Net banking: Downtime is the downside

Recent disruptions to the internet services of ANZ and Westpac highlight the pitfalls of relying too heavily on online access for banking.

A problem with ANZ’s database software meant that 738,000 users had restricted Internet access for most of last Friday. And a ‘technical glitch’ caused Westpac to shutdown its Internet banking service completely on April 19.

Westpac spokeswoman Ms Julia Quinn admitted that capacity and stability of its service were a potential problem in times of high demand.

In a perfect world, online banking offers great convenience by virtue of the promise of 24 hours a day, seven days a week service. However, these ‘outages' serve to remind consumers that system failures do occur, potentially at great inconvenience to customers.

BankChoice suggests whilst online banking provides great convenience, consumers should have other methods of access available should online access suddenly not be available at the time its really needed.

And just like with all electronic banking transactions, customers should check their statements and account records to ensure that internet-initiated transactions have been accurately processed.

Compare the Internet banking services on offer at BankChoice.