The Capital One outage continues for a second day—here’s what you need to know

On By Littum

Upper line

Thousands of Capital One customers reported problems accessing their money online Friday as a “technical issue” affecting the bank’s services, including payment processing and deposits, continued to affect customers for a second day.

Key facts

The capital recognized the outage on Thursday, and the X said the bank was experiencing a “technical issue” with an unnamed third-party vendor that would temporarily affect customer service, noting that the issue would likely be resolved by Friday morning.

More than 2,100 customers reported problems just before 5 p.m. 9 EST Thursday, according to to DownDetector, with thousands of additional customers reporting further outages throughout the day and another wave of reports on Friday morning.

About 90% of reports indicated problems accessing direct deposits, including some customers who wrote the X said they were unable to access recent pay slips and payments, while others reported problems accessing their accounts on the Capital One app.

Capital One responded to a wave of customer complaints on X, said late Thursday it would “take care of all reasonable charges” incurred because of the outage.

Fidelity Information Services, Capital One’s third-party vendor, told Forbes that the company was restoring applications affected by a local power outage near one of its data centers.

Get Forbes Breaking News text alerts: We’re launching text messages so you’ll always know the biggest stories shaping the day’s headlines. Send “Alerts” to (201) 335-0739 or sign up here.

Key

A problem with Capital One’s account services follows “technical issues” affecting Citibank customers on Wednesday, including hundreds who reported receiving fraud alerts. The bank said on Friday that the problems had been solved.

Key background

The suspension at Capital One comes just days after financial regulators accused the bank of “cheating” millions of customers out of more than $2 billion in interest. Capital One disclosed in a filing late last year that the Consumer Financial Protection Bureau was investigating the bank over its savings accounts, and the agency later alleged that Capital One froze interest rates on the bank’s “360 savings accounts” even as deposit rates rose nationwide. The bank also prevented account holders from switching to new higher-yielding “360 Performance Savings” accounts, which regulators said were not marketed to existing Capital One customers. Capital One has denied the allegations.

Further reading

ForbesUS accuses Capital One of ‘cheating’ savings account holders out of $2 billion in interestBy Shut up Roush