Many customers of Patelco Credit Union, one of the largest and longest-established credit unions in the United States, have found themselves financially hamstringed at the start of this week due to a debilitating ‘serious security incident.’ According to ABC 10, this has led to a suspension of crucial electronic banking services including online and mobile banking and has severely limited card transactions, causing significant disruption for users trying to make everyday payments such as mortgages and rent.

While the full nature and extent of the incident remain under wraps, Patelco confirmed through a social media statement that they were forced to take down some day-to-day banking systems, a move that has affected a wide array of electronic transactions and as the week started customers found themselves at the standstill, thwarted in their efforts to manage their funds efficiently, a situation that is especially problematic given the tight financial schedules many adhere to on the cusp of a new month.

Physical cash transactions, however, seem to remain intact as users can still make withdrawals and deposits at Patelco ATMs, including those at shared branches, amidst what is undoubtedly a maze of concern and inconvenience.

Patelco's branches and call center, albeit operational, are bracing for increased demand and longer wait times, with the credit union cautioning, “We’ll answer your questions as best as we can, but we cannot provide specific information on your accounts at this time,” a statement posted online as mentioned by ABC 10.

Erin Mendez, Patelco’s president and CEO, informed customers via email about the gravity of the situation and the consequent shutdown of some of the credit union’s banking systems, details that NBC Bay Area brought to light, the credit union is actively working with cybersecurity experts to resolve the issue and restore full service, though a definitive timeline for a resolution remains to be seen.