JPMorgan says ‘technical issue’ caused customer balance errors

By Rachel Uda · June 29, 2020

JPMorgan Chase said Sunday a “technical issue” caused some customers over the weekend to see incorrect balances for their checking accounts and that the lender has since fixed the glitch.

Customers on Twitter began reporting that money appeared to have erroneously left or been added to their checking accounts early Sunday morning. One user claimed to have lost more than $100,000 from their account, while another said $2,500 had been deposited. 

#ChaseBank soon started trending on the platform amid growing concern the bank had been hacked. Chase in a statement posted to Twitter Sunday morning said the issue was related to a system update and had been resolved by 9 a.m.

“We know some customers reporting seeing incorrect balances in their checking account overnight,” the bank said. “This was caused by a technical issue that delayed updates on what displayed on Chase Mobile & Chase Online.”

As large financial institutions migrate more of their services online, they’ve had to increasingly grapple with glitches and the threat of cyberattacks. 

British consumer advocacy group Which? said in a November report based on data from the Financial Conduct Authority that U.K. banks suffered an average of five IT malfunctions a week from October 2018 through September 2019. Internet banking services were the most affected, with 133 shutdowns during the period.

The Royal Bank of Scotland and Santander logged the most IT glitches with 18 apiece, followed by Barclays which recorded 17, according to the report. 

U.S. banks have also had their share of technical problems. Chase last July experienced a network glitch that temporarily kept the bank from processing certain transactions, including large cashier’s checks. 

Capital One in November had an outage that temporarily prevented customers from accessing their accounts and direct deposits. Months earlier, the lender disclosed a data breach that exposed the personal information of 106 million of its card customers and applicants. 

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