On Thursday, posts on social media showed video footage of Bank of America customers standing in line at the Bank, frantic to get information about their bank accounts that had been reduced by large sums of money- with no explanation of what was happening to them.
The footage prompted fears that the United States is entering a time of financial crisis.
One Independent Media source said Americans need to get ready for a ‘bail in’ and offered a laundry list of things Americans need to be thinking about as we enter some very tumultuous times.
“Bail-ins are where they just take some money from all bank accounts on file because it’s needed to help the “greater good” according to our friends from We Love Trump, who reported on the startling videos online on Thursday, adding a little background:
Bail-ins happened 10 years ago, according to Investopedia:
A bail-in is when a bank takes money from its customers to help keep the bank from going bankrupt. This is different from a bail-out, which is when the government gives money to a bank to help it stay open.
In 2013, the country of Cyprus had a big problem. Its banks were in danger of going bankrupt because they had lost a lot of money. The government of Cyprus and the European Union (EU) decided to do a bail-in.
This meant that the customers of the banks in Cyprus had to give up some of their money to help keep the banks open. People who had money in the bank had to give up some of it. This made some people very upset.
The EU and Cyprus government decided that people with less than 100,000 Euros in their bank accounts would not lose any money. But people with more than 100,000 Euros in their bank accounts would lose some of it.
At first, people were told that they would lose 6.75% of the money they had in the bank. But then it was changed to 9.9%. This meant that if someone had 100,000 Euros in the bank, they would lose 9,900 Euros.
This caused a lot of problems for people in Cyprus. Some people were not able to pay their bills because they had lost so much money. Some small businesses were not able to stay open because they did not have enough money.
The EU and Cyprus government said that they did the bail-in to help keep the banks open and to make sure that there would not be a big financial crisis in Cyprus. But some people did not agree with this. They thought that the government should have found a different way to help the banks without taking money from the people.
In conclusion, a bail-in is when a bank takes money from its customers to help keep the bank from going bankrupt. In 2013, the country of Cyprus had to do a bail-in to help its banks stay open. This meant that people with bank accounts in Cyprus had to give up some of their money. It caused some people a lot of problems, but the government and EU said that it was necessary to prevent a financial crisis.
According to social media reports that WLT found, we are experiencing something very similar right now and headed for trouble, as seen in this shocking video of a man who shows a crowd of people who are missing money from their accounts.
“Money is missing today, and customer service is hanging up on us and I am missing $1,400. This is crazy, very crazy. Bank of America is taking our money,” a man is heard saying, with others in the line agreeing with him and offering up their own stories.
— DailyNoah.com (@DailyNoahNews) January 19, 2023
“Reports all over the world that Bank of America customers are missing money from their accounts. Pull your money out of banks ASAP. They are all going to go under. Big bank runs incoming,”
Inflation Tracker (@TrackInflation) posted on Twitter on January 18, 2023.
Reports all over the world that Bank of America customers are missing money from their accounts. Pull your money out of banks ASAP. They are all going to go under. Big bank runs incoming.
— Inflation Tracker (@TrackInflation) January 18, 2023
“Some Bank of America customers have reported money missing from their accounts. At least one person said their checking account was wiped clean.
— Christopher Greene 😎🏝🚀⛵️ (@amtvmedia) January 19, 2023
Here’s what BOA has said in response:
A lot of Bank of America customers are livid this morning after waking up to money missing from their accounts. Hear what @BankofAmerica says is causing the nationwide problem. @FOX5Vegas pic.twitter.com/k89nqMYBKL
— Feven Kay (@Feven_Kay) January 18, 2023
ABC13 reported on the official response by Bof A, adding more details:
Some Bank of America customers said money is missing from their accounts, including funds from Zelle deposits and transactions.
Rey Garcia has trusted Bank of America with his money for 20 years.
But when he noticed the problem happening to others, he went to check his own account.
“I was surprised, like, whoa,” Garcia said. “So I checked my transactions. I had, like, 15 different Zelle transactions. That was, like, a red flag for me right there because I don’t remember doing all that in one day.”
He says almost $700 went missing from his account. He called customer service with no luck getting a representative.
Garcia tells ABC13 he has pending transactions scheduled to come out Thursday for his bills.
“I’m going to have to go in there and dig in my savings account, which I don’t want to use, but these bills got to get paid, you know what I mean?” he said.
A Bank of America spokesman told ABC7 San Francisco that the problem has been resolved and the deposits and transfers are starting to appear in customers’ accounts.
DownDetector, a website that monitors the statuses of websites, said that “user reports indicate problems at Bank of America,” with the first user-submitted reports coming in at 1:42 a.m. on Wednesday, Jan. 18. Sixty-six percent of reports indicated there was an issue with “funds transfer.”
BofA customers on social media also report that when trying to place a call to customer service, they receive a message that their call cannot be completed due to “extenuating circumstances.” At one branch location in Houston, a line of more than a dozen customers waited for help, with several of them saying money was missing from their accounts. They’re telling ABC13 Houston that they’ve been told to call customer service, but they can’t get through to representatives on the phone, so they showed up in person.
“Has the entire phone customer service team been fired? I have been trying to reach anyone through the helpline for 20 minutes with no luck, even the fraud line is down,” tweeted one customer.
Bank of America put a warning on its app, saying: “Please note: Zelle transactions made between January 14 and January 17 may be delayed in occurring and posting to accounts as requested. Transfers will be completed and will appear in your account activity and balances as soon as possible. We apologize for any delays or inconvenience.”
We Love Trump has a lot more on a financial crash on some ways to prepare for what looks like a strange time ahead.