Bank of America balances showing $0

[bhadz]

All this to say, this never happens with crypto. Crypto works 24/7. (Unless you made it centralized on purpose, in that case good luck).

For wallets, it don't happen mostly. But it's true with exchanges, these glitches do happen as well. And one that I cannot forget was with this incident, a terrible ending for the guy found his balance went to negative after all his life savings and trading profit was kept. This was on robinhood: 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance

On other case, it also happened in Coinbase: Coinbase Faces Repeat Zero Balance Glitch Amid Crypto Trading Fervor

[yhiaali3]

This is really funny, "Bank of America with 0 balance" is a good title for a short comedy movie or something . Good luck to central bankers.

If such a funny incident happened in a crypto exchange, governments would have been all over the place with a lot of noise and screaming about Bitcoin and cryptocurrencies and made a lot of drama and accusations, but since it is a government-friendly central bank, they are keeping quiet.

[ABCbits]

That sucks, especially for those who need their money immediately. In addition, looking at https://www.tomsguide.com/live/news/bank-of-america-outage, it seems they falsely claim the problem mostly solved few times while many people still make complaint.

Why is it that these banks always have IT problems related to their handling of money? You'd think that as important companies, they would prioritize stability and security, but as most of us know, this is not the case (quite the opposite, in fact - they run stone-age software and have a fear of changing it, they are scared that it might break things.) But things break anyway.

I agree, some of them fear so much until there aren't many people who could truly understand their software. I think the most famous example is finding COBOL programmer.

All this to say, this never happens with crypto. Crypto works 24/7. (Unless you made it centralized on purpose, in that case good luck).

For wallets, it don't happen mostly. But it's true with exchanges, these glitches do happen as well.
--snip--

But even if certain wallet showing wrong data, you could verify it's wrong by using block explorer. And IMO exchange along with other custodial service is closer to bank, where you must trust them.

[Z-tight]

I would just conclude that not everything is as it seems, although we may think that everything is great in the crypto world.

Surely everything is not great in the crypto world, but if you use a self custodial wallet and you do not do anything wrong, because you know what you are doing, you're sure your funds are fine and safe, and you control it. However, with centralized and custodial services, the third party is in control, and they also operate with fractional reserves, meaning they can lose customers funds and file for bankruptcy at anytime.

[philipma1957]

https://stacker.news/items/708609

So as you can see in the title, there appears to be yet another glitch in Bank of America, if anybody still uses that, that shows the account balance to be $0.

This is some time after an incident before that where withdrawals were not working across the country.

Some people are even tweeting that they should send out settlement damages for "trauma". LOL.

All this to say, this never happens with crypto. Crypto works 24/7. (Unless you made it centralized on purpose, in that case good luck).

Well I have B.O.A. credit cards.

No issues. I do have bank accounts. At two banks. Not B.O.A.

I also have a few other accounts at exchanges. Of course I have some wallets with coins. 🪙

Diverse is your way to go.

[Rami]

It's wild to see these glitches happening with traditional banks like Bank of America! It really highlights the reliability of crypto, which operates 24/7 without these kinds of issues. Decentralization definitely has its advantages!

[target]

It's wild to see these glitches happening with traditional banks like Bank of America! It really highlights the reliability of crypto, which operates 24/7 without these kinds of issues. Decentralization definitely has its advantages!

This is the 2nd glitch this year. First was the one where people withdraw free money but now the 2nd glitch is zeroing their balance lol

People were commenting about this glitch presenting their balance zero while their debt weren't Zeroed. This is making everyone panic.

[philipma1957]

It's wild to see these glitches happening with traditional banks like Bank of America! It really highlights the reliability of crypto, which operates 24/7 without these kinds of issues. Decentralization definitely has its advantages!

This is the 2nd glitch this year. First was the one where people withdraw free money but now the 2nd glitch is zeroing their balance lol

People were commenting about this glitch presenting their balance zero while their debt weren't Zeroed. This is making everyone panic.

Yeah I have a 2000 usd+ cc balance on a promo with B.O.A.  I have 12 months to pay it off with zero interest. If I miss a monthly payment I would be charged interest. Fortunately my Bank accounts are with other banks so I can pay off the card's minimum payment and not have an issue.

[Z-tight]

It's wild to see these glitches happening with traditional banks like Bank of America! It really highlights the reliability of crypto, which operates 24/7 without these kinds of issues. Decentralization definitely has its advantages!

Not all crypto is reliable, we have to get that straight, there are centralized crypto that are controlled by third parties who can confiscate your coins and make you unable to spend whatever you have in your wallet, usdt is one example. BTC is decentralized and you are in control only if you have it in your self custodial wallet, you also have to take your security very seriously, so scammers don't steal it from you.

[Bobcrypto]

That sucks, especially for those who need their money immediately. In addition, looking at https://www.tomsguide.com/live/news/bank-of-america-outage, it seems they falsely claim the problem mostly solved few times while many people still make complaint.

Why is it that these banks always have IT problems related to their handling of money? You'd think that as important companies, they would prioritize stability and security, but as most of us know, this is not the case (quite the opposite, in fact - they run stone-age software and have a fear of changing it, they are scared that it might break things.) But things break anyway.

There is always the need to upgrade a system to accommodate latest financial developments whether the bank like it or not, except the bank want to lose their customers continuously.
A stone aged system will never survive on the current financial requirements that will meet increasing demand by the day. I think that this bank should take the bull by the Horn to do the needful and save itself from unnecessary crashes and embarrassing situations. Change is constant, despite the costs that may be required for sustainable progress overtime.