Multiple US Banks Faced Deposit Delays

Multiple US banks faced deposit delays on Friday, stemming from an error within a payment processing network, as confirmed by the Federal Reserve. It’s important to note that this issue was attributed to human error and not a malicious attack. Banks have reassured customers that their deposits are safe, and while this rare delay affected many banks, other banking systems appeared to function normally.

Bank of America promptly notified its customers about potential deposit delays resulting from an issue impacting multiple banks. Likewise, a spokesperson for Chase informed CNN that some customers’ direct deposits hadn’t updated.

“Banks stressed that customer deposits remain safe, and the bug was introduced by human error and not a malicious attack.” Source/ Internet.

Customers at several major banks, including Bank of America, Chase, US Bank, Truist, and Wells Fargo, reported problems on Friday morning. Downdetector noted these concerns, and some users on social media, such as X (formerly known as Twitter), expressed frustration at not receiving their payments on Friday.

The Federal Reserve informed banks on Friday afternoon that the problem was linked to a “processing issue” at the private sector operator of the Automated Clearing House (ACH), a national network for transaction processing.

The ACH system facilitates electronic payments between banks, encompassing everything from direct deposit paychecks to customer bill payments for mortgages and utilities. The Federal Reserve disclosed that an “error” within a batch of payments had caused the delay.

The Clearing House, the private sector operator of ACH, confirmed to CNN that it had experienced a “processing issue” involving a batch of bank transactions. Greg MacSweeney, a spokesperson for The Clearing House, stated that the problem was due to a “manual error” and was unrelated to cybersecurity concerns. MacSweeney added that The Clearing House is collaborating with affected financial institutions to address the matter.

At the time of this writing, there was no indication of when the problem would be resolved, leading some frustrated customers to express their concerns on social media.

Bank of America issued a message to customers, stating that “some deposits may be temporarily delayed.” The message clarified that the issue impacted multiple financial institutions and reassured customers that their accounts remain secure. Balances would be updated upon deposit receipt, and customers were not required to take any action.

Chase also acknowledged the problem as an “industry-wide technical issue” in a statement to CNN. The bank indicated that deposit originators were working to resend payment files, and the funds would be posted as soon as possible.

US Bank addressed the situation by acknowledging an “industry-wide technical issue” affecting some deposits. Customer accounts were confirmed to be secure, and balances would be updated upon deposit receipt, although the timing remained uncertain. Customers were advised not to take any action.

Wells Fargo also assured customers that they were aware of the deposit issue and actively working on a resolution.

The Automated Clearing House (ACH) is jointly operated by the Federal Reserve Banks and the Electronic Payment Network.

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