On October 2, Bank of America experienced a major technical glitch that affected thousands of online banking customers. Problems included the inability for customers to access their accounts, online accounts displaying zero balances, and issues with online banking, mobile apps, and some ATMs.
### Where is My Money?
Frustrated customers took to social media to express their concerns about why their Bank of America accounts were showing zero balances. One customer questioned, “Bank of America where’s all my money? An explanation would be nice.” Another shared, “Not cool to leave people hanging and feeling insecure about their money,” while another remarked, “My money is gone but conveniently my debt is still there. Bank of America sucks.”
According to the Downdetector website, more than 18,000 outages were reported. Problems were still being noted a couple of hours later, with a user stating, “I made two online deposits and it never arrived in my account. Where is that money?”
A spokesperson for the bank addressed the situation in a written statement: “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.” However, no further details about the cause of the outage were provided, and there were no new updates from the bank at the time.
Bank of America’s help page on X was flooded with complaints and automated responses from customer support. Entrepreneur and angel investor Daniel Stakleff suggested that Bitcoin provides a solution, encouraging individuals to take control of their finances.
### Bank Outages Common
In 2019, a power shutdown at a Wells Fargo facility caused a system outage, leaving customers unable to access online banking, mobile apps, and ATMs for several days. Cyber attacks and IT failures have similarly affected the systems and customers of HSBC, Capital One, TSB Bank, and the Commonwealth Bank of Australia in recent years.
Meanwhile, the Bitcoin network boasts 99.98% uptime and has not experienced an outage since 2013, according to Bitbo. However, other blockchains like Solana have not been as reliable.
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