Money Missing From Bank Of America Account: What Happened With Bank Of America Today? Is Bank Of America Down? Bank Of America Glitch Today
by Samina
Updated Jan 19, 2023
Money Missing From Bank Of America Account
On Wednesday, a social media fire occurred with Bank Of America customers complaining that the Zelle transactions were being processed, but the money went missing from their bank accounts.
Zelle is a peer-peer payment processor made available to more than 1,700 financial institutions.
"I almost lost my mind when I saw $2,000 was missing from my account," one customer posted on Twitter Wednesday morning.
Another customer tweeted that Bank of America "magically disappeared a large Zelle transaction that HAD ALREADY POSTED."
What Happened With Bank Of America Today?
An acknowledgment was shared from Bank Of America stating that they were aware of a problem with the Zelle transactions, but they said it was resolved later on Wednesday.
"We did have an issue where there was a delay in posting Zelle transactions. It was resolved earlier today, so that all the transactions are showing in people's accounts," Bill Halldin, a spokesperson for Bank of America, told FOX Business.
"We understand that a Zelle Network financial institution may have experienced issues processing some of their customers' Zelle transactions, which has now been resolved," a Zelle spokesperson told FOX Business.
Is Bank Of America Down?
According to Twitter users, the online financial transactions service provider Zelle is having significant problems, with thousands of dollars in missing funds and transactions disappearing on the platform.
Downdetector, a website that provides real-time statistics about other websites, reports a surge in Zelle outages that began around 7 a.m. ET Wednesday.
As of 11 a.m. ET, nearly 700 outage reports had been submitted, with nearly 90% of users reporting problems with fund transfers on the platform. Another 8% of people reported having difficulty logging in.
Bank Of America Glitch Today
Sen. Elizabeth Warren, D-Mass., a Senate Committee on Banking, Housing, and Urban Affairs member, criticized Bank of America and Zelle on Wednesday, saying that they "are apparently failing customers again."
Zelle, like Cash App and Venmo, is a money transfer platform that allows users to transfer funds directly from or into their bank accounts from other bank accounts. However, unlike its competitors, Zelle makes the funds available immediately and for free. Its competitors typically charge a fee for this service.
According to American Banker, by 2022, Early Warning estimated that Zelle was driving transactions at a rate of more than $1.6 billion per day, or $1 million per minute.
That volume was bound to attract fraudsters to the platform, and users have had difficulty recovering funds lost to fraud from their banks.
Bank Of America Zelle Issues
Early Warning Services, a fintech company owned by a consortium of seven major US banks, including JPMorgan Chase, Bank of America, Capital One, PNC, Truist, U.S. Bank, and Wells Fargo, owns the company. According to the social media conversation surrounding the issue, most of the issues appear to be caused by users with Bank of America accounts. That volume was bound to attract fraudsters to the platform, and users have had difficulty recovering funds lost to fraud from their banks.
Zelle has been around for about five years and has grown rapidly. The service is now available at over 1,800 US banks and credit unions, accounting for roughly 80% of all US bank accounts.
Senator Elizabeth Warren (D-Mass.) released a report in October detailing how "rampant fraud and theft" on the platform cost users more than $90 million in 2020. That figure is expected to rise to $255 million by 2022.
Money Missing From Bank Of America Account - FAQs
The percentage of Millennials (consumers 26 to 40 years old) who call a Bank of America checking account their primary account declined from 22% in October 2020 to just 13% in July 2021. The megabank also lost share of primary status among Gen Xers (ages 41 to 55), dropping from 18% to 10% over that same time period.
You're protected by Bank of America's $0 Liability Guarantee: Fraudulent transactions made using Bank of America credit and debit cards are covered by our $0 Liability Guarantee as long as you report them promptly; please visit our account and card security page for additional details.
If the bank or credit union can't complete its investigation within ten (or 20) business days as applicable, it must generally issue a temporary credit to your account for the amount of the disputed transaction, minus a maximum of $50, while it continues to investigate.
Yes. Generally, banks may close accounts, for any reason and without notice. Some reasons could include inactivity or low usage.
Zelle® is a convenient way to send and receive money from friends, family and other people you know and trust. You can send money to almost anyone with an eligible U.S.-based bank account using their email address or U.S. mobile phone number.