BofA Says Online Slowdown Caused by Traffic

Bank of America Corp. (BAC) said online access to accounts was slowed or halted temporarily for a second consecutive weekday because of heavy customer traffic at the biggest U.S. lender.

“We do take proactive steps to manage customer traffic during peak hours,” Tara Burke, a spokeswoman for Charlotte, North Carolina-based Bank of America, said today in a telephone interview. “Because of that, you are seeing some customers having slowness or access issues. It’s not malware, it’s not hacking, there is no compromise to customer information. I know there’s people out there saying that. It’s not true.”

Bank of America has 29 million web accounts and 6.5 million mobile-banking users, ranking it first among U.S. lenders, the company said at a March 8 conference. Online and mobile phone services are increasingly important to the company as more people rely on the Internet and smartphones to access checking accounts.

Heavy customer traffic was the same reason that some customers couldn’t access their online accounts on Sept. 30, Burke said. The lender’s website also had service disruptions in March.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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