On October 2, 2024, some Bank of America customers reported being unable to sign in or seeing a $0 balance when they could access their accounts. Bank of America said it was addressing an issue with account access and balance information and that it had largely been resolved. The reports do not establish that customers’ money was removed, and they do not describe a current outage.
What happened during the Bank of America outage?
CBS News reported that customers experienced problems on Wednesday, October 2, 2024. Some said they could not sign in; others could sign in but saw a zero balance. Outage reports began shortly after noon Eastern Time. By 3 p.m., about 5,000 people had reported problems to Downdetector, according to CBS. That is a crowd-report figure, not a verified count of unique customers affected or the bank’s total.
Bank of America told CBS: “Some clients are experiencing an issue accessing their accounts and balance information today.” It added: “These issues are being addressed and have largely been resolved. We apologize for any inconvenience.” The statement acknowledged an access and information problem, but did not explain its technical cause.
Did customers actually lose money?
The cited reporting does not show that funds were removed or establish any customer’s actual account balance during the disruption. A $0 displayed while account information is unavailable is not, by itself, proof of a withdrawal, loss, bank failure, or cyberattack. The CBS report did not identify a cause, confirm financial losses, or give a final number of affected customers.
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What to do if your balance is unavailable or shows $0
- Contact the bank through a trusted route. The Consumer Financial Protection Bureau (CFPB) recommends calling the number on the back of your payment card or on a bank statement. Do not trust unsolicited messages claiming to be support.
- Try another access method. Depending on what is available, try the bank’s phone system, an ATM, or in-person service. Do not post account details or other personal information publicly.
- Review transactions and scheduled payments when access returns. Confirm whether time-sensitive payments went through. If necessary, use another payment method to avoid missing a due date.
- Ask about fees caused by the disruption. Contact the bank about any late, overdraft, or insufficient-funds fee tied to the outage. CFPB guidance recommends asking, but does not guarantee the bank will reverse a fee.
- Report an actual error promptly. If a transaction is missing, unauthorized, or incorrect, use the bank’s official contact channel and keep the relevant transaction or statement details. Bank of America’s online banking service agreement describes its error-resolution process. Deadlines and procedures vary by account and transfer type, so consult the agreement that applies to your account; its listed terms can change.
- Watch for impersonation scams. The CFPB warns that scammers may pose as financial companies through email, phone calls, social media, or text. Never provide credentials or sensitive information in response to an unexpected request.
Does deposit insurance apply to an outage?
FDIC deposit insurance is a general protection for eligible deposits if an FDIC-insured bank fails; it is not evidence that money was lost in this service incident. The CFPB says coverage is up to $250,000 per depositor, per insured bank, for each account ownership category (described in its guidance as per unique account). Whether and how much coverage applies depends on the bank and account ownership structure.
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Sources and incident scope
- CBS News’ October 2, 2024 report covered customer reports, the Downdetector figure, and the bank’s statement.
- CFPB guidance on managing finances during a disaster provides general advice for bank-service disruptions and deposit insurance.
- Bank of America’s online banking service agreement sets out account-error procedures. The agreement’s terms and deadlines may change.
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