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How to Deal and Handle Online Banking Outages

7 January 2023
How to Deal and Handle Online Banking Outages

Have you been anxious lately because you noticed unauthorized transactions in your online banking app?

 

It seems no one is immune from technical glitches that even financial institutions like banks experience such an unprecedented event. Indeed, you are now doubting if it is still safe to keep your money in the bank. 

 

Online banking outages happen to banks around the world. The UK brick-and-mortar banks suffer technical glitches at least once a month based on data. Meanwhile, the US also experiences technical outages unpredictably, according to the American Bankers Association. So, keep calm and follow these simple tips when dealing with online banking outages.

 

 

5 Simple Tips to Manage an Online Banking Outage

Earlier this year, a couple of banks were caught by a storm of complaints from account holders due to a system glitch. Many of them flock to their banks to verify their accounts if it is still safe to deposit their savings. However, these banks issued an official statement that all these are temporary, assuring their accounts are still intact. If this happens to you in the future, here’s how you can handle them.

 

Try not to panic.

It’s human nature to freak out, especially if you’re catching up on the due dates of your bills. If you’re using their mobile banking app and failed to log in, try other options like logging in to their website. 

 

If you can’t still access your account, check their official social media accounts or websites if there is an advisory. 

 

Contact your bank’s customer service.

Get in touch with your bank’s customer service representatives or helpline immediately if you still have problems accessing your account and don’t see any announcement from them. It may sound inconvenient since most of their customer service number helplines will be busy. But, it is best recommended to hear it from the horse’s mouth to ease up.

 

Pay bills directly to their office.

If you have bills to pay and you’re payment can’t push through online banking, paying bills directly to their office is recommended. But, if you don’t have cash, inform your creditors about your status so they can give you enough time to pay your dues.

 

Consider over-the-counter cash withdrawal.

If you’re planning to withdraw cash, visit your bank’s nearest ATMs. But, if your bank’s ATM is also affected by the system glitch, consider over-the-counter cash withdrawal at your bank branch, although it will be a long queue. 

 

Stay vigilant on fraud.

Whether or not you have online transactions to put through, you need to be cautious and alert to fraud. Monitor your bank’s current status and get the latest updates from them. Most banks send notifications to their account holders, so ensure your contact details are active.

Once you’re back online, check your account to see if there are any unauthorized activities. Then, inform your bank if there is any.

 

 

How to Avoid Online Banking Problems

System failure and technical glitches are part of developing technology, specifically in a financial institution. However, this can be avoided by considering these simple tips.

 

  • Set up automatic payments.

One of the easiest ways to avoid online glitches is to set up an automatic payment. If you have bills to pay for your house and lot in the Philippines or an internet subscription, save them into your app and activate the auto-debit payment system. You can ask your bank for assistance if you need to learn how to set it up.

 

  • Take your time.

Not all bank account holders are tech-savvy. So, slow down and take the time to learn if you’re new to the platform. Review your transactions before clicking the “Submit” button. You can also add your email address or contact details to receive an acknowledgment notice of your online transaction.

 

  • Pay attention to what you are doing.

Avoid multitasking. Most people do online banking while chatting with friends or working on something. As a result, they often commit mistakes afterward, and sometimes, they don’t even notice if there is a technical glitch because they are distracted. So, pay attention to what you are doing to ensure a successful online transaction.

 

  • Sign up for the bank’s newsletters or alert notifications.

Newsletters and email alerts play an important role in online banking. Some people are annoyed with these alert notifications, unaware that they can save them from online banking problems. Thus, sign up for these email alerts to know bank updates and advisories. As such, you know when not to do an online transaction.

 

  • Always monitor your bank account.

Online banking is the most convenient way to monitor your account. You don’t have to leave your comfort zone for a bank balance inquiry or bill payments. With just a few taps of your fingertips, you have full access to your account, which is free. So, take advantage of such perks to regularly check your bank account.

 

  • Follow all your online banks' social media accounts.

Most banks in the Philippines know the importance of having a social media account. It is the best place to communicate with their account holders in real-time. They also know that these social media channels enable them to promote their offers and services to gain more clients. Most of all, it is the perfect medium to publish any system errors or emergency maintenance. Hence, it’s a good idea to follow all your bank’s social media accounts to keep you posted.

 

 

Lumina Homes is fully aware and has in-depth knowledge about online banking outages since it is already a fact. That is why we make sure our clients have many options to purchase or pay their amortization for an affordable house and lot property. We ensure you will have all the convenience to achieve your dream home as an investment. 

 

If you’re interested to know more about our affordable house and lot for sale units, feel free to contact us through all our social media channels. You can also leave a message in our chatbox below or visit the nearest Lumina office.

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