Charities in the South East are struggling to pay staff and suppliers due to the suspension of CAF Bank's online banking services, which has been in effect since July 24. The bank, serving over 14,000 charities, halted online access following concerns of cyber fraud, leaving many organizations feeling powerless as payday approaches.
CAF Bank's management has acknowledged the disruption and is working with external experts to resolve the issue. While core banking functions remain operational, the lack of online access is causing significant stress for charity leaders and their teams, who are unable to access funds for essential payments.
As charities face payroll challenges, watch for updates on CAF Bank's resolution timeline. Stakeholders should monitor communication from the bank for clarity on payment processing and consider alternative funding sources to mitigate cash flow issues during this disruption.