How to be Prepared For a Bank Outage Like Wells Fargo’s

DES MOINES, Iowa -- More than 24 hours after a power outage at a data center, Wells Fargo says all services should be restored to customers.

Even if you are not one of the millions of customers who could not access their Wells Fargo accounts, there could be a time when your bank experiences a tech failure. That’s why a local financial planner says you should always have a Plan B.

“Having cash on hand or having a credit card or a debit card from a second vendor is usually kind of the best way to prevent having one point of failure,” said financial planner Adam Obrecht.

Obrecht from AO Wealth Advisory in Urbandale says having another way to access funds is always best practice.

“It’s also old-school things like check books now come into play. Yeah, the debit card didn’t work, but maybe [you] can write a check instead,” Obrecht said. agrees, saying regardless where you bank, these three steps should be taken to be prepared for a bank outage:

  1. Reviewing your records regularly so you know if there is an unauthorized transaction
  2. Establishing a backup bank account or contingency plan
  3. Guard against fraud with strong passwords and reporting suspicious activity on your account.

While Wells Fargo says this outage is not due to any cybersecurity event, a senior analyst at Aite Group says outages are a prime time for scammers to try to do more harm.

Wells Fargo is offering extended hours in all of their branches nationwide, staying open one hour later today and Saturday to address any concerns.

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