“I am now extremely in debt.”
Bank of America and money exchange app Zelle apparently screwed up and misplaced a bunch of people’s funds yesterday.
As numerous social media accounts and local news reports have attested, people were understandably furious on Wednesday when they discovered some of their hard-earned dollars were missing, and even more so when they learned that other people were experiencing the same problem. .
“as cool as [BofA] magically disappeared a large transaction from Zelle that I HAD ALREADY POSTED and used to pay bills,” a user tweeted. “Now I’m extremely in debt on my check and I can’t get them. Unbelievable.”
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Speaking to reporters late Wednesday, Bank of America acknowledged the error, admitting there was “a delay in the publication of Zelle transactions” and saying it had been “resolved.”
A Zelle customer support account hinted that the problem was on the BofA end.
“We are aware of an issue that is affecting Bank Of America customers when sending and receiving payments,” said the Zelle support account tweeted in response to a user who said their payment had not posted. “We recommend contacting the Bank of America customer service team for additional updates.”
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While the issue was apparently fixed by morning, critics rightly point out that it’s indicative of a bigger problem, with some pointing out that the big bank has a history of repeatedly fumbling with its customers’ funds.
Most recently, the bank was fined $225 million by the Consumer Financial Protection Bureau after it “botched” the payout of unemployment money during the height of the COVID-19 pandemic when it outrageously flagged unemployment benefit payments. numerous clients, froze their accounts, and refused to unfreeze them, leaving those clients in the lurch when they needed that money the most.
Sen. Elizabeth Warren, the former presidential candidate who helped found the CFPB during the Obama administration, called both companies amid reports on social media about the bizarre outage.
“[BofA] Y [Zelle] apparently they are failing customers again, with money somehow disappearing from the accounts,” said the the progressive senator tweetedadding that she “has exposed serious fraud issues at Zelle.”
It’s horrible that the companies and apps we trust with our money lose it, even temporarily, but it’s also a reminder that we don’t have as much control over our funds as we think.
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