The Enzo service outage demonstrates the need for planning and multiple bank accounts

During the last week of February, Enzo customers were left frustrated that they had no access to their funds during Enzo’s app outage. Without any communication from the fintech, some customers were left wondering just how long their accounts would be inaccessible.

Some Enzo customers who had either scheduled bill payments through Enzo’s app, or who were planning on logging into the app to schedule payments, scrambled to make alternative payment arrangements to avoid possible late payments.

In this case, the adage about not putting your eggs in one basket rings true. It’s important to have at least two sources of liquid assets that can help you meet your financial commitments. Although the service was eventually restored, had some customers stashed all of their money in Enzo’s vaults while the fintech was down, they might not have been able to pay their upcoming bills on time.

What’s even more important is planning. Though it’s wise to let your money grow for as long as you can before finally committing it to your creditors, it’s crucial that you give yourself enough time to pay your bills without the stress and anxiety that comes with paying a bills just a few days before they’re due.