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Customers Face Deposit Delays At Bank of America, Wells Fargo And Other Banks
On Monday, customers complained about delays with direct deposits on Monday on various banks like Bank of America, Wells Fargo, and others. This is because of an existing glitch in the processing of payments that began on Friday.
The Federal Reserve, however, assured that the problem was not related to any cybersecurity issue and the issue had been resolved. Despite this assurance, customers continued to report delays on Monday with direct deposits. To complain, customers reached out to banks on social media to report that their paychecks did not land on the accounts that they expected.
The Bank of America and Wells Fargo referred those questions to The Clearing House, a payment company that operates the only private-sector ACH (automated clearing house) system in the United States.
The Clearing House also reported that they sent some ACH payment instructions to banks on November 2. Due to a processing error, they also masked customer names and account numbers. Since the banks need the data to process incoming payments and post the customer?s money into accounts, this led to delays in payments.
The Clearing House stated that it ?is working with the financial institutions with impacted customers, and with the Federal Reserve, to resolve this issue as quickly as possible. […] Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed.?
JP Morgan Chase added that it would post scheduled direct deposits to customer accounts soon. They also assured that it will refund any overdraft fees that clients might incur due to the ACH problem.
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