Another day, another banking glitch affecting your money. On Wednesday, Oct. 2, Bank of America reported experiencing significant outages affecting many of its customers’ accounts.

Reports indicate that thousands are locked out of their accounts, and users are experiencing issues with both online and mobile banking services.

Bank of America Customers Report Zero Balances

Some customers have reported seeing their account balances drop to zero, and many have taken to social media to express their frustrations. The outage appears widespread, impacting various banking functionalities, including ATM access.

What You Can Do

If your bank experiences an outage—whether it’s due to a technical glitch, cyberattack, or other causes—your access to funds and banking services may be temporarily disrupted. Here’s what you can do:

1. Stay Calm and Assess the Situation

  • Check for Official Communication: Visit your bank’s website, social media pages, or mobile app (if accessible) for official updates. Banks typically communicate through these channels to provide information about outages, estimated restoration times, and any temporary solutions they are offering.
  • Use Alternative Communication: If the website and app are down, you can try calling customer service. Keep in mind that call volumes may be high, so be prepared for delays.

2. Verify the Cause of the Outage

  • Outage or Localized Problem?: Ensure the issue isn’t specific to your account or local branch. An outage affecting the entire bank’s systems will likely be reported on the bank’s social media or via media outlets, whereas individual account problems will not.
  • Check Online Resources: Websites like Downdetector provide real-time information about outages across various services, including banks. You can see if others are reporting similar issues.

3. Plan for Access to Emergency Funds

  • Use Backup Cards: If the bank’s systems are down, try using credit cards, prepaid cards, or other bank accounts if available. Keep at least one alternative payment method on hand in case of a bank outage.
  • Withdraw Cash: If you anticipate continued problems or are experiencing service interruptions, withdraw cash from an ATM or branch (if accessible) for necessary expenses.
    • Note: Sometimes ATMs are affected by bank outages, so you may not be able to withdraw cash. Have backup funds stored for emergencies if possible.

4. Keep Track of Your Transactions

  • Avoid Making Big Transactions: During an outage, try to avoid making large financial transactions unless absolutely necessary. Some transactions may not process properly and could lead to double charges or other issues.
  • Monitor Your Accounts: Once service is restored, carefully check your bank statements and online banking history for any unusual transactions. Report any discrepancies to the bank immediately.

5. Use Branches and Phone Services (if Available)

  • Visit a Branch: Sometimes, online and mobile banking services may be down while in-person banking at branches is still available. If your bank branch is open, visit it for any urgent banking needs like deposits, withdrawals, or account inquiries.
  • Phone Banking: If your bank’s mobile app and online services are down, try using the automated phone banking system or speaking with a representative to manage your account.

6. Keep Bills and Automatic Payments in Mind

  • Check Payment Due Dates: If your bank outage affects bill payments, ensure that automatic payments or manual payments for things like rent, utilities, or credit cards are still processed on time. Reach out to the payees if there is a delay due to the outage.
  • Avoid Late Fees: If you’re unable to make payments because of the outage, contact the creditors and explain the situation. Some companies may waive late fees or offer a grace period due to bank outages.

7. Secure Your Accounts

  • Be Aware of Scams: Cybercriminals may take advantage of the chaos during a bank outage to launch phishing attacks or scams. Be cautious of unsolicited calls, texts, or emails claiming to be from your bank asking for account information or offering help. Always use official channels to communicate with your bank.
  • Monitor for Fraud: After services are restored, monitor your account closely for any unauthorized activity. Notify your bank of suspicious transactions immediately.

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