Bank of America customers were without their online banking service for at least four hours on Friday. This came due to a glitch involving the BankofAmerica.com website. With online banking services down, the BAC stock seemed unaffected though.
According to MyFox8.com, the Bank of America banking service suffered an outage on Friday due to a "temporary system" issue. There was no specific reason given as for the bank website's down time though. Customers were unable to access the website for over three-and-a-half hours on Friday August 27, 2010.
Bank of America is based out of Charlotte, North Carolina. Service was finally brought back after 5:15 PM EST, after the outage had started around 1:25PM EST. This particular Bank of America online banking glitch only affected the only account access, but did not affect any BOA ATMs or banks.
It's been reported that service is back for the banking website, but due to volume customers may still experience slow load times or trouble logging in. At the close of the stock market on Friday, Bank of America stock (BAC) had traded up by .17, and was up 0.04 in after hours trading.
Glitches like this can be costly for both customers and banks. Many people enjoy using online banking services from the comfort of their own home so when a glitch takes the service offline for hours, it hurts. There's also been plenty of customers not happy with the Bank of America service in general, especially during the financial implosion that occurred within the past several years. Bank of America is still considered a top bank stock despite today's four hour outage, so it probably won't shut down too many investors.
However, even though BAC stock seems unaffected, the Bank of America banking service is still questionable. Could this latest glitch make more customers move to other banks with more secure online services and less fees?
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