Bank of America’s consumer online banking service was slow for a fifth day Tuesday, and the bank still wasn’t saying what the problem was.
It's one thing when a website like Target's goes down, as it did last month. But a Bank of America failure makes it harder for people to pay bills, access cash and track spending and can cost the company millions or billions of dollars.
The bank said many times starting Friday that it had resolved the problem, but visitors to its home page still saw an error message for much of Tuesday saying the site was “running slowly” and customers might experience delays or have difficulty accessing parts of it. The message encouraged customers to try again at “a non-peak time” or visit an ATM or one of nearly 6,000 branches to get into their accounts. Bank of America Corp., based in Charlotte, N.C., is the largest U.S. bank by deposits and has 29 million online customers.
What first looked like a technological hiccup has turned into ongoing website issues for the bank. Some customers can't access their accounts, the bank is on the defensive and the stock price hit a new 52-week low Monday, closing down 9.6% to $5.53. The stock price has fallen below $6 for the first time since the financial crisis.
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