Customers at major US banks hit with deposit delays – November 3, 2023

——————————————————————-

Several major U.S. banks on Friday experienced outages caused by a processing issue that led to deposit delays for customers.

Bank of America, Wells Fargo, Chase, Truist and U.S. Bank were among the institutions affected.

The Federal Reserve said on its website that the processing issue at its private sector automated clearing house operator had “resulted in a number of ACH entries having certain data elements obscured.” Those items were “not able to be processed by receiving depository financial institutions” due to the issue, according to the alert.

A Bank of America branch stands in Manhattan on March 15, 2023 in New York City. (Spencer Platt/Getty Images / Getty Images)

“All Federal Reserve Financial Services are operating normally,” the Federal Reserve said in the afternoon.

The Clearing House spokesperson Greg MacSweeney told FOX Business it “experienced an ACH processing issue which impacted less than 1% of the daily ACH volume in the United States.”

A man rides a bike past a Chase bank branch in Manhattan on Feb. 24, 2015, in New York City. (Photo by Spencer Platt/Getty Images / Getty Images)

The Clearing House runs EPN, the payments network that the Federal Reserve pointed to as having experienced the issue. The EPN “handles essentially half the U.S. commercial ACH volume,” according to its website.

“TCH is working with the financial institutions who have customers that have been impacted,” MacSweeney continued.