Bank of America alerted its customers on Nov. 3 that their direct deposits may be delayed due to a problem impacting multiple banks across the country.
Bank of America, Chase, U.S. Bank, Truist and Wells Fargo have complained of issues, according to Downdetector.
A Chase spokesperson confirmed that some direct deposits haven’t updated "because a payroll company [the Automated Clearing House (ACH), a network for processing transactions was the source said of the problem] but does not appear to be a bank-specific issue.”
The spokesperson could not verify a timetable for the deposits to post.
In a message to customers, Bank of America said: “Your accounts remain secure, and your balance will be updated as soon as the deposit is received," according to the message. “You do not need to take any action.”
Neither the Federal Reserve nor the U.S. Treasury Department were immediately available to comment. None of the other banks provided comment.
The ACH system is at the foundation of the American banking system, enabling banks to send electronic credit and debit payments. Businesses use the ACH system to directly deposit paychecks of their employees and customers use it to directly pay mortgages and utility bills.
The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network. (CNN 11/03/23)
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