if for any reason a bill pay bank does not make a payment on time, it is not accepted by the payee as a reason to be late.
There are very many payees that will buy that excuse (even if the bank was the cause) and waive a late fee....maybe once. It is still the obligation of the payer to see that payments are processed to "arrive" at the payees location on time.
This bank episode is nothing more than a confirmation of the weakness in our ever growing cyber controlled world. Cyber attacks like this one with the banks should be viewed as the hackers making ANOTHER test run at capability.
Our futures will definitely see more of this type "warfare".
btk
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