Sharetec Outage Disrupts Online Banking for Credit Unions, Including Quincy Credit Union
A data center equipment failure affecting credit union technology provider Sharetec has disrupted online and mobile banking systems across several states. Members First Community Credit Union says the widespread outage is behind its recent service interruption.
QUINCY, Ill. Some Quincy-area credit union members may be encountering problems accessing online or mobile banking as a widespread technology outage continues to affect financial institutions in multiple states.
Members First Community Credit Union in Quincy has notified members that its recent system outage is connected to an ongoing disruption involving Sharetec, a Fort Wayne, Indiana-based company that provides core banking and digital technology services to credit unions.
The problem is not isolated to Quincy.
According to reporting Thursday from credit union industry publication CU Today, the Sharetec disruption began Sept. 15 and has affected credit unions across several states, leaving some members unable to access online or mobile banking and, in certain cases, preventing credit union employees from accessing account information.
What Happened at Sharetec?
The outage reportedly traces back to a cooling-system failure at a data center hosting Sharetec systems, which resulted in damage to equipment.
Several affected credit unions have described the incident as a significant infrastructure failure rather than a cybersecurity event. Institutions citing information from Sharetec have said there has been no indication of unauthorized access to member information or a data breach associated with the outage.
That distinction is important for members who may see an unavailable banking application and immediately wonder whether their accounts have been compromised.
Based on information released by affected institutions, the current issue involves access to banking systems rather than evidence that member accounts were hacked.
Restoration Work Continues
Sharetec technicians have been working to restore affected credit unions.
As of Wednesday night, Sharetec reportedly told at least one institution that more than 40% of affected credit unions had been restored to their core systems, with teams continuing to work through the remaining institutions. No universal restoration time has been established because individual credit unions may return to service at different times.
Sharetec provides technology to a network of more than 280 credit unions, meaning a problem at the provider level can affect financial institutions located far beyond the data center itself.
What Members Should Know
A temporary inability to see an account through an app or website does not necessarily mean funds or incoming deposits have disappeared. Other credit unions affected by the Sharetec outage have said they have received no indication that incoming direct deposits were lost, although members may temporarily have difficulty accessing account information or completing certain transactions while systems remain offline.
Members needing immediate assistance should contact their credit union directly rather than repeatedly attempting transactions through an unavailable system.
Sharetec and the affected financial institutions continue working to restore service.
