Bank of America Faces Missing Funds Issue with Zelle Transactions, Prompting Customer Frustration and Senatorial Attention
Bank Accounts Missing Money Case – Bank of America, one of the largest banks in the United States, has been facing issues with missing funds from some of its customers’ accounts.
According to ABC7 San Francisco, some Bank of America customers have reported missing funds, including money from Zelle deposits and transactions. Zelle is a popular peer-to-peer payment network, and it is owned by Early Warning Services, LLC, which is itself owned by Bank of America, Capital One, JPMorgan Chase, PNC, Truist, U.S. Bank, and Wells Fargo.
One customer, Rey Garcia, reported that almost $700 went missing from his account. He tried to contact customer service but could not get through to a representative. Many other customers also took to social media to express their frustration and to seek answers. The website DownDetector, which monitors the status of websites, reported that “user reports indicate problems at Bank of America,” with the first user-submitted reports coming in at 1:42 a.m. on Wednesday, Jan. 18. Sixty-six percent of reports indicated there was an issue with “funds transfer.”
Bank of America has since put a warning on its app, informing customers that Zelle transactions made between January 14 and January 17 may be delayed in occurring and posting to accounts as requested. The bank apologized for any delays or inconvenience caused.
The issue has also caught the attention of Senator Elizabeth Warren (D – Massachusetts), who called on both Bank of America and Zelle to assist their customers. She tweeted, “.@BankofAmerica and @Zelle are apparently failing customers again, with the money somehow disappearing from accounts. This should be fixed immediately and customers should be compensated. I’ve called out serious fraud issues on Zelle, and this is their latest failure.”
Bank of America currently has approximately 67 million consumer and small business customers in the United States, while Zelle’s users were projected to hit 61.1 million in 2022, according to Insider Intelligence. Both Bank of America and Zelle have experienced a surge in fraud, with scammers tricking customers into sending them money via Zelle under the guise of “protecting” their funds at Bank of America.
This incident highlights the importance of having strong security measures in place to protect customers’ funds. Banks and other financial institutions need to continually assess and improve their security protocols to prevent fraud and ensure their customers’ trust. It also emphasizes the need for better customer support and communication channels, particularly during times of crisis. When customers face issues with their accounts, they need to be able to quickly and easily get in touch with a representative who can help them resolve the issue.
The recent missing funds issue faced by Bank of America with Zelle transactions has caused frustration among its customers and caught the attention of Senator Elizabeth Warren. The bank has apologized and issued warnings to its customers, while the senator has called for immediate action to be taken. This incident highlights the importance of having robust security measures in place to prevent fraud and protect customers’ funds. It also underscores the need for better customer support and communication channels, particularly during times of crisis. It remains to be seen how Bank of America and Zelle will address this issue and ensure that their customers’ trust is maintained.
Courtesy by: ABC7News