trusted formPatelco Credit Union Security Incident Disrupts Services |
Breaking News Patelco Credit Union Security Incident Disrupts Services

Breaking News: Patelco Credit Union Security Incident Disrupts Services

Breaking News: Patelco Credit Union Security Incident Disrupts ServicesBreaking News: Patelco Credit Union Security Incident Disrupts Services
Patelco experienced a 'security incident' two days ago, which has affected the availability of their services.

Published On: July 1st, 2024

On June 29, 2024, Patelco Credit Union, a prominent financial institution serving nearly half a million customers in Northern California, experienced a “serious security incident” that halted many of their day-to-day banking operations. This incident left customers unable to access their accounts, make transactions, or even check their balances online. As the credit union works to resolve the issue, it has led to widespread concern and frustration among their members.


Facts & Figures

  • Incident Date: June 29, 2024
  • Affected Customers: Over 456,000 members
  • Services Disrupted: Online banking, mobile app, call center, electronic transactions (including Zelle, direct deposits, balance inquiries, and payments)
  • Current Status: Limited capacity for debit and credit card transactions; some ATMs are available via the Co-Op network. They are working with cybersecurity experts, but with no confirmed ETA for resolution
  • Company Assets: $9 billion
  • Branches: 33 locations in and around the Bay Area and Sacramento region

Some Background on Patelco

Patelco Credit Union, founded in 1936, originally served employees of Pacific Bell. Over the decades, they have expanded their services to include savings and checking accounts, auto loans, auto loan refinancing, personal loans, mortgages, and various credit card options. With over 456,000 members primarily in Northern California, Patelco is one of the largest credit unions in the state, managing around $9 billion in assets.

The Current Situation

Patelco Credit Union reported the security incident on June 29, which forced the shutdown of several key banking systems to contain and remediate the issue. CEO and President Erin Mendez informed customers via email that the credit union has been collaborating with cybersecurity experts to understand and resolve the problem. However, there is currently no estimated time for when full services will be restored.

The incident has affected various electronic transactions, including transfers, direct deposits, and balance inquiries. Debit and credit card transactions are functioning at a limited capacity. While Patelco has directed customers to use ATMs within their larger Co-Op network, which includes over 30,000 shared branch ATMs across the US, many customers have expressed frustration over the lack of access to their funds and the delayed communication from the credit union.

Patelco’s branches will be open on Monday, July 1st, but wait times are expected to be longer than usual. Representatives will be available to assist but cannot provide specific account information.

What This Means to Their Clients

For Patelco’s customers, this security incident has led to significant inconvenience and concern, especially for those who rely on the credit union for their primary banking needs. The disruption has affected critical financial activities such as paying bills, accessing funds, and completing everyday transactions. Customers have taken to social media platforms to voice their dissatisfaction, highlighting the need for more transparent communication and quicker resolution from Patelco.

The incident has also raised questions about the safety and security of customers’ assets, with some expressing concerns about potential breaches and the impact on their financial stability. The prolonged outage and lack of clear timelines for resolution have further exacerbated these worries.

That said, if you are concerned about the security of your accounts, Patelco assures members their deposits are federally insured by the National Credit Union Administration (NCUA).

The Bottom Line

Patelco Credit Union’s recent security incident underscores the critical importance of robust cybersecurity measures in financial institutions. As the credit union works to restore services and ensure the security of customer data, they must address the communication gaps and restore customer confidence. This incident serves as a reminder to all financial institutions of the need for proactive cybersecurity strategies and transparent communication with customers during crises.

For more information and updates, you can visit Patelco Credit Union’s official website or contact their customer support.

Note: This article is based on available information and customer reports. For the latest updates, you may have to refer to Patelco Credit Union’s official communications.

Recent Posts