On October 2, thousands of Bank of America customers were left shocked when they found their account balances showing $0 due to a network outage. While their money appeared to be missing, many noted that their debts were still visible, adding to their frustration.
The outage, which began at around 4:26 pm UTC, saw a sharp increase in complaints, with nearly 18,000 customers reporting problems within just 15 minutes, according to data from Downdetector, a platform that tracks real-time network issues.
The majority of the reports (98%) were related to the bank’s mobile and online services, leaving customers unable to access their funds through these platforms. Although Bank of America did not immediately issue a public statement, it later told CNN that most of the network issues had been resolved. By 1:01 am UTC on October 3, that the “technology issues have been fully resolved.”
However, not all customers experienced relief at the same time. Many continued to express their frustrations online, with some claiming that their accounts were still showing $0 balances. A user named Corey commented, “Everyone is saying it’s fixed, it’s not!!” Another user, Buff Barnaby, shared, “Still not fixed, been out at least EIGHT hours!”
Some customers even reported that the issues extended beyond digital platforms. A user on social media stated, “Went to branch and they are not allowing deposits or withdrawals.” Other customers mentioned that while ATMs weren’t showing their account balances, they were still able to withdraw cash.
The widespread outage led to anxiety for many, though some saw humor in the situation. Bitcoin enthusiasts highlighted the event as a reason why people should consider self-custody of their funds, emphasizing Bitcoin’s long-standing uptime. Since March 2013, Bitcoin’s network has not experienced any outages, unlike certain blockchains such as Solana and Canto, which have seen service disruptions this year.
Bank of America’s outage is not an isolated incident. In a similar event last November, thousands of Americans experienced delays in their wages when the Federal Reserve’s Automated Clearing House (ACH), a system that businesses use to transfer payments, suffered a network failure.
Summary Review: While Bank of America’s outage caused significant disruption, it serves as a reminder of the increasing importance of reliable digital banking systems. As financial technology evolves, issues like these highlight both the need for robust infrastructure and the growing interest in decentralized alternatives.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
