Buyseotools Trading Customers grapple with deposit delays at big banks

Customers grapple with deposit delays at big banks

Customers grapple with deposit delays at big banks post thumbnail image

A man walks by the Bank of America headquarters in New York on July 18, 2023. BofA and several other large U.S. banks grappled with direct deposit delays on Nov. 3, 2023.

Eduardo Munoz | View Press | Getty Images

Customers at several big banks on Friday wrestled with direct deposit delays stemming from an industry-wide processing issue.

There was a surge of “outages” reported by banking customers on Friday morning, including Bank of America, Chase, Truist, U.S. Bank and Wells Fargo, according to Downdetector. But the site does not specify the nature of the complaints.

All Federal Reserve Financial Services are now operating normally, according to a Federal Reserve statement released on Friday.

More from Personal Finance:
Social Security changes to help those not able work to full retire age
Program gets 200,000 students automatic college acceptance
What to know as open enrollment begins for ACA insurance

The Fed reported a processing issue with the Electronic Payments Network, a private sector operator for Automated Clearing House, or ACH, a network that processes transactions.

“There was a processing error with an ACH file last night; it was a manual error associated with the file,” said Gregory MacSweeney, a vice president and head of communications at The Clearing House, the banking association and payments company that owns the EPN processing system.

Banks are now working to correct the errors in those payments, he said.

The economy is losing momentum, says Rosenberg Research founder

“We’re aware of an industry-wide technical issue impacting some deposits for Nov. 3,” Lee Henderson, vice president of public affairs and communications at U.S. Bank, told CNBC in a statement. “Customer accounts remain secure, and balances will be updated when deposits are received.

“We do not have an estimate on timing at this point,” Henderson added. “Customers do not need to take any action.”

Bank of America, Chase, Truist and Wells Fargo did not immediately respond requests for comment.

Customers affected by the deposit delays can call their lenders and explain their late payments were due to an industry-wide issue, said Matt Schulz, chief credit analyst at LendingTree.

“When money that we expect to be there on a Friday morning isn’t there and your autopay is set up to pay a credit card or a buy now pay later loan, it can cause some real issues,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post