A Commonwealth Bank outage in Australia locked customers out of their accounts, raising a question: do you actually own the money in your bank account, or is it just a privilege the bank grants? The answer points to one practical move: don't keep all your money in one place.
Customers at Australia's biggest bank couldn't access their money for hours.
The Commonwealth Bank is experiencing a major outage this morning on its banking app, preventing some users from viewing their balances or making payments.
When your money is in a bank, is it your money or is it their money which they're allowing you to have access to? Who's had the experience where the banker said, no, I'm not going to let you do that transaction, or no, I'm not going to let you make that transaction? That a lot of the time what they do is that they put everything with one bank. How are you going to set yourself up so that you can navigate no matter what comes your way in the future? You can navigate what is going on. You can duck and weave and pivot to make sure that you, your family, and your financial future are going to be safe and secure.
