Banking Glitch Causes Deposit Delays and Auto Payment Risks
A glitch in the network that processes electronic transfers between U.S. bank accounts has caused delays in settling deposits, with some payments remaining stalled. The Clearing House Payments Co., owned by major banks including Citibank, Wells Fargo, Bank of America, and J.P. Morgan Chase, acknowledged a technical error that masked payment information, preventing immediate processing. Customers have expressed concerns about delayed paycheck deposits affecting automatic payments such as mortgages, rent, and credit-card bills. The company apologized for the error and is working with banks and the Federal Reserve to resolve the issue.