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.

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.