Capital One & Cadence Bank customers plan to switch after outage
Banking customers across the Mid-South were shocked last week to learn their paychecks would not arrive on time.
"I was really scared," said Alicia Jefferson, an Olive Branch resident. "(I thought), 'how am I going to feed my family?' I didn't want anything to bounce because of the issue."
Jefferson had been a customer of Cadence Bank since 2007. She learned of the technical outage on Thursday but hoped it would be resolved by payday. Her card then declined at the grocery store.
"I started to get a little worried," she explained. "Was my money safe? Was my money ever going to show up?"
By the time her paycheck arrived Sunday morning, she had already decided she would switch banks.
"Everybody needs their money," Jefferson said.
She was far from the only one.
In Tupelo, Terry Whaley told FOX13 he had to wait two days for his paycheck to arrive in his Cadence Bank account.
"The bills ain't going to wait on nobody," he explained. "I don't care who you are."
While he thankfully didn't have bills due in that time frame, the delay was enough to convince him to switch banks.
"What if I did have bills scheduled?" he asked. "What if I was traveling and needed to stop and get gas?"
Both Capital One and Tupelo-based Cadence Bank reported issues with a third-party vendor last week.
In a statement to FOX13, a Capital One spokesman wrote, "We sincerely apologize to our valued customers.”
On X, the company promised to "care for all reasonable fees incurred as a result of this incident once we are restored."
On Facebook, Cadence Bank wrote, "We know this was an inconvenience to our customers, and we thank you for your patience. We are committed to refunding any fees incorrectly assessed on accounts impacted by this outage."
"There should be some type of compensation for the inconvenience," said Sondra Watson, a Memphis resident and Capital One customer.
Watson was grateful she didn't put all her eggs in one basket.
"This is exactly why you have more than one account," she explained.
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