Capital One customers have been struggling to make deposits since the banking service crashed Wednesday.
The bank revealed Friday that ‘technical issues experienced by a third-party vendor’ are to blame for the nationwide outage.
‘Specifically, this has delayed processing of some transactions including direct deposits and Early Pay credit for direct deposits, as well as electronic payments and transfers (ACH),’ Capital One shared in a statement.
The vendor behind the outage is FIS Global, a provider of financial tech services to several major banks.
Capital One’s social media page states it is ‘actively working with the vendor to resolve the issue and restore services, and apologize for the inconvenience.’
The bank serves more than 100 million customers in the US, Canada and the UK.
While customers report not seeing deposits reflected in their accounts, Capital One has assured them that their ‘funds are safe.’
However, customers said they have not been able to pay electric bills, rent or buy groceries because their accounts have been empty.
Scott Krugman, a spokesperson for FIS Global, told DailyMail.com: ‘FIS has restored access to the applications impacted by the power outage. We are working with impacted clients to finalize the posting of transactions that occurred while systems were offline and expect most, if not all, of that work to be completed today.’
Downdetector, a site which monitors online issues, showed a full-out outage hit Capitol around 5am yesterday, but some customers were experiencing issues as early as Wednesday.
‘I’ve had only $2.07 in my account since Wednesday because of [Capital One]. Please fix this. Some people live paycheck to paycheck and are relying on you to give them their money on time,’ Sierra Brown shared on Downdetector.
While Nicole Figueroa wrote: ‘I’m sure rent-a-center will be knocking on my door soon.’
DailyMail.com has contacted Capital One for comment.
Capital One officially notified customers about the outage in an email on Thursday, which states the company expects ‘services to gradually begin to return to normal throughout today and the majority of issues to be resolved by tomorrow morning.’
But the email has left out issues hitting business owners.
‘This email does not even address my issue of all of my business accounts being unavailable for over 48 hours to myself and Capital One,’ Bonnie Brochhausen posted on X.
‘I could not even make a deposit at my local bank branch because they could not locate business accounts in their system. Terrible customer service.’
The outage has left some customers vowing to ‘never use Capital One again’ and others suggested a Class Action lawsuit should be filed against the bank.
The fiasco comes as Capital One was accused of ‘cheating’ customers out of $2 billion in interest payments on savings accounts.
The bank was sued on Tuesday by the Consumer Financial Protection Bureau (CFPB).
The watchdog said Capital One promised customers that their popular 360 Savings account provided one of the ‘top’ and ‘highest’ interest rates, but then froze their rate at a lowly 0.30 percent while rates rose nationwide in line with the Federal Reserve’s benchmark rate.
About the same time, Capital One created a virtually identical product, called ‘360 Performance Savings.’
This differed only from the 360 Savings account in that it paid out substantially more interest – at one point more than 14 times the 360 Savings rate.
The bank did not notify 360 Savings account holders about the new product, and instead ‘schemed’ to keep them in the dark about the better-paying products, the CFPB alleges.
‘The CFPB is suing Capital One for cheating families out of billions of dollars on their savings accounts,’ said CFPB Director Rohit Chopra. ‘Banks should not be baiting people with promises they can’t live up to.’
The watchdog is seeking compensation for affected customers in its lawsuit, which it expects to win.
