Topic: A Bank of America Glitch Sent Customers Into a Panic Over Missing Funds (Read 227 times)

It was happened also here in my country though it is our local bank and people also panicking over it as they are losing money and it was also seen in the transactions. Though it was then reverted after a few days it was a very difficult example if you needed the money for emergency matters and you can't get it as they are still investigating. Ive also experiences this one last New year just a small amount of money got deducted from my account and they give it back after a few hours they just say that it was a double payment even if I don't see any double payment in my transactions.

it's not only America that has experienced this in my country as well, they just said there was a disturbance in banking, but clarity was never resolved / published whether the lost funds were returned or really lost, sometimes saving btc and usdt is better than me saving money in a bank

Well, this is one of the reasons why you should not trust third party (centralized) services with your wealth. Bitcoin on the other hand... have "tried & tested" software ..that are Peer reviewed by independent experts in the field... that has stood the test of time.

You cannot have insiders leaking exploits or human error causing exploitable angles for attack... or creating those "backdoors" for the hackers, because everything are open-source.

Also, when problems like this happen..... Banks can easily hide the origin or reason for this problem. (It might have been a security breach, but they might report it as a glitch) 

That's because there are no perfect systems (like he said) so even the bitcoin that everyone here praises or the bitcoin wallets, still has their own flaws. I already experienced that synchronization error before on different wallets that I use. Sometimes the problem is on our side like our internet is only slow so we shouldn't always put the blame on them.

If it's about funds that haven't arrived yet, we can check the transaction in the block explorers to see their status. Banks have always been involved in anomalies so I wouldn't trust them. Praying doesn't always works on them. Better if all of us just use BTC because we can be our own bank here. We fully control our funds.

Is it true that they don't give compensation when there is a system error and there is no protection for your account at the bank?
If so, this is very bad for government regulated banking especially after I heard from others Zelle is one of the most important payment processors in the country.
As soon as I read the news I was quite surprised by the information, I think if this case continues the people there will look for a better alternative payment processor.
It seems that crypto is the object of choice under consideration.

Do these banks still raise the banner of reliability and compatibility? Visa services stopped several years ago due to a hardware failure, which led to the interruption of service for hours. (Visa outage: payment chaos after card network crashes – as it happened)


While in Bitcoin, this did not happen except twice (Once in 2010 "due to The Value Overflow Incident AKA CVE-2010-5139 and in 2013 AKA CVE-2013-3220)

• From 2013 Bitcoin network is 100% up time Which is something that all current banking fails to do.
• Considering that the early years of Bitcoin were experimental and not quite like what is happening now.

How about, "Trust the bank as much as you can afford to lose.", provided you're in a safe environment.

Cross-border scams are kinda hard to deal with, I think it's gonna be a long struggle and most of the story, customers have to spend a lot of other costs to get support and authority to move.

Or maybe it's not some hitches but them trying to steal their customers funds lowkey, who knows. Same scenario also happened here in my country where a certain bank has the same issue, it happened twice already but not in the same year. Maybe there's some dark agenda going on inside, that's why I never do banking. I'd rather keep it in my hand or in a Bitcoin wallet so I can sleep better at night.

People lost money that they stored up in exchanges in cryptocurrency, People hear it and those who are still unwilling to accept bitcoins or have something against bitcoins will be out to quickly say that that is why they trust the banks more. But this has happened and even the people who have trusted the banks will begin to have a rethink because of the glitch. To a very large extent, the glitch has vindicated cryptocurrency, so people know it is possible everywhere.

Yes I'm totally aware of the risks. It's just worth risking in my opinion, knowing the banks and government of the country I'm currently residing in. I simply distrust the Philippines' banks and government a lot more.

Even if a Bitcoin wallet showed a mistaken balance, for example, an experienced user would shifty assume it is an error produced by the wallet itself and its synchronization system. One can always check the blockchain through an explorer, it is a backup plan.

With FIAT, the backup plan is praying people at the bank do not mess with one's balance after the problem is allegedly solved. Because things like that, Bitcoin is appreciated and I dare to say: necessary.

