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A customer uses an ATM outside of a Bank of America branch
New York CNN –
Several U.S. banks experienced delays in deposits on Friday due to an error in a payment processing network, according to the Federal Reserve.
Bank of America alerted its customers that their deposits may be delayed due to an issue affecting multiple banks. A Chase spokesperson confirmed to CNN that some of its customers’ direct deposits were not updated.
Customers at Bank of America, Chase, US Bank, Truist and Wells Fargo complained about problems Friday morning, according to Downdetector.
Some users of X, formerly known as Twitter, complained that they weren’t getting any money on Friday.
The banks emphasized that customer deposits remained safe.
The Federal Reserve alerted banks Friday afternoon that the problem was caused by a “processing issue” at the private operator of the Automated Clearing House (ACH), a national network used to process transactions.
The ACH system allows banks to send electronic payments to each other. Everything from direct deposit of paychecks to customer bill payments for mortgages and utility bills flows through this system.
The Fed said an “error” in a batch of payments delayed payment processing.
The Clearing House, the private sector operator of ACH, confirmed to CNN that there was “a processing issue” with a number of bank transactions.
Greg MacSweeney, a spokesman for The Clearing House, said the issue was caused by a “manual error” and was not related to a cybersecurity issue.
“TCH is working with affected financial institutions on this matter,” MacSweeney said in a statement.
There has been no update on when the issue will be resolved.
Some frustrated bank customers took to social media to complain about deposit delays.
“@BankofAmerica, where is my money and will you pay my bills due today?” a user on X said.
In a note to customers Friday, Bank of America said “some deposits may be temporarily delayed.”
The notice said Friday’s deposits could be delayed due to an “issue affecting multiple financial institutions.”
“Your accounts will remain secure and your balance will be updated once deposits are received,” Bank of America said in the statement. “You do not have to do anything.”
“A system issue affected ACH debits and credits sent to us and other banks,” Chase said in a statement to CNN. “The originators of these deposits are working to resend the payment files and we will publish them as soon as possible.”
An industry source told CNN that the problem does not appear to be a bank-specific issue.
The U.S. bank said in a statement it was aware of an “industry-wide technical issue” impacting some deposits.
“Customer accounts remain secure and balances are updated as deposits are received,” US Bank said. “We don’t have an estimate of the timing at this point. Customers don’t have to do anything.”
In a post on
Neither the Federal Reserve nor the U.S. Treasury Department were immediately available for comment.
The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network.