Today, an Automated Clearing House (ACH) issue led to deposit delays across several major banks, including Bank of America (NYSE:BAC), Chase, US Bank, Truist, and Wells Fargo (NYSE:WFC). The problem initially emerged on Friday morning when Bank of America alerted its customers of potential delays, citing an industry-wide concern rather than a bank-specific problem.
The issue disrupted direct deposits commonly used for paychecks, causing inconvenience on payday Friday. This incident mirrors a similar one that occurred in January, where problems with Zelle transfers resulted in overdraft fees, lost money, and negative account balances for Bank of America's online customers.
In response to the current situation, Bank of America has been advising private communication for account security. The bank also assured its customers that their accounts were secure and that balance updates would be provided as soon as deposits were received. They stressed that customers did not need to take any action at this time.
The problem was first reported via Downdetector and was confirmed by an industry source who clarified that it wasn't a bank-specific issue but an industry-wide concern. Despite the severity of the situation, there have been no immediate comments from either the Federal Reserve or the US Treasury Department. All impacted banks have also maintained silence on the matter.
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