Business Loan

Problems with a third-party vendor that Capital One uses are affecting some bank customers ability to access money online and igniting anger on social media.The bank said in a statement to CNN that a “technical issue experienced by a third-party vendor” has “temporarily impacted” some of Capital One’s services, including payment processing, deposits, and its consumer, small business, and commercial banks.Plymouth, Massachusetts, dad Matt Lanen is one of the Capital One customers affected by the issue, and because of this, he says he did not get paid as usual on Friday.”I have three children. Day care is more than my mortgage,” Lanen said. “And I have student loans still and other expenses. Right now, I still have no additional funds from my two previous weeks of work and I still can’t access my account.”Capital One sent WCVB the following statement Friday evening regarding the ongoing issue: “We are working closely with the vendor to resolve the issue. System restoration is underway but not yet fully operational.”The statement is also the same message playing on a loop on the bank’s customer service line. Capital One says it is working with its vendor, FIS Global, to resolve the issue, which it describes as technical in nature. The bank had hoped to have customers back online by Friday morning, but at 5 p.m., customers were still getting display screens saying restoration was still underway.The message was little comfort to customers like Lanen who said he received very little if any notice and was counting on their paychecks Friday. “If it was a bank you could walk into, you’d probably have more options, ‘Hey, we’ll write you a check’ but everything’s virtual,” Lanen said. He said he spent hours on hold trying to talk to a representative but had no luck. He still does not have his direct deposit pay, and Monday, Martin Luther King Jr. Day, is a bank holiday. The company says once its systems are restored it will process all deposits and other transactions that have been delayed.Financial expert Michael Armstrong says this two-day system failure at the nation’s ninth largest bank raises a lot of questions. “Where’s the redundancy? How are you relying on one company’s data center to not fail?” Armstrong said. By late Friday evening, Lanen’s paycheck landed in his bank account. However, the delay meant he had already virtually bounced several payments.Armstrong says it is time for customers to speak up. “Certainly, if something ends up in your credit report, each of the three major credit agencies allows you to dispute something. And this seems though this is one of those moments when a dispute would be justified and probably listened to,” Armstrong said.