From the article: … … … Having more than one bank (or similar financial institution) is recommended.
From the article:
Patelco Credit Union, after a week of customer lockdowns, made minor restorations in online functions as it reels from an ongoing cyber attack targeting its systems and databases.
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Cyber security specialists “have validated and greenlighted our core systems,” Mendez wrote in a July 3 update. She assured customers they can now use Venmo and PayPal payments, and that borrowers would not be penalized or incur fees because of missed payments during the system attack. The credit union also opened up its phone support lines on July 4 from 8 a.m. to 5 p.m. to take calls regarding customers’ accounts.
This follows the initial June 29 notice from Patelco detailing a lockdown of customers’ accounts, barring anyone from accessing any information about their statement balances, online payments, direct deposits, transfers or other daily functions.
Since then, Social Security payments have bounced, customers have incurred late fees for missed payments and many have complained of a lack of communication from Patelco.
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It is still unclear when the credit union’s systems will be fully operational, how much of the credit union’s over $9 billion in assets was affected and whether or not customers’ confidential information was targeted and compromised or stolen.
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With rent and bill payments beginning to stack up past due for many of Patelco’s half a million clients statewide, customers are left having to wait in lines at many of Patelco’s 37 branches in California. Others may have resorted to going to a Western Union or other check cashing place to take out money or send a payment to a credit card company or landlord.
Patelco has said customers can still write checks, but they have no way of checking how much money they have in their accounts.
Having more than one bank (or similar financial institution) is recommended.
Yeah... one of my most venerable clients banks with Patelco, and I'm really glad she has a credit card with another institution with a credit limit large enough to cover 6 months worth of...
Yeah... one of my most venerable clients banks with Patelco, and I'm really glad she has a credit card with another institution with a credit limit large enough to cover 6 months worth of expenses. I don't think it's going to be needed, but much better to have it and not need it than need it and not have it. On one level, you can still go into a branch and deal with a teller the way you always could, but on another level, what good does that actually do you when everything is paid online one way or another?
The incredible fragility of our various internet systems is something that's more and more a concern. Hopefully every business will take their security more seriously.
Unfortunately, one of the answers a lot of companies are choosing is to buy cybersecurity insurance. However, there are some positive aspects of it too. I've heard someone elaborate that as soon...
Unfortunately, one of the answers a lot of companies are choosing is to buy cybersecurity insurance.
However, there are some positive aspects of it too. I've heard someone elaborate that as soon as a claim is opened, the insurance company (or whoever they contract out to) will get the client ASAP to reduce the amount of damage when possible. Because the less damage, the less the insurance company has to pay.
I'd be intrigued to hear just how much these policies cost.
But to end on a positive note, there have to be at least some businesses out there seeing how these attacks drive reputations through the mud, and at least starting internal conversations about cybersecurity.
Hey Ma, I'm in the news! I'm very lucky that external ACH is working, and that I had an emergency fund in a big national bank. This is really annoying.
Hey Ma, I'm in the news!
I'm very lucky that external ACH is working, and that I had an emergency fund in a big national bank. This is really annoying.
President Erin Mendez has been sending almost-daily emails to update the situation and reassure customers: As of Friday the following are available, according to the email
President Erin Mendez has been sending almost-daily emails to update the situation and reassure customers:
Our commitment to helping you through this outage
Fee Reimbursement – we will reimburse late fees, non-Patelco ATM fees, or overdraft fees incurred because of this incident
Late Payment Support – if late payments impact your credit score, we will provide letter(s) on your behalf
Patelco Loans Assistance – if you have a Patelco loan or credit card, you will not incur fees, be penalized, or reported late because of missed payments while our systems are down"
As of Friday the following are available, according to the email
Patelco checks you write
Debit and credit cards (limits apply)
Direct Deposit(s)
Check and cash deposits
Bill Pay payments (previously scheduled)
ACH for bills – like cable bills, rent/mortgage, gym, subscriptions, etc.
ACH transfers initiated at other banks or credit unions
From the article:
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…
…
Having more than one bank (or similar financial institution) is recommended.
Yeah... one of my most venerable clients banks with Patelco, and I'm really glad she has a credit card with another institution with a credit limit large enough to cover 6 months worth of expenses. I don't think it's going to be needed, but much better to have it and not need it than need it and not have it. On one level, you can still go into a branch and deal with a teller the way you always could, but on another level, what good does that actually do you when everything is paid online one way or another?
The incredible fragility of our various internet systems is something that's more and more a concern. Hopefully every business will take their security more seriously.
Unfortunately, one of the answers a lot of companies are choosing is to buy cybersecurity insurance.
However, there are some positive aspects of it too. I've heard someone elaborate that as soon as a claim is opened, the insurance company (or whoever they contract out to) will get the client ASAP to reduce the amount of damage when possible. Because the less damage, the less the insurance company has to pay.
I'd be intrigued to hear just how much these policies cost.
But to end on a positive note, there have to be at least some businesses out there seeing how these attacks drive reputations through the mud, and at least starting internal conversations about cybersecurity.
Hey Ma, I'm in the news!
I'm very lucky that external ACH is working, and that I had an emergency fund in a big national bank. This is really annoying.
President Erin Mendez has been sending almost-daily emails to update the situation and reassure customers:
As of Friday the following are available, according to the email