Back in September of 2019, just before Repo madness started in the US, there were reports of several big US banks going offline for hours at a time during business hours, leaving bills unpaid, people unable to buy food or pay rent, and costing businesses millions.
Since December, the same thing has been happening to TD Bank in Canada, but today on Friday January 31st 2020, it's a big one.
Below we can see that TD Bank is experiencing a service blackout across Canada and the US.
But why is this happening? Is TD being hacked? Is their network being attacked?
I suspect this is not the case, unless we're talking a very large scale attack, which would likely hit the news and be a big story. It's possible that just like with big US banks, TD Bank may be having issues with liquidity as well. TD Bank (Toronto Dominion) is originally a Canadian bank, but in the past two decades has opened up shop around the USA. Will they be getting a bail-out as well?
I've been a customer of theirs my whole life (literally), but my gut tells me this is serious. Should I be worried? should TD Bank customers be worried? Should TD investment customers be worried?
I don't know, but I hope not.
Thanks for dropping by.