JPMorgan froze millions of accounts overseas due to a massive glitch that halted $81,000,000,000 in bank transfers.
“Engineers are investigating a banking glitch that triggered a total shutdown of billions upon billions of dollars in bank transfers in Japan.
The glitch began on Tuesday, leaving more than one million customers unable to move their money and affecting banking giants including JPMorgan Chase, MUFG and Mitsubishi Trust,” reports DailyHodl.
UPI reports that a whopping $81 billion in transfers were halted leaving customers with frozen accounts for about a day before engineers were able to find a resolution.
According to reports, an interbank communication system called Zengin was at the core of the failure as banks scrambled to process transactions with a backup system.
Japan’s biggest bank, MUFG, said transfers to other banks initiated online and at ATMs and convenience stores were denied as Zengin worked to identify the cause of the issue and recalibrate the system.
“Given the significant impact this incident has had on our customers, we will promptly investigate the cause and develop measures to prevent it from happening again,” said the company.
This is not the first time Chase experiences a massive interruption affecting many people.
In the United States, 16,000 ATMs crashed in September, leaving customers unable to access their money over the weekend.
The outage was due to an internal technology-related issue, a source said on condition of anonymity.
Downdetector, which tracks outages by collating status reports from several sources including users, said there were reports of around 900+ outages at its peak.
However, hundreds were still reporting outages going into the week.
In August, Republican attorneys general from 19 states said the bank was “persistently” discriminating against its own clients and freezing bank accountswithout warning.
Chase Problems Persist in Florida
Market News Today – JPMorgan Now Freezes Millions of Accounts Due to Massive Glitch.
Last week, Chase customers on Downdetector were advising of several Chase ATM issues in Florida alongside a string of other concerns with the bank.
“5 ATM locations between Boynton beach, Fl and Lake Worth Fl, completely down, “technical problems”. Not accepting withdrawals, deposits, or any transfers. 10/10/23, This happened right at 12am,” reports a user on Downdetector.
“Atm’s are down cant deposit cash,” reported another Chase customer.
Many reports have recently come in from customers regarding bank statement issues as well.
Several Chase customers are reporting being unable to access their bank statements or view recent transactions.
“Trying to download my September bank statement for the past 3 days. Every time it says, “That part of our system isn’t working right now.” This is ridiculous,” says Sarah K.
“Down again. Can’t access statements and debit transactions not showing after noon. I get paid tomorrow and I’m not feeling very secure about Chase handling my money any further. I will be looking at credit unions instead,” reports another frustrated user.
Chase is currently scheduled to close several more of its branches this year, which may tie into why the bank has had many technical difficulties at its physical locations.
Last year, the bank led in branch closures, shuttering 144 branches, while only opening 133.
Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.
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