Bank of America CEO Brian Moynihan on Monday said the firm is preparing for the U.S. to default on its debt after surpassing its borrowing limit last month.
Lawmakers are locked in talks about whether to lift the debt ceiling, with Republicans insisting on spending cuts before a deal to raise the limit is struck, and economists are warning of financial crisis if a default does occur.
https://thehill.com/policy/finance/3845901-bank-of-america-ceo-preparing-for-us-debt-default/amp/
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FYI: A nephew in CA reports that he had $8000 go missing from his account at BofA a week or two ago -- HALF of the account balance. Doesn't appear to be an outside hack, I suspect it's part of a bail-in but no answers forthcoming from BofA yet that I've heard.
Was just chatting with a BofA employee the other day, and they said this was happening due to issues with Zelle connections. Zelle was incorrectly withdrawing funds. Not sure if relevant here -- just another data point.