Well to be fair the 'glitch' on btc network would be no blocks mined for over hours or something halting the transactions I mean there is no perfect system in this world but to be fair unless there is actually someone missing their funds in this case then its just pretty normal stuff for banking system to be glitched over for some time

The global banking system hinges on pixels on a screen. With blockchain related technology the pixels that appear on a screen are at least verifiable -- with the modern banking system there is no actual account of any funds because they become generated by the government on their whim.



To be fair, that isn't an issue with the banking system, that's an issue with criminals. There wouldn't be any protection BTC would provide to this person had she transferred funds via crypto.

With what has happened recently in the banking system, people are no longer safe keeping their funds in the bank. Should people start putting their savings into Bitcoin along with it? I don't know how others may be seeing it, but the banking sector is failing gradually. People will have to deal with these recent occurrences and be prepared to see them happening more frequently in the future. How can someone trust their money with a bank, and if anything happens to the funds, they can't do anything?
Naturally, some people are careless about keeping their security details safe, but that's what they must learn if everyone begins to use Bitcoin.

On January 12, 2023, 6PR published a publication about a hardworking 18-year-old Albany resident, Aurora Casilli, who lost her life savings of $36,000 in a second as she fell victim to a sophisticated phone scam.She is a customer of the National Australia Bank (NAB).


you can listen to Casilli as she explained: https://omny.fm/shows/6pr-mornings/hardworking-teen-36-000-out-of-pocket-after-sophis

Kyle Carey also fell victim to a similar scam as Aurora's and claims to know 15 victims too.


How can someone lose $36,000 and another person lose $8,000 of hard-earned money? People trust their money with the bank and get frustrated for it. I don't know how others view this, but I am so bitter with all this incident. When I was growing up, I was not hearing all this sort of scam news about banks; people's money was protected by the bank. WHAT'S YOUR OPINION ABOUT BANK?

This reminds me of a situation from years ago in the UK, when some cash machines developed some weird glitch and were paying out the double of the amount requested by users. The banks and the national media started the outcry that if people don't return the overpaid money, they'd be accused of theft/fraud. So essentially blaming customers for the faulty machines.
I still think that you shouldn't be keeping money paid out to you in error, but it's on banks to take responsibility for that and to organise a convenient way such money could be returned.

this is a traditional type of banking where when they make a mistake they will only apologize and not give compensation,,, but when the customer makes a mistake they will blame them .. moreover they don't provide any protection which really makes me wonder why customers don't care about this from the start

What can an average citizen do? Adoption will force you to use any service, no matter how bad it is, because it is fast and provides a perfect solution to your current problem. Therefore, people will complain, start thinking about alternatives, and will return to the old service whenever they feel that it provides them with quick solutions and is used by all their friends/family.

It is not limited to banking services, but even social media. There are many excellent options and alternatives, but the largest number of users is the one who has the say in the end.

If we see an increase in Bitcoin adoption and scalability solutions are available, then they will be excellent alternatives to banking services and may deal them a fatal blow.

I would have preferred fiat-backed stable coins to fiat but most fiat-backed stable coins can be freezed on noncustodial wallet directly which still makes it to be centralized just like USDT, USDC, BUSD and many others. You created an awesome topic for it in the past. If I should be sincere, I too have some stable coins that can be freezed on noncustodial wallet, but I am always panic for my funds not to be freezed at anytime because it can.

Ah, banking glitches. Here in the Philippines, you'd be totally surprised if there wasn't at least a single major banking issue when it comes to the major banks lmao. It's just so bad that the panic is pretty much minimal. This is one reason that I slightly prefer holding BTC and USDC than storing money in local banks.

There no perfect systems anywhere because there might be hitches sometimes. Although throughout my dealings with Bitcoin wallets I have never experienced any form of transaction failure or balance issues, all my transactions have been successful. But most of these Central Bank Chiefs always see Bitcoin as the illegitimate child of money and fiat as the legitimate offspring.

Thank God the issue was resolved immediately because in my country you would have to queue, fill firms and wait for weeks for it to be reversed. But in Bitcoin just ensure that your keys are safe and you have the right address during transactions.