Bank Freeze Outs, Glitches and Holds Increasingly Locking Customers Out of Funds

Mac SlavoActivist PostThis image was captured from a real ATM machine not long ago, and could be seen anytime for any reason by anyone operating on the digital grid.If ever you needed a better motivation to get your funds out of the bank, this is a clear sign that a digital clampdown is coming.There are increasing examples of technology failures and stricter bank policies that are keep people from getting their money.And they are happening all across the globe.Ulster Bank in Ireland just made news after customers were locked out of their accounts by a glitch that disabled access to wage money:Following a number of complaints from those expecting their weekly and monthly salaries to post, the bank apologised on Twitter for the glitch. “We’re aware that a number of customers are experiencing delays in receiving credits this morning, our tech team are working on this at the moment,” the bank’s customer care account, @UlsterBank_Help tweeted.Supposedly the problem is minor, short term and only happening at the one local branch. The bank has apologized for difficulties.Unfortunately, the larger picture makes clear that this will happen again somewhere, and it could happen to many more people.Even routine maintenance and website updates can be enough to block customers out of their accounts, often without even giving advanced notice; many credit unions, while offering a better choice, likely hold most of the same policies.Consumer Affairs.com reported on many customers who’ve been shut out of their funds due to Suspicious Activities Reporting including cases where small business owners were considered potential money launderers for conducting ordinary business by sending out checks to pay bills and employee salaries:“I am a sole proprietor with a small business and have my income direct deposited into my checking account at 5/3. 3 days ago I went into the bank to get money orders and they treated me like I was robbing the bank.



Read more about Bank Freeze Outs, Glitches and Holds Increasingly Locking Customers Out of Funds