The Clearing House, which operates the Automated Clearing House system, which allows banks to send electronic payments to each other, experienced a processing error with a batch of bank transactions. Banks send everything from direct deposit paychecks to customer bill payments for mortgages and utility bills through the ACH system. Customers at Bank of America, Chase, US Bank, Truist and Wells Fargo reported issues on Friday morning, according to Downdetector. Although the rare deposit delay affected deposits at many banks, it appeared other banking systems were functioning normally. In all of 2022, there were nearly $38.7 trillion in ACH transactions.

Source: CNN November 04, 2023 06:06 UTC