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Several major U.S. banks experienced outages on Friday due to a processing issue that caused delays in deposits for customers.
Affected institutions included Bank of America, Wells Fargo, Chase, Truist and US Bank.
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The Federal Reserve said on its website that the processing issue at its operator of a private sector automated clearinghouse “resulted in certain data elements being obscured in a number of ACH entries.” These items “could not be processed by the receiving custodians” due to the issue, the alert said.
A Bank of America branch stands in Manhattan in New York City on March 15, 2023. (Spencer Platt/Getty Images/Getty Images)
“All Federal Reserve financial services are operating normally,” the Federal Reserve said in the afternoon.
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Clearing House spokesman Greg MacSweeney told FOX Business there was “an ACH processing issue impacting less than 1% of daily ACH volume in the United States.”
A man rides a bicycle past a Chase bank branch in Manhattan on February 24, 2015 in New York City. (Photo by Spencer Platt/Getty Images / Getty Images)
The Clearing House operates EPN, the payments network that the Federal Reserve said was affected by the issue. The EPN “handles essentially half of the U.S. commercial ACH volume,” it says on its website.
“TCH is working with the financial institutions whose customers have been impacted,” MacSweeney continued.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 28.43 | +0.81 | +2.93% |
| WFC | Wells Fargo & Co. | 41.60 | +1.10 | +2.73% |
| JPM | JPMORGAN CHASE & CO. | 142.99 | +1.59 | +1.12% |
| TFC | TRUIST FINANCIAL CORP. | 31.18 | +1.21 | +4.02% |
| USB | US BANCORP | 35.48 | +1.15 | +3.35% |
“A system issue affected ACH debits and credits sent to us and other banks,” a Chase spokesperson told FOX Business. “The originators of these deposits are working to resend the payment files and we will publish them as soon as possible.”
In a note to customers, Bank of America said: “Your accounts will remain secure and your balance will be updated once the deposit is received.”
Wells Fargo referred FOX Business to MacSweeney’s statement; The bank said on X that its “technical teams are aware of this issue and are working to resolve it as quickly as possible.”
Truist and US Bank did not respond to FOX Business’ request for comment.
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