Bank of America Failure – What you should know

As of 12:20 p.m. EDT Wednesday, more than 20,000 people reported problems with Bank of America's online and mobile banking systems and ATM services, according to reporting website Downdetector.

According to the website, 57% of respondents reported problems with online banking, 42% reported problems with mobile banking and 1% said they had problems at ATMs.

On social media, customers reported seeing a $0 balance after logging into their account and that they were having trouble contacting the bank. In some cases customer service was down, while others complained about long waiting times, transfers and disconnections.

The bank's social media team responded to complaints on Wednesday afternoon

Bank of America representatives did not immediately respond to Forbes' request for comment on Wednesday.

This is a developing story and will be updated.