Bank of America: An outage occurred at Bank of America, and some customer accounts display zero.

 Customers of Bank of America reported experiencing difficulties on Wednesday gaining access to their accounts; however, the bank stated that it appears to have been largely resolved. Around 12:45 p.m. ET, reports about an issue at Bank of America began to surface on Downdetector, a website that gathers outage data.

Many customers complained they could not see their account balances. When they saw zero balances, some account holders who could access them were taken aback.

"Some clients are experiencing an issue accessing their accounts and balance information today," according to a statement provided to Bank of America. According to Bank of America, "these issues are being addressed and have largely been resolved." "We sincerely regret any inconvenience."

Bank of America refused to say what exactly was wrong. When exactly all systems will return to normal is unknown. On Wednesday afternoon, a number of employees who had Bank of America accounts were unable to access their online accounts. One Bank of America customer received a notification stating that the amount of money in one or more accounts "may be temporarily unavailable" at this time.

Over $20,000 in zero balance is displayed on five accounts, according to a Bank of America customer on Downdetector. Another said that although his wife can log in and see no balance, he is unable to do so. Yet it shows my debt just fine," added a different user.

On Wednesday, Bank of America customers complained that they were unable to access their bank accounts for at least a few hours. The website Downdetector reports that around 1 p.m. ET, there was a spike in problem reports with 20,266 outages.

Some users complained that the app did not display their account balances, while others claimed they could access their accounts but that the balance they saw was $0. On Downdetector, a user posted, "App not working and online banking shows yesterday's balance." Another user commented, "Access to BoA via the App and Browser is still at least partially unavailable for us." "At this time, only a portion of our accounts are visible. Furthermore, not all accounts can use the function of account transfers."

With its main office located at the Bank of America Corporate Center in Charlotte, North Carolina, and its secondary and investment banking headquarters situated in Manhattan, the Bank of America Corporation is a multinational financial services holding company and investment bank. 

Contact customer service at (315) 724-4022.

Price of stock: $39.23 +0.01 (+0.03%) for BAC (NYSE)

October 2, 4:00 P.M. EDT - Notice of Disclaimer

Brian Moynihan, CEO (as of January 1, 2010)

Established: September 30, 1998

Headquarters: United States, Charlotte, North Carolina
AUM: $1.62 Trillion USD as of 2023
BofA Securities, Merrill, and Bank of America Private Bank are the divisions.

3,800 retail financial centers and 15,000 ATMs are the approximate number of locations (2023)

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. With 453 banking locations throughout California and total assets of more than US$1.4 billion, the bank operated in 1929. The 1925 Bank of Italy Building is a significant downtown landmark, and History Park in San Jose has a replica of the 1909 Bank of Italy branch bank.

Through the aegis of his holding company, Transamerica Corporation, Giannini expanded into the insurance industry and most of the western states in an attempt to establish a national bank.

Transamerica Corporation and Bank of America were successfully forced to separate in 1953 by regulators using the Clayton Antitrust Act. The Bank Holding Company Act of 1956 made it illegal for banks to own subsidiaries that weren't banks, like insurance firms. Following their separation, Bank of America and Transamerica continued to operate in the insurance industry. Federal banking authorities, however, forbade Bank of America from engaging in interstate banking activities. 

As a result, the domestic banks of Bank of America outside of California were compelled to merge into a new company, which eventually became First Interstate Bancorp, which was subsequently purchased by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.