JPMorgan Still Trying to Restore Online Banking

JPMorgan Chase & Co., the second- largest U.S. bank by assets, is trying to fix its consumer website after a failure late yesterday left more than 16.5 million customers without access to online banking.

“We are working on a technical issue,” Tom Kelly, a spokesman for the New York-based bank, said in an interview. The site has been down “since overnight," said Kelly, who couldn’t estimate when service would be restored.

JPMorgan’s active online customers have grown by an average annual rate of 42 percent since 2006, according to a presentation to investors by Chief Executive Officer Jamie Dimon today. More than 3.7 million households use JPMorgan’s online website to pay their bills.

"I know our system is down today," Dimon said at the conference. "I apologize for that."

Bert Ely, a Washington, D.C.-based banking consultant, said the length of the failure ‘‘raises questions about backup capabilities and redundancies within the Chase systems.”

Paul Dear, a retired banker in Grand Rapids, Michigan, and part-time school teacher, said he couldn’t log in to his Chase checking account when he tried about 9 p.m. Eastern time yesterday.

“They’ve got a real problem,” said Dear, who also has an account with HSBC Holdings Plc. “I’ve been using online banking with HSBC for a very long time and I’ve never had any problem like this.”

Photographer: Tony Avelar/Bloomberg

Jamie Dimon, chairman, president and chief executive officer of JPMorgan Chase & Co. Close

Jamie Dimon, chairman, president and chief executive officer of JPMorgan Chase & Co.

Close
Open
Photographer: Tony Avelar/Bloomberg

Jamie Dimon, chairman, president and chief executive officer of JPMorgan Chase & Co.

A message on JPMorgan’s online banking site at 3:22 p.m. New York time said, “Our website is temporarily unavailable. We’re working quickly to restore access. Please log on later.”

Customers who need service can call the bank or visit a branch, Kelly said.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.