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Deposit Delays

All articles tagged with #deposit delays

finance2 years ago•2 min saved

Deposit Delays Plague US Banks Following Processing Network Error

Multiple US banks experienced deposit delays due to an error at a payment processing network operated by The Clearing House, affecting less than 1% of the daily ACH volume. The issue, caused by a manual error and not a cybersecurity breach, impacted various bank transactions, including direct deposits and bill payments. Banks assured customers that their deposits remained secure and that the problem was being addressed. The ACH system, which processes millions of transactions daily, is operated by the Federal Reserve Banks and the Electronic Payment Network.

via KABC-TV|

#ach-system #deposit-delays #federal-reserve

finance2 years ago•1 min saved

Bank of America Raises Concerns Over Banking Industry Deposit Delays

Bank of America, along with other major banks including Chase, US Bank, Truist, and Wells Fargo, warned customers of potential deposit delays on Friday due to an issue impacting multiple financial institutions. The problem appears to be related to the Automated Clearing House (ACH), a network for processing transactions. The banks assured customers that their accounts remain secure and that balances will be updated once the deposits are received. No comments were provided by the Federal Reserve, the US Treasury Department, or the banks involved.

via ABC15 Arizona in Phoenix|

#automated-clearing-house-ach #bank-of-america #banking-industry

finance2 years ago•1 min saved

Bank of America and Other Major Banks Experience Deposit Delays and System Outages

Bank of America has warned customers that their deposits may be delayed due to an issue impacting multiple banks, including Chase, US Bank, Truist, and Wells Fargo. The problem appears to be related to the Automated Clearing House (ACH) system, which processes transactions. The ACH system is crucial for electronic payments, including direct deposits and bill payments. The banks have not provided further details, but customers have been assured that their accounts remain secure and balances will be updated once the deposits are received.

via CNN|

#ach-system #bank-of-america #banking-industry