Bank of America (BoA) experienced a widespread technical glitch on Oct. 2, affecting thousands of online banking customers.
Issues reported included customers unable to access their accounts, online accounts showing zero balances, and problems with online banking, mobile apps, and some ATMs.
Where is My Money?
Angry customers flocked to social media to complain about and ask why their Bank of America accounts had been zeroed.
“Bank of America where’s all my money? An explanation would be nice,” one customer said .
“Not cool to leave people hanging and feeling insecure about their money,” wrote another user, with another stating:
“My money is gone but conveniently my debt is still there. Bank of America sucks.”
More than 18,000 outages were reported, according to the Downdetector website. Issues were still being reported a couple of hours or so ago by users, one of whom said “I made two online deposits and it never arrived in my account. Where is that money???”
In a written statement, a spokesman for the bank said:
“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.”
They did not elaborate on the details or cause of the outage, and there were no new updates from the bank at the time of writing. BofA’s help page on X was inundated with complaints and robotic responses from customer support.
Entrepreneur and angel investor Daniel Stakleff said Bitcoin solves this, advising victims to take control of their own money.
Bank Outages Common
A system outage caused by a power shutdown at a Wells Fargo facility led to customers being unable to access online banking, mobile apps, and ATMs for several days in 2019.
Cyber attacks and IT failures have also impacted the systems and customers of HSBC, Capital One, TSB Bank, and the Commonwealth Bank of Australia over the past few years.
Meanwhile, the Bitcoin network hasn’t suffered an outage since 2013 and has 99.98% uptime, according to Bitbo. However, the same cannot be said for other blockchains, such as Solana .
