Courtesy of Mish
Bank of America has taken "proactive" measures to manage traffic following a bad decision to hike fees on debit cards.
The bank has been swamped with traffic and instead of increasing servers, has taken measures in the bank’s words "could result in some customers experiencing slowness or temporarily having access issues."
Lovely.
Please consider BofA website malfunctioning again
Bank of America’s website, plagued by problems Friday and Saturday but supposedly fixed on Sunday, wasn’t working again Monday.
Many users trying to access bankofamerica.com get a message saying the home page is temporarily unavailable. But spokeswoman Tara Burke said customers who experience slowness or can’t get into their accounts should keep trying.
Burke said the access problems are a result of the bank managing traffic volume during peak use.
"We’ve simply taken some proactive measures to manage customer traffic during peak hours during the day," she said. "That could result in some customers experiencing slowness or temporarily having access issues."
She declined to say whether volume has surged in recent days.
The problems began Friday, a day after the bank said it would start charging a $5 monthly fee for customers using debit cards. Burke insisted there’s no connection. The delays and the home page message persisted Saturday, but Burke said Sunday that things were fine.
Bank of America (BAC) Plunges Below $6
click on chart for sharper image
Shared of Bank of America have solidly taken out the "Buffett is Buying" low reached in August. The spike to $8.79 was a good time to unload if you were still holding this turkey in any size.
Warren Buffett did not buy Bank of America shares, he got a sweet deal to buy debt that came with a free option to buy shares. The move was an obvious ploy by Bank of America to put a floor on the share price. It did not work.
