NEW YORK (TheStreet) -- Banks have aggressively pushed their customers to online automated banking, even charging more for paper statements. Automated payments and online banking work well and are convenient, as long as banks can assure customers their money is safe and accounts secure.
If the system goes awry, though, it can cause significant problems for consumers.
Last week, the Chase
A three-day service outage at Chase left 16 million customers without access to their accounts last week.
A late notice, accumulating fines or terminated service may be your first notification a bill wasn't paid. Missed payments can cost much more than a late fee; these problems can hurt your credit score.
Making a record of accounts to pay is a small hassle, but there may be a time you are glad you did. Scrambling to fix it after you are delinquent on the payment is too late.
For Chase customers, several days without account access was an anxious time for those with bills to pay. Even though Chase will refund late fees incurred during the delay, the bank cannot repair credit scores that drop after late payments.