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Australian Bank's System Outage Leaves 9 Million Customers Without Cash (reuters.com)

Posted by EditorDavid on from the down-and-under dept.

An anonymous reader quotes Reuters: National Australia Bank on Saturday suffered what it described as a "nationwide outage" to some of its technology systems, leaving customers unable to access banking services or withdraw money. Customers took to social media to vent their frustrations, with some saying they were left unable to pay for groceries or refuel their cars...

National Australia Bank is one of Australia's four largest retail banks with a customer base of 9 million, according to its website... The Bank of New Zealand, a NAB subsidiary, also experienced outages on Saturday across New Zealand, but the spokesman was unable to confirm a connection between the two incidents.

3 of 132 comments (clear)

  1. There's a lesson here by JaredOfEuropa · · Score: 5, Interesting

    Your emergency supplies - which you surely have - should include some cash.

    --
    If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
  2. Cashless Society == Bad Idea by Anonymous Coward · · Score: 5, Interesting

    This is one the reasons why a cashless society is a bad idea. Suppose the electronic systems were down for a couple of weeks. How is one without cash going to buy food, fuel, essential medicine, and pay for the rent/mortgage? In fact this is one of the less important reasons why its a bad idea. A quick summary of the other reasons why a cashless society is bad:
              - Government and the Corporations get to monitor EVERY transaction made. No privacy. Anything and everything may be used against you now or in the future.
              - WIth the push of a button the Government (and perhaps the Banks too) can turn off your money.
                        - No money for rent/mortgage, food, essential medicine, or fuel.
                        - No money to pay the lawyer to fight it.
              - Bank have absolute control of your money. You don't.
                        - Fees for every kind of transfer, even small ones. No other option. Its not like you can just pull your money out in cash.
                        - Fees for the storage of your money. Your money dwindles away if you don't spend it. They can motivate you to spend more by increasing fees, and/or charing negative interest.
                        - No way to opt out of dealing with the banks. Best option is maybe getting to switch banks.
                        - Banks can dictate how your spend your money -- increasing fees for payments to parties they don't like, or denying them altogether.

  3. Re: Here is a better source by b0s0z0ku · · Score: 1, Interesting

    Hopefully, then the far-right Christian crowd will start a revolt. i.e. "it's the mark of the Beast!"