ACH Banking System Issue Causes Nationwide Delay in Direct Deposits
Direct deposits are being delayed at multiple banks across the U.S. due to an issue with the Automated Clearing House (ACH) system, which is used for electronic funds transfers. Banks such as Bank of America, Chase, U.S. Bank, and Wells Fargo have confirmed the delays, assuring customers that their accounts remain secure and balances will be updated once deposits are received. The Federal Reserve reported a processing issue with a batch of transfers, specifically with ACH's private-sector operator, EPN. Hundreds of individuals have reported issues with their banks on platforms like Twitter and Downdetector.