Clients of major banks in the United States, including Bank of America and Wells Fargo, encountered setbacks in receiving their direct deposits on Monday following a glitch in the payment processing system that started on Friday.Thank you for reading this post, don't forget to subscribe!
Last Friday, the Federal Reserve confirmed that the issue was not related to cybersecurity and had already been resolved. However, on Monday, customers continued to report delays in direct deposits and expressed their concerns on social media regarding the non-arrival of their paychecks in their accounts as anticipated.
Bank of America and Wells Fargo forwarded inquiries to the Clearing House, a payments company responsible for the exclusive private sector Automated Clearing House (ACH) system in the US.
The Clearing House explained in an email to CBS MoneyWatch that certain ACH payment instructions were transmitted to banks with suppressed customer names and account numbers on November 2 due to a “processing error.” Consequently, these payments were postponed since banks require that data to process incoming payments and allocate funds to customer accounts.
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“The Clearing House is collaborating with financial institutions with affected customers and the Federal Reserve to efficiently address this problem,” stated the company. “Many of the delayed payments have already been processed, and we will continue to work with financial institutions to ensure the remaining transactions are promptly resolved.”
A representative from JPMorgan Chase assured that scheduled direct deposits will be expedited into customer accounts and emphasized that the bank will refund any overdraft fees caused by the ACH issue.
DownDetector recorded an increase in issues faced by Bank of America customers, including difficulties with fund transfers and online banking. Customers from other major banks such as Wells Fargo and US Bank also encountered ongoing problems on Monday, particularly in retrieving account balances or conducting other transactions.
Laugh out loud! Your online bill payment system has been down for days and you are suggesting that I visit there? Bank of America really lacks a collective understanding. Maybe it’s time to find a new bank.
– Jay (@JayB4) 6 November 2023
@Bank of America Day 4 and still no direct deposit, no update on possible resolution or at least what is being done to address the issue, no transparency, no assistance, no communication from you all. Nothing. This is so bizarre,” wrote one user on X, the platform formerly known as Twitter, on Monday morning.