Bank of America is currently experiencing a significant nationwide outage, impacting tens of thousands of its customers. According to DownDetector, a platform that tracks online service issues, the problems began around 1 PM ET, with users reporting outages across several key services, including online and mobile banking, as well as ATM functionality. More alarmingly, some customers have stated that their account balances are temporarily showing as zero, causing widespread confusion and anxiety. By 1:20 PM ET, approximately 20,000 reports of outages had flooded the platform.
One user voiced their frustration on X (formerly Twitter), humorously remarking that Bank of America owed its users some compensation for the momentary panic caused by accounts displaying empty balances. While light-hearted, the sentiment captures the stress that many experienced in that brief moment of uncertainty.
This disruption is not limited to isolated incidents but is being felt nationwide, with reports of outages affecting major U.S. cities, including New York, Chicago, Houston, Dallas, Phoenix, Los Angeles, San Francisco, and Seattle. At this time, Bank of America has not released any official statement explaining the root cause of the outage, nor have they provided clarity on when full services will be restored. Customers are also left in the dark as to whether this glitch poses any direct risk to their funds.
The timing of this outage adds another layer of stress to an already tense week in the U.S. economy, as a nationwide dock worker strike threatens to cripple the country’s supply chains. The strike, led by dockworkers from ports stretching from Maine to Texas, is the first of its kind in nearly five decades. It was triggered by disputes over wages and the use of automation, and it is already being described as a looming disaster for small businesses.
Small business owners, already facing tight margins and inventory constraints, are particularly concerned. Gayle Jennings-O’Byrne, CEO of Wocstar Capital, highlighted the vulnerable position of these businesses, noting that they don’t have the financial cushion or supply chain flexibility of larger corporations. A prolonged disruption at the ports, which collectively handle about half of the country’s imports, could easily force some small businesses to close their doors permanently.
Take, for example, Nicole Tomaszewski, the owner of the superfood cafe Kale Me Crazy in Austin, Texas. She explained that the majority of her menu relies on imported ingredients, such as acai, bananas, and avocados. A disruption to her supply chain could mirror the avocado shortage of 2022, where prices spiked dramatically. Tomaszewski expressed her concern that such a shortage would render her products unaffordable, potentially leading to menu changes or even the closure of her business.
Similarly, Paulina Nava, owner of Share the Blossom, a jewelry business also based in Austin, is feeling the pressure. Like many other business owners, she’s already dealt with disruptions during the pandemic, and now fears losing orders from independent distributors if her products don’t arrive on time. The Christmas shopping season looms, and small businesses like hers can’t afford to miss their deadlines.
Both the Bank of America outage and the port strike represent the fragility of today’s interconnected economy. While the causes may differ, the results are the same: increased pressure on small business owners who are already navigating a landscape filled with uncertainty. The hope is that both issues can be resolved swiftly, but until then, the financial and operational ripple effects will continue to be felt nationwide.
