The bank didn't waste any time taking their money when they went to deposit it and so that makes some customers confused when they go to the bank and expect that their funds are going to be there. Especially if they aren't looking to withdraw a lot from their account.
Recently videos started circulating online of customers getting upset with Bank of America when they allegedly couldn't access their funds, and now the company says they've resolved the issue and those transactions in question have been resolved.
What would most do if they went to the ATM or bank to take out a small amount of money, or any portion of their funds, and they were denied?
What if they were repeatedly given some run around and confused over why they weren't having immediate access to what they expect to find there? It might cause a lot of stress and chaos.
We have seen such situations take place in other countries when ATMs have at times run out of cash or people have lined up extensively to take money out of the bank etc.
It didn't take that long for people to start questioning things online about the situation and trashing one company or another over the matter too.
This is just one more example of why many might value diversification in market for services and goods.
Today BOA has over 60 million customers and a number of credit unions and banks in the US already support Zelle too as this digital payment network as increased in use around the country.
Pics:
pixabay
This is not financial advice
Sources:
https://finance.yahoo.com/video/zelle-reports-outage-wednesday-bank-161622798.html
https://www.forbes.com/advisor/money-transfer/zelle-vs-venmo/
Well, the first thing, to clear up everyone's misunderstanding:
It is not your money
You gave it to the bank. It is their money.
And they may give you some money back at their discretion.
Bail-ins are coming. It has already been written into law.
I just hope more people get into crypto before the banks close their doors.