB Director Rohit Chopra. “Banks should not deceive people with promises they cannot keep.”
In response, Capital One stated that it strongly disagrees with the CFPB’s claims and plans to vigorously defend itself in court.
We will update this story as new information becomes available. ®
