It took more than 24 hours for Wells Fargo to restore all services to its customers following a massive power outage at a data center. Most of those affected were left without a plan b to check their accounts or even take out cash.
We are stretching your dollar with what experts say you should do now to prevent another emergency bank outage.
The recent Wells Fargo outage left millions of customers unable to access their accounts, which caused widespread panic. Experts don’t expect this to be a one time thing and advise consumers to get ready for the next tech failure.
“The government shutdown and this Wells Fargo incident kinda gave us a little preview of coming attractions,” said Matthew Schulz, Banking Expert, comparecards.com.
So, what should you do when all online systems are down, and you need cash now? Experts at comparecards.com recommend taking these three steps to prepare for a bank outage.
Number one- keep some cash on hand and save for a rainy day.
“When the inevitable glitch or snafu happens with bank technology, it can really make for a very messy situation,” said Schulz.
Step two – review your records. This means checking your bank statements on a weekly basis to quickly spot an unauthorized transaction and combat fraud.
“What you’re looking for are charges that you don’t recognize even if they’re really small. Or an account that you don’t recognize on your credit score,” said Schulz.
Step three–set up a backup bank account. Experts say it’s a smart idea to spread your money around, so you can access it when you need it most and make money in the process.
“Savings interest rates can really vary so it’s important that you do your homework when you’re looking around for an account,” said Schulz.
Also, guard against fraud with strong passwords.