ROCHESTER, N.Y. – Many people woke up today expecting their paychecks to be deposited, only to find their money missing. An outage of the M&T Bank mobile app caused delays in direct deposits.
People told us in person they were able to access the app by noon. However, an M&T representative did not confirm this and said to check the website for updates. The M&T mobile banking app remained unavailable throughout the day according to the website.
Ted Rossman, a financial analyst at Bankrate, said there is no state or federal law requiring banks to reimburse fees incurred due to technical problems like app outages. However, Rossman said that 80% of the time, banks agree to reimburse customers for fees.
“We really have two different kinds of fees here. We have the overdraft or the non-sufficient funds fee that’s charged by your own financial institution, so in this case that would be the bank that messed up, like I would definitely ask them for relief from that, where this gets trickier is if someone else is also charging you a fee,” Rossman said.
If the bank does not agree to waive fees or reimburse you, it is important to find out who regulates the bank. The FDIC and the Office of the Comptroller of the Currency offer online tools to look up bank regulators.
It is recommended to file a complaint with the bank’s regulator within 60 days of receiving your bank statement. Include details about your deposit amount, expected deposit date, and when you contacted the bank.
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