Zelle Update Causing Issues For Banks This Morning
Today a set of financial institutions appear to be having issues all at the same time. It's not clear at the moment if the issues are related, but a relative spike this morning seems to have started at around 8:45 AM Central Time for companies like Bank of America, Zelle, and FAFSA. Other financial groups appear to have had less frequent reports of issues – possibly owing to involvement with the aforementioned services.
UPDATE: It it appearing more and more likely that the vast majority if issues are not with the banks appearing with issue reports on Down Detector, but with Zelle. Zelle, in turn, appears to be initiating a major update to their money transfer system, which SHOULD be finished within the next hour. Why they chose to do a major software update such as this at the start of the day on the 1st of the month, we cannot imagine.
If you're using Wells Fargo, Chase Bank, Bank of America, or any other bank that's compatible with Zelle, there's a distinct possibility that Zelle is the key issue this morning.
If you've never heard of Zelle before – is a system that sends money P2P (person to person) that's backed by a bunch of major US banks. Zelle was launched back in June of the year 2017, and it's now working with a whole bunch more – so do not be shocked if everything goes back to normal within the hour!
Fidelity started using Zelle this year, but issues reported with Fidelity Investments do not appear to be directly related to Zelle. Fidelity Investments reported today that they are "aware of an issue with the mobile app" and are "working on a resolution as quickly as possible." They've recommended un-checking the "remember me" option when attempting to log in, logging in with the Fidelity website, or Active Trader Pro (ATP).