On October 2, Bank of America (BoA) faced a significant technical failure that impacted numerous online banking users.
Customers reported various issues, including difficulties accessing their accounts, zero balances being displayed, and malfunctions with online banking, mobile apps, and certain ATMs.
Where is My Money?
Frustrated clients took to social media to voice their concerns and demand explanations for the zeroed balances in their Bank of America accounts.
“Bank of America where’s all my money? An explanation would be nice,” one user commented.
“Not cool to leave people hanging and feeling insecure about their money,” another user expressed, while a third remarked:
“My money is missing, but conveniently my debt remains. Bank of America sucks.”
According to Downdetector, over 18,000 outages were reported, with users continuing to encounter problems hours later. One user stated, “I made two online deposits, and they never showed in my account. Where is that money???”
A spokesperson for the bank issued a statement, saying:
“Some clients are experiencing an issue accessing their accounts and balance information today. These issues are being addressed and have largely been resolved. We apologize for any inconvenience.”
No further details regarding the outage or its cause were provided, and there had been no additional updates from Bank of America at the time of this writing. The bank’s help page on X saw a surge of complaints along with automated replies from customer services.
Entrepreneur and angel investor Daniel Stakleff suggested that Bitcoin could alleviate such issues, encouraging users to assume control of their own finances.
🚨BREAKING NEWS🚨:#Bitcoin can save you!
Since noon today, over 17,000 Bank of America customers are reporting account OUTAGES 🔒🔥. Many are completely LOCKED OUT of their accounts, while those who can log in are seeing their balances at $0.00 or severely off! 😱💀
What more… pic.twitter.com/cpLUCGSnIS
— Daniel Stakleff (@DanielStakleff) October 2, 2024
Bank Outages Not Uncommon
In 2019, a power shutdown at a Wells Fargo site resulted in a system outage that left customers without access to online banking, mobile apps, and ATMs for several days.
Over the past few years, cyber attacks and IT failures have also disrupted services for customers at HSBC, Capital One, TSB Bank, and the Commonwealth Bank of Australia.
Conversely, the Bitcoin network has not experienced an outage since 2013 and boasts a 99.98% uptime, according to Bitbo. Other blockchain networks, such as Solana, do not share the same reliability.
Image Source: Julian Prizont-Cado / Shutterstock
