Capital One said Saturday the bank had made “substantial progress” resolving an outage and had restored account functions and processed outstanding transactions for most customers, after thousands reported issues with accessing their money online this week.
The bank said it was experiencing a “technical issue” with a third-party vendor, impacting some ... [+]
Capital One, which acknowledged an outage impacting customer services on Thursday, said Saturday on X the bank made “substantial progress” resolving an issue with a third-party vendor.
More than 2,100 customers reported issues just before 9 a.m. EST on Thursday and the number of reports surged through Friday, according to DownDetector, though fewer customers reported issues by Saturday afternoon.
About 90% of reports indicated issues with accessing direct deposits, including some customers who wrote on X saying they were unable to access recent paychecks and payments, while others reported issues with accessing their accounts on the Capital One app.
Capital One, responding to a wave of customer complaints on X, said late Thursday it would “care for all reasonable fees” incurred because of the outage and suggested issues would be resolved by Friday morning.
Fidelity Information Services, Capital One’s third-party vendor, told Forbes the company was restoring applications affected by a local power outage near one of its data centers.
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An issue with Capital One’s account services follows “technical issues” impacting Citibank customers on Wednesday, including hundreds who reported receiving fraud alerts. The bank said Friday the issues had been resolved.
The outage at Capital One comes just days after financial regulators accused the bank of “cheating” millions of customers of more than $2 billion in interest. Capital One disclosed in a filing late last year the Consumer Financial Protection Bureau was investigating the bank over its savings accounts, and the agency later alleged Capital One froze the interest rate for the bank’s “360 Savings accounts” even as deposit rates rose nationwide. The bank also prevented account holders from switching into new higher-yielding “360 Performance Savings” accounts, which regulators said were not marketed toward existing Capital One customers. Capital One has denied the allegations.