BoA Woes

As if Bank of America has not had enough woes with their multi-year spiral of stock prices, Presidential censure of their debit card fees, and Occupy Wall Street protestors in their branches, they have had serious performance issues with their website lately. As a customer of BoA online banking, I noticed this sluggish behavior a week ago, along with an actual banner on the front page stating it was “operating slower than usual”.

On September 30, the WSJ actually announced “Bank of America’s Website down. Again.” While BoA didn’t comment on the extent of the problem, they did say that they did NOT think it was a hacking retribution to the aforementioned fee increase. Then on October 3, the WSJ announced the site was down yet again. Then later that day security sage Steve Gibson stated “The only reasonable conclusion is that they are under attack” earlier this week on an ABC National News broadcast and this ABC News post. A Bank spokesperson continued to deny there was a hacking or malware attack. All the while, the stock price fell to sub-$6 new lows. Finally in an interview with WSJ, BoA blamed the web issues on heavy customer traffic amid a continuing effort to upgrade Web capabilities.

The WSJ summarized the chronology in the graphic below.