As a researcher with years of experience in the field and a personal journey that has led me to explore various financial systems, I find myself deeply concerned about the recent Bank of America outage. Having witnessed firsthand the power outages and system failures in traditional banking institutions, I can’t help but feel a sense of deja vu.
On the 2nd of October, numerous Bank of America clients faced a network disruption, preventing them from accessing their accounts or viewing non-zero balances. The troubles, which started approximately at 4:26 pm UTC, saw almost 18,000 customers reporting difficulties within just quarter of an hour, as per Downdetector’s reports.
Nearly all issues reported about Bank of America involved their mobile and internet banking platforms. Although Bank of America hasn’t made an official announcement, they supposedly informed CNN that most of the problems have already been fixed. However, some customers challenged this assertion.
User Corey expressed on Downdetector that it’s not actually resolved as everyone claims, and Buff Barnaby followed up by stating they’ve been experiencing the issue for over eight hours already.
A significant number of clients have voiced discontent, some even humorously pointing out the absurdity of having a zero balance while still owing money. In essence, one user, Anchor Baby, lamented on X: “My funds vanished, but mysteriously my debt persists. Bank of America is terrible.
Inside the bank branches too, there were issues, with a client stating that transactions like deposits and withdrawals weren’t getting completed. Although some Automated Teller Machines (ATMs) permitted withdrawals, the account balances couldn’t be viewed.
The event has sparked discussions advocating for decentralization, as numerous Bitcoin supporters cite it as evidence supporting the importance of personally managing one’s funds. Unlike conventional banks and certain blockchains, such as Solana, that have suffered numerous disruptions in 2021, Bitcoin has remained operational without a network breakdown since March 2013.
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2024-10-03 09:24