![]() ![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account ![]() This story has been updated with additional informationĬNN’s Parija Kavilanz and Alicia Wallace contributed to this report In all of 2022, there were nearly $38.7 trillion in ACH transactions. The ACH system processes about 74 million transactions on a daily basis, totaling nearly $155 billion, Fed data shows. The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network. Although the rare deposit delay affected deposits at many banks, it appeared other banking systems were functioning normally. “You do not need to take any action.”īanks stressed customer deposits remain safe and the bug was introduced by human error and not a malicious attack. “Your accounts remain secure, and your balance will be updated as soon as the deposit is received,” the Bank of America message read. In a message to customers, Bank of America said “some deposits may be temporarily delayed due to an issue impacting multiple financial institutions.” Some frustrated bank customers complained on social media about the deposit where is my money and will you be covering my bills that are due today?” wrote one user on X, formerly known as Twitter. The Fed had said an “error” in a batch of payments delayed the processing of payments.Ĭustomers at Bank of America, Chase, US Bank, Truist and Wells Fargo reported issues on Friday morning, according to Downdetector. ![]() The Federal Reserve alerted banks Friday afternoon the problem was caused by a “processing issue” at ACH. There has been no update on when the problem will be resolved. “TCH is working with impacted financial institutions on the matter,” MacSweeney said in a statement. Greg MacSweeney, a spokesperson for The Clearing House, said Friday the problem was caused by a “manual error” and is not linked to a cybersecurity issue. “All other ACH transactions are processing as expected,” the company said.Īn industry source had told CNN the problem did not appear to be a bank-specific issue. The Clearing House told CNN on Saturday the issue “impacted less than 1% of the daily ACH volume in the United States” and it was “working with the financial institutions who have customers that have been impacted.” Banks send everything from direct deposit paychecks to customer bill payments for mortgages and utility bills through the ACH system. The Clearing House, which operates the Automated Clearing House system, which allows banks to send electronic payments to each other, experienced a processing error with a batch of bank transactions. Multiple US banks were hit by deposit delays on Friday caused by an error at a payment processing network, according to the Federal Reserve. ![]()
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