Users have reported missing money in their Bank of America accounts

Bank of America Corp. began telling company executives to cut jobs except at the most essential positions as it tried to contain costs and prepare for a possible economic downturn. The move is an increase from the company

Angry customers took to social media on Wednesday to report the tough news on their Bank of America and Zelle accounts. Some users have reported missing money in accounts, with no clear explanation from either company as to why. One user tweeted, "It's great how @BankofAmerica got away with the big Zelle transaction that was sent and I was paying. Now I have a huge balance on my checks and can't get them. Unbelievable."

As of 3:00 p.m. ET, Bank of America said the problem had been resolved.

Zelle, a payment system used by millions of people to send and receive money, told NPR the problem stemmed from Bank of America. "Connections to the Zelle network outside of Bank of America are not affected," said a company representative.

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Sen. Warren said the big banks that own Zelle aren't doing enough to protect employees

The Twitter account for Zelle support responded to angry customers saying the issue was with Bank of America.

In response, the account tweeted, “Zelle app and network are working. We are aware of issues affecting Bank Of America customers when sending and receiving payments. We recommend contacting Bank of America's customer support team for further updates."

The website Downdetector reported a large increase in crime reports at Bank of America around 10:30 a.m. ET. Similarly, Downdetector reported an increase in Zelle customers reporting outages as early as 9 a.m. ET.

Senator Democratic. Elizabeth Warren tweeted her criticism of the two companies following the consumer news. He said that Bank of America and Zelle "can lose customers again, as money disappears from the account. This should be fixed immediately and the customer charged. I have reported major fraud issues with Zelle and this is their latest failure. "

Warren has been critical of Zelle for some time and called for greater oversight of the platform. In a report released last fall, Warren said that fraudulent transactions on Zelle will reach almost half a billion dollars by 2021.ompany's decision late last year to cut jobs after a few employees decided to leave on their own, according to people familiar with the matter.

Bank of America will refrain from hiring new employees until at least mid-year or until the economy shows signs of recovery, according to the people, who asked not to be identified. he discusses the privacy policy. Some positions will still be filled in units that have seen financial growth, including commercial banking, business management and wealth management, and technology services.

Financial institutions are bracing for a long-term rise in inflation as Wall Street's war for talent eases. Expenses are a metric that investors look closely at to pay companies for their immediate revenue rather than costs. In recent quarters, despite inflation, Bank of America has been able to increase their income faster than expenses. A company representative declined to comment on the layoff.

Bank of America has shown no sign of moving to job cuts, despite setbacks in the financial sector. Bankers based in Charlotte, North Carolina rose to 216,823 at the end of 2022 from 208,248 a year earlier and 213,270 in the third quarter as the largest employer.

The company also went above and beyond in payments, rewarding employees for their contributions in a year that generated huge profits for the bank. The company reported $15.5 billion in expenses in the last three months of last year, up $240 million from the previous quarter due to higher labor and technology costs, company officials said. on a call with investigators last week. It also saw a high cost of workers returning to work and commuting. Bank of America is hiring to "come up with a lot of resignations at the beginning of the year, and it's kind of overworked," CEO Brian Moynihan said on the call. The company then reduced its hiring efforts, which "will allow us to get back on track and start getting employees back to where we want them to be," he said. Unlike its peers that resume annual massages from negative performers, Bank of America has not planned job cuts amid the uncertain economic climate, chief financial officer Alastair Borthwick said in a call with reporters last week.