Bank of America customers’ balances show $0 due to nationwide power outage

Tens of thousands of Bank of America customers have reported losing access to their bank accounts or seeing $0 balances due to network outages.

Reports of service issues began coming in at 4:26 PM UTC on October 2 and peaked about an hour later, with approximately 18,000 Bank of America customers reporting problems every 15 minutes. Data from real-time network outage platform DownDetector. It shows.

About 98% of the reports relate to Bank of America’s mobile and online banking apps.

Bank of America has not issued a public statement addressing the issue, but reportedly told CNN that the network outage was “largely resolved.”

Several comments on DownDetector confirm that the problem has not been resolved for everyone.

“Everyone says it’s fixed, but it’s not!!” A user named Corey wrote:

“Problem not resolved for at least 8 hours!” Another user, Buff Barnaby, added:

Meanwhile, hundreds of Bank of America customers criticized the bank for IT glitches, with some noting that their debts had not been paid off even though their balances were $0.

“My money is gone, but conveniently the debt is still there. Bank of America sucks.” X user Anchor Baby said:

According to X user Kerim, the problem wasn’t limited to Bank of America’s mobile app.

“When I went to the branch, I couldn’t deposit or withdraw money.”

Other customers said the ATM didn’t display their account balance but they were still able to withdraw cash.

Cointelegraph reached out to Bank of America but did not receive an immediate response outside of business hours.

While most affected Bank of America customers reacted with anxiety and anger, others described the ordeal with light humor.

Everyone refresh their Bank of America accounts and see if it’s still $0. pic.twitter.com/wUHR5Q1T7a

— Conald Peterson (@WhyGarth) October 2, 2024

Some Bitcoin investors have pointed out that Bank of America has failed to show why people should consider self-managed funds, while others have pointed to Bitcoin’s impressive uptime record.

According to Bitbo’s Bitcoin Uptime tracker, Bitcoin has not experienced a network outage since March 2013, when the network was still centralized.

However, this cannot be said for all blockchains. Solana, Canto, Zilliqa, Linea, and Canto have all had at least one outage this year. Several cryptocurrency exchanges, such as BitForex and Lykke, also suspended withdrawals after being hacked earlier this year.

In another incident, the Federal Reserve’s Automated Clearing House, a payments network used by businesses to transfer salaries to employees’ bank accounts, suffered a network outage in late November, leaving thousands of Americans without paychecks. .

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Bank of America (BAC) stock was unaffected by the IT glitch and was trading relatively flat on October 2, according to Google Finance data.

BAC’s stock also withstood $338 million worth of sell orders from Warren Buffett’s Berkshire Hathaway between September 30 and October 2, Bloomberg reported.

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