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Customers of major US banks facing deposit delays

Nature

Several major American banks On Friday, there were outages caused by a processing issue that caused deposit delays for customers.

Bank of AmericaWells Fargo, Chase, Truist and US Bank were among the institutions affected.

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

“All Federal Reserve financial services are operating normally,” the Federal Reserve said in the afternoon.

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Clearing House spokesperson Greg MacSweeney told FOX Business it “encountered an ACH processing issue that affected less than 1% of daily ACH volume in the United States.”

The Clearing House manages EPN, the payments network that the Federal Reserve has indicated has encountered the problem. EPN “essentially handles half of U.S. ACH trade volume,” according to its website.

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

Teleprinter 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 AMERICAN 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 return the payment files and we will publish them as soon as possible.”

Bank of America said in a message to customers that “your accounts remain secure and your balance will be updated upon receipt of the deposit.”

Wells Fargo referred FOX Business to MacSweeney’s statement; the bank said on X that its “technical teams are aware and working to resolve this issue as quickly as possible.”

Truist and US Bank did not respond to FOX Business’ requests for comment.

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