Customers at major US banks hit with deposit delays

Bank of America, Wells Fargo, Chase among banks affected by processing issue

Several major U.S. banks on Friday experienced outages caused by a processing issue that led to deposit delays for customers.

Bank of America, Wells Fargo, Chase, Truist and U.S. Bank were among the institutions affected.

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The Federal Reserve said on its website that the processing issue at its private sector automated clearing house operator had "resulted in a number of ACH entries having certain data elements obscured." Those items were "not able to be processed by receiving depository financial institutions" due to the issue, according to the alert.

Bank of America

A Bank of America branch stands in Manhattan on March 15, 2023 in New York City. (Spencer Platt/Getty Images / Getty Images)

"All Federal Reserve Financial Services are operating normally," the Federal Reserve said in the afternoon.

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The Clearing House spokesperson Greg MacSweeney told FOX Business it "experienced an ACH processing issue which impacted less than 1% of the daily ACH volume in the United States."

Chase ATM location NYC

A man rides a bike past a Chase bank branch in Manhattan on Feb. 24, 2015, in New York City. (Photo by Spencer Platt/Getty Images / Getty Images)

The Clearing House runs EPN, the payments network that the Federal Reserve pointed to as having experienced the issue. The EPN "handles essentially half the U.S. commercial ACH volume," according to its website.

"TCH is working with the financial institutions who have customers that have been impacted," MacSweeney continued.

Ticker Security Last Change Change %
BAC BANK OF AMERICA CORP. 35.15 +0.80 +2.33%
WFC WELLS FARGO & CO. 55.85 +0.79 +1.43%
JPM JPMORGAN CHASE & CO. 186.68 +1.39 +0.75%
TFC TRUIST FINANCIAL CORP. 36.17 +0.91 +2.58%
USB U.S. BANCORP 42.70 +1.28 +3.09%

"A system issue affected ACH debits and credits sent to us, as well as to other banks," a Chase spokesperson told FOX Business. "The originators of these deposits are working to resend the payment files and we will post them as soon as we can."

Bank of America said in a message to customers that "your accounts remain secure, and your balance will be updated as soon as the deposit is received."

Wells Fargo referred FOX Business to MacSweeney's statement; the bank said on X that its "technical teams are aware and working to resolve this issue as quickly as they can."  

Truist and U.S. Bank did not respond to FOX Business' requests for comment.

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