Issue with Zelle transactions at Bank of America reportedly rectified
On January 18, 2023, customers of Bank of America experienced a severe issue with their accounts linked to Zelle transactions. Reports indicated that funds were seemingly disappearing from accounts, causing concern and confusion among users.
The problem appeared to be a technical or transactional glitch in the processing between Zelle's payment system and Bank of America’s account handling. Bank of America acknowledged the issue and took action to resolve it after several hours of disruption.
Zelle, a popular payment platform, confirmed that the problem was with Bank of America. The Zelle customer support representative acknowledged the problem and stated that it appears to be with Bank of America's systems.
Some users on social media shared their experiences, with one user tweeting about a missing Zelle transaction that had already uploaded, causing financial difficulties. Downdetector reported a spike in outage reports for Bank of America at around 10:30 a.m. ET.
Bank of America worked to fix the problem and restore customer accounts, resolving the outage after several hours. The bank communicated to customers that the issue had been identified and corrected, and missing funds were accounted for. While detailed technical specifics of the fix were not publicly disclosed, the resolution involved correcting the transaction processing error affecting Zelle payments on Bank of America's platform.
Democratic Sen. Elizabeth Warren expressed her disapproval towards both Bank of America and Zelle due to client reports of missing funds. Warren has previously criticized Zelle and has called for more oversight of the platform. She stated that Bank of America and Zelle are failing customers and the issue of missing funds needs to be fixed immediately. Warren also suggested that customers should be compensated for the inconvenience caused.
It's important to note that Zelle itself has very high transaction completion rates without fraud issues. The Bank of America incident was notable as a technical glitch rather than a scam or fraud. The problem on January 18, 2023, was part of a broader set of disruptions reported by users but was resolved with the return of funds and restoration of service.
Transactions on the Zelle Network beyond Bank of America are not affected by the issue. This incident serves as a reminder for users to monitor their accounts closely and to report any suspicious activity to their bank or Zelle immediately.
- The issue experienced by Bank of America customers on Zelle transactions on January 18, 2023, was attributed to a technical glitch in the transaction processing between Zelle's payment system and Bank of America's account handling, affecting the finance and banking-and-insurance industries.
2.As the problem was resolved after several hours,Bank of America worked to restore customer accounts, but Democratic Sen. Elizabeth Warren, who has previously criticized Zelle, expressed her disapproval towards both entities, suggesting that seniors and customers should be compensated for the inconvenience caused and acknowledging that the missing funds need to be fixed immediately, involving politics.
- While the Zelle Network beyond Bank of America is not affected, the incident serves as a reminder for users to monitor their accounts closely and to report any suspicious activity to their bank or Zelle immediately, utilizing technology, for the safety of their general-news related financial transactions.
