Bank of America got glitched/hacked - account balances show ZERO

[MeganC]

No link as there are numerous stories posted on the web about this.

The consensus of the stories is that:

1. Bank of America got glitched or hacked.
2. Checking, Savings, and Investment accounts for millions of people are currently showing ZERO balances.
3. Loan and credit card balances, of course, were unaffected.
4. The probability of BofA bouncing checks and payments is extremely high. Account holders should anticipate bounced check and late fees due to this event. And don't hold your breath expecting BofA to make good on it. They won't.

[The_Reader_David]

It does not seem to be system-wide.  The BoA checking account I keep open for various reasons of convenience shows the correct non-zero balance.

[corbe]

   If you are still at BoA, Wells Fargo or Chase you are compromised, they were bailed* out, 2009.  Why do you think that they get away with so much $hit~They are Gov owned.

   *I wonder if Trump will save Chrysler, who also got another bailout, years prior.

[Wingnut]

Average Joe citizens should  never patronize a megabuck..  Either stuff your .money in amattress or bury it inside of cans In your back yard.   If you must use a bank use a small local outfit.

[Smokin Joe]

Average Joe citizens should  never patronize a megabuck..  Either stuff your .money in amattress or bury it inside of cans In your back yard.   If you must use a bank use a small local outfit.

Yep!

[catfish1957]

Good opportunity to remind everyone to have and use their ID theft protection, and check accounts often.

As far as BoA, Worst case scenario FDIC should cover up to $250K, if this glitch/hack is unreslovable. 
Still, I think their balance sheet is sound enough to cover it all without FDIC.  In any case, this is going to be a very expensive problem for them. 

[DefiantMassRINO]

... I bank with a local mutual bank.

Years ago, I got screwed by public stock banks ... first, Quincy Savings Bank ... next, South Boston Savings Bank, which was acquired by First Naitonal Bank of Boston ... next, a very small mutual bank that got acquired by a public stock bank ... now, I'm with a different mutual bank, and hope it never goes public nor gets acquired.

Public stock banks' primary concern is return of capital to shareholders via dividends and stock buybacks, not service to their customers.

[MeganC]

Worst case scenario FDIC should cover up to $250K

Keep in mind that the FDIC might insure $250 but they typically pay ten to thirty cents on the dollar.

[DefiantMassRINO]

Since the Heritage Foundation is the Government dismantlement and Individual protections elimination meat cleaver of modern Robber Barrons, I suspected they would want to eliminate FDIC desposit insurance.

What does Project 2025 have to say about FDIC Desposit Insurance?

Here's what I found:

https://www.13newsnow.com/article/news/verify/project-2025-verify/project-2025-and-federal-deposit-insurance-corporation-fdic-fact-check/536-e506f9f9-1d46-4832-acb1-f62cec8ec210
What we can VERIFY about Project 2025 and the FDIC
Project 2025 proposes merging the FDIC with other federal banking agencies, but it’s unclear how that merger would affect government-backed deposit insurance.

Author: Erin Jones
Published: 6:22 PM EDT July 17, 2024
Updated: 6:22 PM EDT July 17, 2024

Project 2025, the conservative think tank The Heritage Foundation’s plan to transform the federal government during the next conservative administration, is garnering more attention as the 2024 presidential election approaches. VERIFY has received dozens of questions from our readers about the plan and what it entails.

Several social media posts circulating on X and Facebook claim Project 2025 has plans to get rid of the Federal Deposit Insurance Corporation (FDIC). The FDIC protects people against the loss of their deposits up to $250,000 if an insured bank fails in the United States.

“Project 2025 will get rid of the FDIC so your bank accounts are no longer insured, while also deregulating banks so they can take risks that make them more likely to fail. How do you feel about the safety of your life savings being up to banks?” a viral post with over 43,000 shares claims.

Multiple VERIFY readers, including Bobby, Don and Eve, have asked whether these claims are true. ...

So the answer is "Maybe?".

[catfish1957]

Keep in mind that the FDIC might insure $250 but they typically pay ten to thirty cents on the dollar.

On consumer claims?  What basis do you have on that?  I am old enough to remember the S & L mess in the 1980's, and one we were using in about 1989 went under.  We were fully re-imbursed. Where are you getting this 10-30, because if that was the case, there sure wouldn't be the deposits that reside there now.  Bad business, so to speak.

That 10-30% you allude to is coverage on capitalization  base of the failing institution.

[mountaineer]

LA Times via Yahoo News
Bank of America glitch that stressed customers coast-to-coast is resolved
Ruben Vives
Wed, October 2, 2024 at 2:46 PM EDT

A glitch with Bank of America's mobile and online services on Wednesday prevented thousands of customers from accessing their accounts or discovering they had a zero balance, according to company officials and an outage monitoring website.

The nationwide issue began in the morning and affected more than 20,000 customers before the company said it was fully resolved Wednesday evening. Some customers were livid that Bank of America had not alerted them about the issue and that they were getting little assistance from customer care. They turned to the social media platform X to air their grievances.  ...

Matthew Card, a spokesman for the company, said in a written statement that some mobile and online banking clients had experienced an issue accessing their accounts and balance information.

"These technology issues have been fully resolved," he wrote in another statement released Wednesday evening. "We apologize for any inconvenience."

Card did not say how widespread the issue was or the number of customers affected by the outage but said the glitch was not related to a cyberattack.  ...