Having cash when online banking shuts down

U.S. & World

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.

Matthew Schulz, banking expert at Comparecards.com says “The government shutdown and this Wells Fargo incident kinda gave us a little preview of coming attractions.”

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.

Say Schulz, “When the inevitable glitch or snafu happens with bank technology, it can really make for a very messy situation.”

Step two: review your records. This means checking your bank statements on a weekly basis to quickly spot an unauthorized transaction and combat fraud.

Schulz adds, “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.”

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.

According to Schulz, “Savings interest rates can really vary so it’s important that you do your homework when you’re looking around for an account.”

Also, guard against fraud with strong passwords.
 

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