Capital One reported substantial progress on resolving an outage that affected thousands of customers’ access to their online accounts over the weekend. The bank acknowledged issues with its third-party vendor, Fidelity Information Services, which was restored after a local power outage near one of its data centers.
According to reports, more than 2,100 customers experienced problems with accessing direct deposits and Capital One app services. The number of reported issues surged through Friday but decreased by Saturday afternoon.
In response to customer complaints on social media, Capital One initially offered to waive reasonable fees incurred due to the outage. However, the bank attributed the resolution of the issue to its vendor’s efforts rather than an internal fix.
The outage comes amidst ongoing criticism from financial regulators over Capital One’s alleged mismanagement of interest rates for millions of customers. The Consumer Financial Protection Bureau is investigating the bank over claims it denied customers access to higher-yielding accounts and froze interest rates on certain savings accounts despite rising nationwide deposit rates.
Despite the recent controversy, Capital One has maintained its position that allegations are unfounded.
Source: https://www.forbes.com/sites/tylerroush/2025/01/18/capital-one-made-substantial-progress-resolving-outage-heres-what-to-know