Bank “Glitch” Leads To Double Transactions

Last Friday, a bug in the online banking system at JP Morgan Chase led to duplicate payments, fees, and transactions for certain users. Later that day, the problem was resolved.

According to a report, multiple Chase customers complained online about having to wait on hold for up to an hour and having their rent or bills automatically paid twice. The New York-based banking organization serves millions of consumers throughout the globe via its website.

The bank’s peer-to-peer payment mechanism, Zelle, was also affected.

Reports show that bank customers had reported seeing Zelle payments made from their accounts twice, which prompted the company to investigate the issue.  According to a JP Morgan Chase & Co. spokeswoman, the bank was trying to rectify the problem and would immediately reverse any duplication and adjust any relevant costs.

Customers of Chase flocked to social media on Friday to complain that their accounts had either negative balances or duplicate transactions. Chase made the announcement about the bug on Twitter.

Zelle is a payment service owned by six different banks in the United States that facilitates instantaneous transfers of funds between Zelle members through email addresses or phone numbers. To better serve their customers, this service has allowed big banks to provide wire and ACH transfers alongside more modern, user-friendly options like PayPal and Venmo.

According to reports, Chase has said that Zelle users who are clients of other banks are not affected by the duplicate payments problem. 

Late on Friday, Chase said that the financial institution had fixed the root cause of the issue and was currently in the midst of undoing transactions or giving reimbursements to affected consumers.

Although online banking systems are generally trustworthy, they may have spectacular failures or brief outages, both of which have the tendency to unnerve their consumers. When a mistake occurs in a bank’s services, the issue is typically resolved within a few hours, and customers are not held responsible for any problems that may arise in their accounts when this occurs.