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Officials with Patelco Credit Union notified customers over the weekend that they would once again be able to access online banking and mobile app services starting this week following a more than two-week-long outage that came in the wake of a cyberattack identified at the end of June.
According to the latest update from the Dublin-based credit union, customers were set to have the ability to access their accounts as of Monday, and to be able to view their balances and transfer money online via the online banking system that was shut down following a cybersecurity incident on June 29.
Electronic statements are not yet available, officials said, but transaction history is. Statements from June 1 to July 15 are set to arrive by late this month, with details pending on statements for transactions from July 16 to July 31.
“We have restored most functionality and the services most used by our members,” Patelco CEO Erin Mendez said in Friday’s announcement. “We recognize that there is still progress to be made and while this may not look perfect, we are grateful to be able to support you with your banking needs again. As this process proceeds, please understand that you may experience longer wait times at our branches and contact center, especially earlier in the week.”
Although the credit union has issued semi-regular updates on the security incident and its aftermath, the timing of the outage – just before the first of the month, leaving numerous direct deposits and bill payments pending – and the weeks-long wait for full service restoration has garnered numerous critiques from customers on social media, with some saying that they will be taking their banking elsewhere.
“I know that many of you have asked why this process has taken so long and I want to share that we have meticulously examined and bolstered our environment in order to bring our systems back online,” Mendez said. “Cybersecurity defense is a constantly moving target, particularly for financial services institutions, which are often targets for these kinds of attacks. We remain committed to making strategic investments in the advanced tools, teams, and partners that help keep us safe.”
In addition to electronic statements, a number of other services continued to be unavailable as of Monday, including new accounts and loans, credit card balance transfers, copies of statements, credit card balance transfers, and cash advances. Other services continue to have limited functionality, including certificate accounts and wire transfers.
“I recognize the difficult and frustrating position this has been for our members; please know you have remained my priority throughout our response to this incident,” Mendez said.
The credit union is offering fee waivers for a majority of its internal fees for July and August, officials said in Friday’s update, including account and overdraft fees and late fees for loans, which will be automatically processed, officials said. In addition, Patelco is set to offer reimbursements for late fees from third parties in an effort to address customers’ challenges paying bills and rent during the system outage.
“If you incurred a fee for late payment on your other bills (rent, cable, or other loan payments) between June 29 and July 15, please bring a statement or receipt showing the late fee to a Patelco branch or send a secure message through online banking, and we will credit your account,” officials said Friday.
The credit union will also provide letters to creditors aimed at explaining late payments, officials said, asking customers to contact the newly formed security hotline or to send a message via their online banking app.
