Bank of America customers are reporting massive issues with online and mobile banking.

The site monitoring service Downdetector shows tens of thousands of customers have reported severe service disruptions in the last few hours, with users on the social media platform X stating that their balances have dropped to zero.

Downdetector says it’s also witnessing a smaller, but noticeable spike in people reporting banking issues at JPMorgan Chase and Wells Fargo – with the issues for all three banks beginning at around 12:00pm EST.

Since that time, more than 100 customers at both JPMorgan Chase and Wells Fargo have reported issues logging onto and using the lenders’ banking apps and websites.

Bank of America has issued a statement confirming the disruptions its customers are facing, although the lender has not explained what triggered the widespread outage.

“Some clients are experiencing an issue accessing their accounts and balance information today.

These issues are being addressed and have largely been resolved. We apologize for any inconvenience.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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ZA Bank becomes the first Hong Kong digital-only bank to gain a license from the Securities and Futures Commission for Type 1 regulated activity.

According to Hong Kong news outlet HKEJ, on Sept. 30 a ZA Bank spokesperson said that ZA Bank has received approval from the China Securities Regulatory Commission to allow the company to add new conditions for virtual asset transactions to its Type 1 license.

This news follows a year-long process the bank has undertaken since Hong Kong financial regulators tightened restrictions on unlicensed exchanges and the development of a regulated crypto ecosystem.

The bank plans to implement an investment fund service and operate under crypto regulations set by the country’s financial regulators.

CEO of ZA Bank, Rockson Hsu, stated in a press release that the firm remains committed to becoming a “game changer” for the banking sector two years after its official launch. He also highlighted the bank’s plan to launch an investment fund service.

“We look forward to further enhancing users’ experience with our game-changing investment fund services!” said Hsu.

Hong Kong introduced new regulations in 2022, requiring all crypto exchanges operating in the city to submit license applications by February 2024. Since then, over 24 companies struggled to get licenses. By Aug. 2024, around 12 applications have been withdrawn, including those from Bybit, Huobi HK, and OKX.

In May, 2024, the SFC warned investors to only use licensed platforms. The country’s cryptocurrency regulations came into effect in June 2023.

On July 18, 2024, ZA Bank began offering banking services to stablecoin issuers after the Hong Kong Monetary Authority unveils a list of approved companies for its stablecoin sandbox initiative.

In a press release on July 18, ZA Bank partnered with RD InnoTech, one of the first companies listed by the HKMA for sandbox trials. At that time, ZA Bank managed to onboard around ten additional stablecoin clients.

A data breach at Wells Fargo is affecting an unknown number of the banking giant’s customers.

A new filing with the Office of the Vermont Attorney General shows the lender is warning customers that an insider at the bank has accessed and used their information to perpetrate fraud.

The San Francisco, California-based bank has not issued a public statement, but a copy of a letter sent to customers says the bank confirmed in July that a former employee had accessed sensitive data for illicit purposes.

The bank began sending out notices last month.

“The personal information accessed between May 2022 and March 2023 may have included your name, address, date of birth, phone number, email address, social security number, driver’s license number, bank account number(s), credit/debit card number(s), brokerage account number(s), and/or loan/line of credit number(s)…

We are taking measures to monitor your account(s) for suspicious events or changes and continually review our security measures to reduce the likelihood of this happening in the future.”

A similar breach affected Wells Fargo customers in April.

At the time, Wells Fargo notified its customers that another former employee had accessed sensitive personal information and mortgage account numbers belonging to customers and sent the data to his personal account.

The April data breach triggered at least one law firm to initiate investigations into the incident with a view of potentially filing a class action lawsuit.

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