A major tech outage impacted a variety of industries and services around the globe on Friday, causing problems for airports, hospitals, and some banks and financial institutions.
The outage stemmed from "a defect found in a single content update for Windows hosts," said CrowdStrike (CRWD) CEO George Kurtz, and was "not a security incident or cyberattack." The update defect meant problems for companies that use Microsoft, and impacts started as early as about midnight Eastern Time on Thursday, according to Microsoft. By early morning Friday, Microsoft had "reports of successful recovery."
Flights were disrupted and some European and Australian television broadcasters had issues going on air, the New York Times reported. 911 systems in a few states went down due to the issue. By late Friday morning, Eastern Time, repairs had begun and the disruptions were being repaired. For those impacted by delayed or canceled flights, there are ways to get refunded.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
There have been concerns about the outage impacting banks and financial service. By and large, though, major financial service in the U.S. have reported they are running operationally, despite concerns for some of the best online brokers and trading platforms.
How banks and finances were impacted by the tech outage
Most major American banking systems and stock trading was largely unaffected by the glitch, but there were some impacts reported.
Charles Schwab posted on its website: "Due to a third-party, global, industry-wide issue, certain online functionality may be intermittently slow or unavailable. We’re actively monitoring the issue. Phone services may be disrupted and hold times may be longer than usual." A Kiplinger employee noted his Schwab account didn't seem to show price changes registering on stocks as of early Friday morning.
"TD was impacted by today's global technology disruption but we can confirm that the majority of our impacted systems, including online banking, have been restored," TD Bank told Kiplinger in a Friday afternoon statement, adding that teams are continuing to monitor the situation. In an earlier statement, the bank recommended customers visit a local TD bank or ATM for immediate banking needs.
Visa has not seen disruptions to its ability to process payments, and systems are operating normally, but it is "aware of reports of people being unable to make payments" and is investing the situation, a spokesperson told Kiplinger. Citizens Bank said in a statement it is "currently experiencing very limited impacts" and that tech teams are "fully engaged" to monitor the system and resolve any issues that come up.
KeyBank told Kiplinger it does not use CrowdStrike internally but is monitoring for impacts on third-party service providers. Raymond James, a Readers' Choice Awards full-service broker favorite, reported to Kiplinger that systems are operating normally. Interactive Brokers told Kiplinger all its systems "are currently 100% functional and operating normally."
Ally Financial confirmed to Kiplinger Friday afternoon that all systems are fully operational. Edward Jones told Kiplinger impacts "have been minimal."
Fidelity said it has not been impacted, and Vanguard told Kiplinger in a statement "there is no current impact to our products or pricing." Citi and Robinhood appeared to be operating normally. Zelle told Kiplinger it is "operating as normal."
A New York Stock Exchange spokesperson told Kiplinger "markets are fully operational."
The London Stock Exchange was running operationally with the exception of its news service, which was not able to publish news, Barrons reported. The service was in the process of repairs as of Friday morning, per Reuters.
Banks in South Africa had disruptions causing people to say they were unable to make payments with bank cards, and Bradesco, a Brazilian bank said digital services were unstable but ATMs were working normally, according to the Associated Press.
Related Content
-
How Collectibles Are TaxedCollectibles Gains on collectibles can be subject to a higher rate than for most other investments.
-
Why Adobe Stock Is Down After Its Earnings BeatAdobe stock is lower Thursday despite the tech giant beating expectations for its fiscal 2024 fourth quarter. Here's what you need to know.
-
I Won’t Be Handing Out Gift Cards This Christmas. Here’s WhyGift cards are usually considered a safe bet at Christmas, but in these strained times, how can you be sure your gift won't go to waste?
-
Quicken Launches New Tool to Protect Your Financial Documents: Is it Worth it?If you're looking for a secure place to store your financial documents, Quicken's LifeHub offers you an easy and affordable way to do so.
-
CPI Report Casts Doubt on Rate Cuts in 2025: What the Experts Are Saying About InflationCPI November Consumer Price Index data sealed the deal for a December rate cut, but the outlook for next year is less certain.
-
Quiz: Test Your Financial LiteracyTry your hand at these three questions designed to gauge your knowledge of the ABCs of personal finance. In a survey, only 43% of Americans answered correctly.
-
How to Get the Maximum Social Security Check in 2025
The maximum Social Security check is $5,108 in 2025, up from $4,873 in 2024. Even if you don't qualify for the maximum monthly benefit, you can still increase your payments.
-
The Best Ways to Use Your Year-End Bonus (and the Worst)'National Lampoon's Christmas Vacation' shouldn't be anyone's go-to for financial advice, but it does remind us how not to spend a holiday bonus.
-
Never Talk About Money? For Women, That Can Spell DisasterHow can you plan for retirement when your husband holds the purse strings and talking about money is taboo? Help is at hand for this common problem for women.
-
How to Guard Against Identity Theft in 2025Scammers are getting better at impersonating legitimate businesses.
