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.
“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.”
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.
“A system issue affected ACH debits and credits sent to us, as well as to other banks,” a Chase spokesperson told FOX Business.
“The originators of these deposits are working to resend the payment files and we will post them as soon as we can.”
Bank of America said in a message to customers that “your accounts remain secure, and your balance will be updated as soon as the deposit is received.”
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 they can.”
I’m calling bull shit. All these banks had the same issue. That only affects its clients? It doesn’t hurt the bank only customers needing to do everyday life things such as pay bills and buy things like medications, gas, etc.
Banks are not our friends. Always remember this.
Time to start burying your cash in a bag in the back yard . . . at night.
What cash it all goes to bills thanks to fjb
The Good ole days when Banks treated customers like humans, and they literally fought the other Banks in order to WIN us as a customer. I can remember the Toasters, Hand Mixer, Alarm Clocks, Pots, Small Fans, etc that they would OFFER to entice customers to make a deposit of $500 or more in their bank. Or we’d get a Hickory Farms Box of Sausage & Cheeses IF we had opened a Christmas Savings Account, made monthly payments for 12 months straight w/o missing a deadline and deposited X amt each month = they rewarded us and Thanked the Customer. On top of all of that, every month they’d change the Interest Rates they would pay to entice us to donate here, don’t deposit there – come over here and we’ll pay you 7% interest instead. I had made Interest on my Checking Account, but a higher rate in my Savings if I kept more than 5K – 10K – 25K – 50K and the BONUS $$ they gave IF we deposited 50K plus the HIGH interest rate with the hitch we couldn’t touch that money for X years – like the Certificates of Deposits. The more we would give us OUR money and allow them to put into a COD, the higher the rate they paid us; the LONGER we agreed the rate went ever higher! Banking and SAVING money had a strategy – but it was an incentive for people to SAVE money for a rainy day, Christmas Shopping (instead of credit cards) etc. Banks used to Love Customers! WOW – – what a difference 40 yrs makes! Now more than 50% of their Brick & Mortar locations are gone; but no great loss because IF you ever had to go inside and actually TALK with a Bank Official/Rep sometimes I waited 2-3 hours as they only had 4 staff – – 2 as Tellers, 1 working the Drive Thru and then only 1 at their Desk handling mortgages, opening new accounts, closing accounts, setting up Certificates of Deposits, working with mistakes on a statement a customer brought in…..
Now – we are just all Sh*t out of Luck. They have the attitude that WE should be thankful they will give us any time of theirs – 0% interest. I deposited 100K a few weeks back and couldn’t find any bank within 25 miles of me that even paid Interest/Dividends on a 100K deposit. WE were taught by our parents to SAVE and then the Banking Industry also enticed higher & higher interest plus a toaster, and it became MOTIVATIONAL to save $$$ and work with a bank – – – THEY are more hassles than they are worth and during COVID they were flaming idiots! IF any industry was already protected from a customer breathing on them – since most are behind bullet-proof glass; they were ahead of their time so there was NO reason why they couldn’t function normal. Nope, they inconvenienced us all – – and I wanted to get into my Safe Deposit Box, scheduled online and the first appt I could get was 5 weeks later. I learned that only 1 person, the Bank Mgr, would come into the Bank 1 day every 3 weeks – – WE desperately NEED an entire new system. These BANKS are drunker than ever with GREED and forgot their purpose a long, long way ago –
ALL THE WOKE BANKS! GO FIGURE! THEY ARE SUPPORTING ILLEGAL ALIENS HOMES, MEDICAL, JOBS,SCHOOLING. F…K
AMERICANS IS THEIR ATTITUDES. PRETTY SOON ALL AUTOMATIC DEPOSITS WILL BE STOPPED!! WATCH AND SEE. OBIDEN ANS CHINA ARE AFTER OUR COUNTRY! NOW WE HAVE TERRORIST IN AMERICA ASSINATING US. GONA GET MUCH WORSE. HOPE IM GONE BEFORE IT DOES.