Commonwealth Bank of Australia had a major outage that blocked customers from viewing balances and making payments. The speakers question whether deposited money really belongs to you or the bank, and recommend spreading accounts across multiple institutions to protect access to your funds.
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 gonna let you make that transfer. That a lot of the time what they do is that they put everything with one bank. How are you gonna 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 gonna be safe and secure.
