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An electrical short that occurred just under two weeks ago caused the problems that led to Intuit's online banking system being down for several hours. The problem and the efforts to fix it were outlined this week by CEO Brad Smith during this week's conference call regarding the company's results for the first quarter ended September 30.

"We had a severe hardware failure that created a electrical short that took out three independent UPS systems. It also corrupted power so our failover capability did not operate as it should have," Smith said in detailing how the problems arose. He said the outage was a week and a half ago and that many banking customers were without services for several hours. "It is deeply disappointing," says Smith. He said the company has made progress in its efforts to deal with such problems.

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