Bank of America Faces Network Outage, Leaving Thousands of Customers in Limbo

A major network issue at Bank of America left thousands of customers unable to access their accounts or seeing their balances reduced to zero.

The problems began around 4:26 PM UTC on October 2 and peaked an hour later, with nearly 18,000 reports of issues logged on Downdetector, predominantly related to the bank’s mobile and online services.

Although Bank of America has not publicly commented on the situation, it indicated to CNN that most of the issues had been addressed. By 1:01 AM UTC on October 3, the bank assured Cointelegraph that the technology problems were resolved. However, many customers reported ongoing difficulties, with one user expressing frustration that their issues persisted after hours of waiting.

Customer reactions ranged from anger to humor, with some noting that while their account balances were missing, their debts remained intact. Reports surfaced that branches were not processing transactions, and some ATMs failed to display balances, although cash withdrawals were still possible.

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In light of the outages, some cryptocurrency enthusiasts pointed to this incident as a justification for self-custodying funds, highlighting Bitcoin’s reliable uptime record since 2013.

This event also brought to mind a previous disruption in November that delayed wage payments for many Americans due to issues within the Federal Reserve’s Automated Clearing House. Despite the chaos, Bank of America’s stock showed resilience, remaining stable even amid significant sell orders from major investors.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.