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.