Multiple US banks experienced deposit delays on Friday, which were attributed to an error at a payment processing network, as reported by the Federal Reserve. The issue resulted from human error rather than a malicious attack, ensuring the safety of customer deposits. Although the glitch affected numerous banks, other banking systems appeared to function without disruption.
Bank of America cautioned its customers about potential deposit delays from a widespread problem affecting multiple banks. Similarly, a spokesperson from Chase confirmed that specific customers’ direct deposits still needed to be updated.
Downdetector received complaints from customers at Bank of America, Chase, US Bank, Truist, and Wells Fargo, with some individuals on social media platform X expressing frustration at not receiving their payments on time.
The Federal Reserve informed banks that the problem arose due to a “processing issue” within the private sector operator of the Automated Clearing House (ACH), a critical network for processing various transactions, including direct deposit paychecks and customer bill payments.
The Clearing House, the operator of ACH, acknowledged to CNN that it had encountered a processing issue with a batch of bank transactions. According to Greg MacSweeney, a spokesperson for The Clearing House, the problem was attributed to a “manual error” and was not linked to cybersecurity concerns. The organization stated that it is collaborating with affected financial institutions to address the matter.
Deposit Delays Plague US Banks Amid Customer Frustration
Despite efforts to resolve the issue, there was no immediate update on when the problem would be fully rectified. Several customers expressed discontent on social media, demanding explanations and assurances from their respective banks.
Bank of America reassured its customers that the delayed deposits were a temporary issue and advised them that their accounts remained secure. Likewise, Chase acknowledged the system issue and pledged to post the pending payments as soon as possible.
An industry source confirmed to CNN that the problem did not seem isolated to a particular bank. US Bank also acknowledged the technical issue, emphasizing the security of customer accounts and stating that balances would be updated upon receiving deposits.
Wells Fargo echoed similar sentiments, acknowledging the deposit issue and ensuring customers were actively working toward a resolution.
The ACH, operated by the Federal Reserve Banks and the Electronic Payment Network, enables electronic payments between various financial institutions. Despite the challenges, efforts were underway to restore normalcy and ensure seamless banking operations.
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