Banks Still Encounter Site Outages: 5 Things to Know for the Week

Simon Zhen

Updated on Wed Jul 16, 2014

Bank of America Signs

In the past week, some of the biggest U.S. banks — including Bank of America, Chase and Capital One — have experienced site outages. However, the hacker group that has claim responsibility for earlier bank cyberattacks previously said it suspended such attacks. Are banks being targeted by a different initiative?

  • Sovereign Bank, one of the biggest banks serving the Northeast, has started to charge a higher monthly fee for one of its basic checking accounts, up from $5 to $10. Additionally, the fee waiver requirements became stricter. Furthermore, Sovereign Bank is imposing new ATM transactions fees.
  • Twitter has reported that roughly 250,000 user accounts were compromised — usernames, email addresses, encrypted passwords and session tokens may have been stolen by hackers. As with any type of online data breach, you keep a close eye on phishing attempts and fraudulent access to online bank accounts.
  • Chase has made a slew of upgrades to its online bill pay service over the weekend. Payees will show in a single list, payees can be organized into groups and a drop-down menu was created for all types of transfers, including person-to-person payments.
  • Another company has come out with a way for consumers to turn their smartphones into payment terminals — without the mobile card reader. Flint has introduced a mobile application that will extrapolate card information by taking a photo of a credit or debit card, much like (acquired by PayPal).
  • Bank of America has restored online banking services to customers after a prolonged outage on Friday. The bank said that customer account information was not in danger. Customers who were charged fees due to the outage should call the bank to see if they can get it waived.

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