- The Federal Reserve confirmed that the problems were due to a ‘processing error’ at private sector Automated Clearing House (ACH)
- Customers of Bank of America, Wells Fargo and Chase all complained about not being able to get paid
Major U.S. banks have been hit by deposit delays due to a payment processing network outage that left customers unable to get paid.
Bank of America, Chase and Wells Fargo have all confirmed that some of their accounts have been affected. Truist and US Bank customers also complained about problems Friday morning, according to the outage monitoring site Down detector.
The Federal Reserve said the problem is due to a “processing problem” at the private operator of the Automated Clearing House (ACH), a national network for processing transactions.
Greg MacSweeney, a spokesman for The Clearing House, said the problem was caused by a “manual error” and is not related to a cybersecurity issue.
He said in a statement: “TCH is working with affected financial institutions on this matter.”
Frustrated customers complained about the problem on Twitter.
Wells Fargo customer Axel Janson wrote, “Where is my direct deposit? I and my colleagues are waiting for their wages.’
Another said, “Stop keeping pending charges and letting people get negative. This is ridiculous and will probably shock banks with how ridiculous this is.”
Meanwhile, a Bank of America customer said, “It’s my payday. Where is my salary? I have to pay bills and buy groceries. At least lend us something so we can get the things we need.”
This is a breaking news story, more to come.