Well it’s happened again! The big news right now is many Bank of America customers across the country have had their bank accounts zeroed out. I have a family member that confirmed a balance of zero even though there should be thousands of dollars in the account.
Here is a quote from USA Today on the issue:
People complained that their account balances were not visible on the app while others said they could access their accounts but that they were seeing a balance of $0. “App not working and online banking shows yesterday’s balance,” one user said on Downdetector.
Oddly enough, the CEO hasn’t come out and tried to calm people down or made any statement as far as I know so it makes me wonder if this is far worse than people think.
Don’t Put All Your Eggs In One Basket
I warned about this becoming a growing problem in a post here. I encourage everyone to read that post and a personal story, ironically, with Bank of America. The one piece of financial advice I can offer to EVERYONE on the planet is don’t keep all your money in one institution. I personally have at least 6+ bank accounts and 4+ brokerage accounts. It is a hassle to manage all these accounts but I know that if one or two institutions go down, I will still have access to money somewhere.
The growing problem with nation states, hackers, scammers and other nefarious actors is getting bad enough that I am planning on opening bank accounts overseas as a precaution.
Share The Wealth
Were you affected by the “glitch?” Let me know in the comments below.