5 steps to take during an online banking outage

Did you experience an online bank outage today? 

Some Bank of America customers reported having trouble accessing their bank accounts on Wednesday, Oct. 2. A spike in mid-day outages was reported by Downdetector, which monitors website outages.

While some customers of the second largest bank in the country reported not being able to log on to the bank’s website, others were able to log on only to be surprised to see “$0” as their account balance. Meanwhile, others received error messages that their accounts couldn’t be retrieved, according to social media reports.

It can be distressing to discover your bank account with a zero-dollar balance; more so to the countless number of Americans who choose to do their primary banking online. Upon realizing it’s a website outage, distress can turn to frustration by the inconvenience. Still, in such a sudden personal financial crisis, there are steps you can take to reduce your concerns when such technical complications occur.

Customers and experts react to the Bank of America outage

Multiple Bankrate employees were among those unable to access their Bank of America accounts Wednesday.

“Some clients are experiencing an issue accessing their accounts and balance information today,” a Bank of America spokesperson told Bankrate in an email Wednesday afternoon. “These issues are being addressed and have largely been resolved. We apologize for any inconvenience.”

“Freaking out. My balance showed zero too!!!,” reported one of the bank’s customers on Downdetector. Another bank customer posted on X (formerly Twitter), “Welp, my Bank of America accounts just emptied themselves out…”

Although the cause of today’s outage at Bank of America has yet to be determined, such bank outages are feared to be the act of criminal minds, but in many cases it’s the result of technical issues. Earlier this year in July, for example, a problem from a seemingly routine software update prevented customers of multiple banks from accessing their accounts online. This was the result of a software update from cybersecurity company CrowdStrike that crippled many computers running Microsoft Windows. The result was a global ripple effect that was felt across several tech-dependent industries over a period of several days, most notably airlines and banks.

Outages that affect bank customers can serve as a reminder of the importance of keeping some cash on hand. “Whether it’s a natural disaster, a blackout or some other cause of an outage, these events underscore the need for keeping cash in at least a couple of different accounts in separate locations,” says Mark Hamrick, Bankrate senior economic analyst. “Keeping a little bit of cash on hand at home in a safe place is advised as well.”

As scary as these outages can be, there are five ways to help you cope with, and reduce, the stress from an online bank outage.

1. Don’t panic when there is an outage

The idea of being unable to see your bank account balance when you live paycheck to paycheck or need to pay a bill pronto is scary.

But if your bank is out of order online, feel secure in knowing the institution will restore the service as soon as it can. Banks have multiple layers of checks and balances in place to make sure that your account is secure and safe — redundant data centers included.

You may want to check the bank’s social media handles for information on what happened and when the institution believes it can restore service to calm your mind.

Also consider reaching out to the bank’s customer service line to get more information on the issue and stay posted on the bank’s resolution plan.

2. Try another banking channel to log in to your account

Beyond waiting it out, you can try another bank channel. If the mobile banking app is out, try logging into online banking on a laptop or on another device. If online banking doesn’t work, try the bank’s branch or its call center.

“It is very rare that there would be an outage at a bank that would cover all four of those different access points,” says Paul Benda, senior vice president, risk and cybersecurity policy, at the American Bankers Association.

Keep in mind, however, that contacting the call center could cause frustrations. If there’s an unplanned problem at the bank, there’s a good chance that the institution is getting bombarded with calls so you might have a long wait time.

Another avenue to consider: Visit an ATM to get your bank balance or to take out cash.

3. Pay bills directly with creditors

If you’re stressed out about paying a bill on time, you have another option: Go to the website of the creditor or service provider, and have the money pulled from your account.

You could also go the more traditional route of writing a check to your biller, or make an in-person cash transfer at a bank branch.

Many servicers now offer the option for consumers to pay bills in real time. So, if there is an outage, you don’t need to worry about scheduling a bill payment days ahead of the due date. Instead, you can pay it immediately after service is restored.

4. Check for fees, fraudulent activity after you’re back online

If you have incurred any fee — including overdraft fees — because of a bank outage, contact your financial institution to request a refund. Some banks will automatically refund certain fees, like Wells Fargo did in a major 2019 outage.

You may also want to keep a close eye on your accounts in the weeks to come after an outage. Fraudsters’ attempts to impersonate you typically spike during an outage, says Shirley Inscoe, a now-retired senior analyst with Aite-Novarica Group, a research and consultancy firm based in Boston.

To combat their efforts, she suggests double checking all transactions in your account after an incident.

“It only takes two or three minutes to just sign in and look over the activity and make sure ‘yes, I did all of those things and all of that looks right,’ and sign back out,” Inscoe says.

5. Ditch the idea of getting a backup option, unless…

If you’ve experienced an online bank outage, you may feel like you want a backup bank account to avoid repeating that scenario. But that approach is an extreme one. While an occasional outage isn’t rare, repeated outages at the same bank would signal a problem. If you feel like a backup bank is necessary, you ought to do something bolder.

“If I’m having too many outages with my bank, I would go find another bank that has fewer outages,” says Nitin Tandon, managing director, chief information officer at Vanguard.

His point underscores what experts encourage: Hold your bank accountable for the service it’s delivering.

“The expectation of many of our clients is — and should be — that [banks are] no different than the power company,” says Ken Meyer, chief information officer at Wells Fargo. “They expect us to work.”

Bottom line

Online banking outages can be frustrating, but by taking the above steps, you can ensure that your finances remain secure. Remember to stay calm, stay updated through social media or by contacting the bank and monitor your account activity after the outage to check for any fees or fraud. If you have any concerns, the bank’s customer service department should be available to offer assistance.

— Former Bankrate writers René Bennett and Mary Wisniewski contributed to previous versions of this article.