Patelco Credit Union’s Post

The Patelco Credit Union update from the CEO is an example of the worst update ever for a cybersecurity event. As a financial institution, Patelco should be conveying how member assets are being protected during this incident. Given the impact, there is absolutely no guidance on what a member should do, other than being patient. Not really good when this incident is impacting their everyday lives. Unlike a breach to a non-financial institution, this breach has immediate and financial consequences for all members, for example, can they pay their rent, what happens with their direct deposits, will it be safe to deposit funds during this non-communicative time. I am sure legal counsel is providing advice. And of course, cybersecurity professionals have been contracted, probably legal and post recovery guidance, but unlike other institutions, they owe it to the members to be more forthcoming. If they don’t know, say it. The ETA is unknown, which means members need to plan accordingly as they only have enough information to react.  

Cool. My auto loan - due today - is a Patelco loan. Wish I could pay it on time.

CEO Abbreviated Update Checks written on your Patelco account will be paid as usual (expect a delay on it debiting your account) Transactions initiated at other banks or credit unions (i.e. ACH transfer) will be processed as usual (expect a delay on it debiting and/or crediting your account) ACH debits initiated by a biller (i.e. utility bill) will also be processed as usual If you pay your mortgage/rent by a personal check from your Patelco checking account, this will be processed as usual (expect a delay on it debiting your account) If you incur a late fee because of this incident, rest assured we will reimburse you for those fees If you have concerns about late payments impacting your credit score, we will write letters on your behalf We will waive any Patelco overdraft, late payment or ATM fees until we are back up and running Electronic transactions such as recurring transfers (including Zelle), direct deposit, and balance inquiries are unavailable Debit and credit card transactions are functioning in a limited capacity ACH transfers or bill payments established with your Patelco account will not be processed For cash withdrawals and deposits, you can access Patelco ATMs, including over 30,000 shared branch ATMs in the U.S.

No updates since the 9th. Network was to be updated by week's end. For those that are attempting to maintain fiscal stability and are not anywhere near a Patelco Credit Union, your only option is the ATM. For those that have Social Security Direct Deposit, if your deposit bounced, expect a delay of almost 2 weeks for a check to be cut and mailed. If you changed your direct deposit, it takes Social Security several cycles to make the change. For those that established a new banking relationship to pay bills, know that financial institutions have different hold policies. I am able to pay my bills now with a new institution, but some of my deposited checks are being held for almost two weeks. I found going to estatements was not a good thing, but I did maintain a manual ledger, so I do have some idea of my Patelco Balances. Lesson learned, periodically print a statement. ACH does little good if you are outside the Bay Area, so the wait state and the dead silence for the past 4 days are all that you have. Good luck with your own financial services recovery.

It is a ransomware event, which means all the data was encrypted. The threat actor demands ransom for the key. Most likely due to a phish. Uncertain why the lack of preparation given they were breached in 2023, but the 2023 breach probably was good indicator that the credit union was a breach candidate.

I am a lifelong commitment household account holder, and this event has rocked my world. I am already finding a new bank. Change your direct deposits and payment methods now!