What’s Going on With Bank of America: Is the Outage Fixed?
Bank of America customers had trouble accessing their accounts on Wednesday. According to CNN, accounts were massively unavailable, and those who could access them saw empty balances.
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Bank of America customers had trouble accessing their accounts on Wednesday. According to CNN, accounts were massively unavailable, and those who could access them saw empty balances.
In a later update, CNN reported that the issues were largely resolved. The bank stated that the problems had mostly been fixed, though the cause of the glitches remains unknown. It’s also unclear when all systems will fully return to normal.
The outage of one of the biggest U.S. banks raised concerns about the safety of customers' money and the broader banking system. Users on X (formerly Twitter) referenced an episode of The Simpsons where Bank of America supposedly ran out of money.
On the same day, Bloomberg reported that Warren Buffett’s Berkshire Hathaway sold $338 million worth of Bank of America shares.
Recent news highlights the challenges facing the banking system. In March 2023, regulators shut down Silicon Valley Bank after encountering liquidity issues.
It’s no surprise that temporary glitches, especially on a massive scale, trigger public panic.
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