BofA Blames Web Site Slowness on Upgrade
A botched technology upgrade was responsible for online banking problems that spilled into a sixth day at Bank of America Corp., inconveniencing customers and handing the biggest U.S. bank by assets fresh image problems.
In an interview with The Wall Street Journal late Wednesday, the bank’s head of online and mobile banking blamed the glitches on heavy customer traffic amid a continuing effort to upgrade Web capabilities. The executive, David Owen, said the troubles of the past week were caused by a “convergence” of those factors.
The problems hit the most-trafficked U.S. bank website at a time when Bank of America, under pressure from investors because of weak revenue and high expenses, has been promoting Internet banking services in a bid to cut costs. The problems also come on the heels of an unpopular $5 fee the bank unveiled last week on purchases made using debit cards.
