Capital One Restores Account Access After Days Of Outage
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Capital One has fixed the problems that left many customers locked out of their accounts for days. The company shared an update, telling people that “account functionality for all customers is now restored.”
The firm apologized for the trouble customers faced and promised to do better. The bank encouraged everyone to check their accounts online and reach out if they needed help.
Capital One Faces Technical Trouble, Leading To Customer Complaints
The issues started last week when a power failure at FIS Global, a third-party company that helps with banking services, caused problems for Capital One. This meant many customers couldn’t access their accounts, make payments, or receive deposits.
The trouble began on Thursday, January 16, and lasted until Friday, January 19. Many upset customers took to Capital One’s social media to complain. Some shared their frustration about not being able to pay bills or access money they needed, using strong words to express their anger.
Sadly, Capital One wasn’t the only bank facing technical problems last week. Citibank also experienced issues with their mobile app. Customers said they had trouble getting their fraud alerts, and some had to wait a long time to speak to someone at the fraud department.
Citibank fixed their problems by Thursday morning. These service problems are not just annoying for customers but also very costly.
Capital One Faces Lawsuit Over Misleading Savings Accounts
Research from PYMNTS Intelligence shows that technical issues like these cost businesses around the world over $400 billion every year. For smaller businesses, these problems can lead to losing customers and the expensive task of rebuilding trust in the brand.
Luckily, open payment platforms can help reduce these risks. These platforms work by rerouting payments through backup systems, ensuring that businesses continue running even when things go wrong with their main system.
But the bad news didn’t stop there for Capital One. On Tuesday, January 14, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against the company. The lawsuit claims that Capital One misled customers by promoting a savings account as having one of the “highest” interest rates in the country.
Meanwhile, another account had rates that were 14 times higher. The CFPB’s director, Rohit Chopra, said, “The bank should not be tricking people with promises they can’t keep.”
Capital One responded by saying they strongly disagreed with the CFPB’s claims. They promised to defend themselves in court and argue that they didn’t do anything wrong. Despite the recent problems, Capital One is working hard to fix the issues and improve their service for customers in the future.
