Did your online banking experience an outage today?
Some Bank of America customers reported being unable to access their bank accounts on Wednesday, October 2nd. Downdetector, which monitors website outages, reported a spike in outages during the day.
Some customers of the nation’s second-largest bank reported being unable to log on to the bank’s website, while others who were able to log on were surprised to see their account balance displayed as “$0.” Meanwhile, social media reports said some people received an error message saying they couldn’t get their account.
Finding your bank account balance at $0 can be very depressing. Especially for the countless Americans who choose to conduct their major banking transactions online. When you find out that your website is down, the inconvenience can turn your pain into frustration. Still, there are steps you can take to alleviate your concerns when such technical complications arise during such a sudden personal financial crisis.
Customers and experts react to Bank of America outage
Several Bankrate employees were among those who lost access to their Bank of America accounts on Wednesday.
“Today, some customers are experiencing issues accessing their account and balance information,” a Bank of America spokesperson told Bankrate in an email Wednesday afternoon. “These issues are currently being addressed and are largely resolved. We apologize for any inconvenience.”
“I was shocked. My balance was also zero!!!”, one of the bank’s customers reported on Downdetector. Another bank customer posted on X (formerly Twitter), “My Bank of America account has been emptied…”
The cause of today’s Bank of America outage has not yet been determined, but while there are concerns that bank outages like this are the actions of criminals, they are often the result of technical issues. This is the result. For example, earlier this year in July, customers at multiple banks were unable to access their accounts online due to a seemingly routine software update issue. This was caused by a software update by cybersecurity firm CrowdStrike that caused many computers running Microsoft Windows to malfunction. The result was a global ripple effect for several technology-dependent industries, particularly airlines and banks, for several days.
Power outages affecting bank customers can serve as a reminder of the importance of keeping cash on hand. “Whether it’s a natural disaster, a power outage, or some other cause of an outage, these events can force cash into at least several different accounts in different locations,” said Mark Hamrick, senior economic analyst at Bankrate. “This highlights the need to keep it safe.” “It’s also a good idea to keep a small amount of cash in a safe place at home.”
While these outages can be scary, there are five ways to help you deal with online banking outages and reduce stress.
1. Don’t panic if the power goes out
When you’re living paycheck to paycheck or need to pay your bills right away, the idea of not being able to check your bank account balance is scary.
However, if your bank experiences an online outage, you can rest assured that your bank will restore service as soon as possible. Banks have implemented multiple layers of checks and balances to ensure the safety of your accounts, including redundant data centers.
To put your mind at ease, you may want to check your bank’s social media handles for information about what happened and when they think they can resume service.
You may also consider contacting your bank’s customer service department to obtain more information about your issue and to stay updated on your bank’s resolution plan.
2. Try a different banking channel to log into your account
Instead of just waiting it out, you can also try another banking channel. If your mobile banking app is down, try logging into online banking on your laptop or another device. If online banking isn’t working, try your bank branch or call center.
“It’s very rare for a bank to have a failure that covers all four of these different access points,” said Paul Benda, senior vice president of risk and cybersecurity policy at the American Bankers Association.
However, be aware that contacting the call center can be frustrating. If your bank has an unexpected problem, you’re likely to be inundated with calls to your bank, which can lead to long wait times.
Another option to consider: You can also visit an ATM to retrieve your bank balance or withdraw cash.
3. Pay the bill directly to your creditor
If you’re stressed about paying your bills on time, there’s another option. Visit your creditor’s or service provider’s website to withdraw money from your account.
You can also choose the more traditional method of writing a check to the claimant or making a cash transfer directly at a bank branch.
Many servicers now offer consumers the option to pay their bills in real time. So, if something goes wrong, you don’t have to worry about scheduling your bill payments a few days before the due date. Instead, you can pay your bill as soon as your service is restored.
4. Once you’re back online, check for charges or fraud
If your bank outage resulted in fees, including overdraft fees, contact your financial institution to request a refund. Some banks will automatically refund certain fees, as Wells Fargo did during the 2019 disaster.
You can also closely monitor your account for several weeks after suspension. Impersonation attempts by fraudsters typically spike during outages, said Shirley Inskow, a now-retired senior analyst at Aite Novarica Group, a Boston-based research and consulting firm.
To counter their attacks, she suggests double-checking all transactions in your account after an incident.
“It only takes a few minutes to sign in, check your activity, confirm, ‘Yes, I did all these things, everything looks correct,’ and sign out again.” Inscoe says.
5. Avoid the idea of getting a backup option unless:
If you’ve ever experienced an online banking outage, you may feel like you need a backup bank account to avoid repeating the same scenario. But that approach is extreme. Occasional outages are not uncommon, but repeated outages at the same bank indicate a problem. If you think you need a backup bank, you should do something bolder.
“If your bank is experiencing too many outages, go find another bank with fewer outages,” says Nitin Tandon, Vanguard’s managing director and chief information officer. states.
His points underscore what experts are encouraging. Hold banks accountable for the services they provide.
“Many customers expect (banks) to be no different than their electric utilities, and that’s the way they should be,” said Ken Meyer, Wells Fargo’s chief information officer. “They expect us to work.”
conclusion
An outage to your online banking can be frustrating, but by following the steps above, you can ensure your financial security. Stay calm, contact social media and your bank for updates, and monitor post-suspension account activity for fees or fraud. If you have any questions, please contact your bank’s customer service department.
— Former bank rates writer Rene Bennett and Mary Wisniewski Contributed to a previous version of this article.
