Bank of America was trending on social media Wednesday after many customers discovered that money was missing from their accounts. The concerned consumers shared their experiences online, calling out the financial giant and demanding answers.
Downdetector, a consumer website, reported the issues happening with Bank of America around 10:30 a.m. ET. Downdetector also reported on Zelle customers flagging outages about an hour earlier.
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Social media erupts
From the everyday consumer to heavyweight political and business figures, the financial giant’s timeline was flooded with complaints in the form of posts and mocking memes.
One commenter appeared to ask the question that everyone seemingly wanted to know, simply posting, “What’s going on with @BankofAmerica???”
Massachusetts Senator Elizabeth Warren expressed disappointment and placed a call for action.
“@BankofAmerica and @Zelle are apparently failing customers again, with money somehow disappearing from accounts. This should be fixed immediately and customers should be compensated. I’ve called out serious fraud issues on Zelle and this is their latest failure,” @SenWarren tweeted.
Chef Monica, of Blends Inc., thanked Warren for speaking on behalf of the people.
“@SenWarren thank you for chiming in. For months, I’ve been begging for help then I had to out loud. Wrote corporate emails, which by the way I still have @BankofAmerica a “corporate-smash-N-grab” style. Who protects “US”? #CantStopBanking #BeCyberSmart,” @ChefMBlends posted.
The verified Twitter account for @Jeffrey Fermin, co-founder of Officevibe, wrote, “Bank of America coming in early with its yearly snafu. If you’re banking with BofA make sure to check that your money hasn’t been transferred out of its account.”
Many others also sounded off, demanding answers.
“Money missing from @BankofAmerica accounts. I’m one of those thousands of people affected it. Check your account now! @BofA_News #zelle #zelledown,” one customer posted.
“Ok so my account wasn’t the only account hit this morning by @BankofAmerica apparently!!!!! Please fix this!” tweeted another.
“I see a lot of POC got affected by @BankofAmerica @Zelle issue today..anyone else notice the discrepancy today?” a user questioning whether the issue was affecting only a certain demographic.
A couple of more tweets read:
“If it’s Zelle having issues then wouldn’t the same thing be happening to other banks like US bank or Chase. It’s for sure BofA thats doing the public dirty. #bankofamerica” - @exfatclown
“I’m reaching out for help because the little money that I did have has been wiped out. Bank of America customers are missing funds. Whoever can assist me I’ll greatly appreciate it. I have zero funds now. Thank you! They are supposedly working on this situation.” - @SimoneSmithdix1
Bank of America responds
While Bank of America did not respond to the commenters on social media, as of this writing, they did send KPRC 2 the following response:
“Zelle transactions made between January 14 and January 17 may be delayed in occurring and posting to accounts as requested. Transfers will be completed and will appear in your account activity and balances as soon as possible. We apologize for any delay or inconvenience.”
What is Zelle?
Zelle is a payment platform used by millions of people to send and receive money to friends, family, businesses, etc. The service is free and is used by many banks across the country.
As noted on Forbes, Zelle is a product of Early Warning Services, LLC, a fintech company owned by seven of America’s largest banks: Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo. Because Zelle was created by banks for banks, its goal is to help financial institutions of all sizes offer a digital payments feature that’s good for both customers and a bank’s bottom line.