Bank of America Experiences Widespread Outage and Zero Balances

On Wednesday, numerous Bank of America customers reported difficulties in accessing their bank accounts, with some even reporting their account balances showing $0. The outage reportedly began around 12:30 p.m. E.T. on Wednesday, as per the tracking website Downdetector.

Thousands of User Complaints

Within an hour of the outage, over 20,000 user complaints were lodged via the website. Multiple Bank of America users took to social media to share screenshots of their empty account balances. An Epoch Times staff member also reported being unable to log into their Bank of America account.

Lack of Communication from Bank of America

Interestingly, some users on social media claimed that Bank of America had not informed them about the issue. Additionally, some users reported having problems with Zelle, a digital payment system used by multiple banks and owned by Bank of America and several other banks.

Unclear Impact and Resolution Time

The exact number of customers affected by this issue and the time it will take to resolve the problem remains unclear. The Charlotte, North Carolina-based bank has not disclosed any details about what’s causing the issue.

Bank of America's Response on Social Media

On social media, Bank of America’s team was seen responding to complaints by asking for additional information. However, it did not seem that the bank provided any information about the nature of the outage or how long it could take to fix.

Company's Response to Customer Concerns

One Bank of America representative responded to a user expressing concerns about logging in, saying, “Hi, we are sorry to see this. If you’re still experiencing the concern, please click below to let us know. Thank you.” Another post read, “Hello, your concern caught our attention. Please use the link below to connect with us and send additional details. We'd be happy to follow up with you.”

No Response from Bank of America

The Epoch Times reached out to the company for a comment on Wednesday but did not receive a response by the time of publication. Last year, Wells Fargo, another banking giant, issued an alert on its website after customers reported not seeing their paychecks and direct deposits in their accounts.

Recalling BofA CEO's Comments

Several social media users were quick to recall BofA CEO Brian Moynihan's comments a few years ago, where he said, “Bitcoin is highly Speculative, you could wake up one day and your account would be worth zero."

Bottom Line

This widespread outage and the reported zero balances in customers' accounts raise serious questions about the reliability of banking systems. It also highlights the importance of timely communication from banks during such crises. What are your thoughts on this incident? Do you think banks need to have better contingency plans in place for such situations? Feel free to share this article with your friends and discuss it. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.