Collapse of online banking is not a remote risk.

Great post added it out Ace Global News and thanks for all your likes and visits always interested in finance posts after 35 years in the industry … Ian

Additional survival tricks

Your bank may be on its week long holiday (for Christmas or Easter) and your internet banking is suspended. You have only some small cash to survive one week (ATM’s only give small amount of cash) and you cannot execute large payments to meet all your contractual obligations.

How may your internet banking get suspended?

For some banks, one of them is Westpac Bank in Australia, if you log in with your (short) account number and supply the wrong password twice, the internet access is locked up. The internet lock will remain until you personally turn up at a branch to request its removal.

You have to survive on your own cash, Automatic Teller Machine cash and credit/debit cards until your branch of the bank re-opens.

How may the bank get sabotaged?

If a malicious person does not like you and happens to know your short account number he can…

View original post 155 more words

Advertisements