Customers at several major banks, including Bank of America, Chase, Truist, U.S. Bank, and Wells Fargo, experienced direct deposit delays due to an industry-wide processing issue on Friday. The outages were reported by banking customers, although the exact nature of the complaints was not specified. However, according to Downdetector, there was a surge of reported outages. The Federal Reserve Financial Services confirmed that all services were operating normally.
The Federal Reserve stated on Friday that there was a processing issue with the Electronic Payments Network (EPN), which is a private sector operator for the Automated Clearing House (ACH) network. ACH is responsible for processing transactions. Gregory MacSweeney, VP of Communications at The Clearing House, explained that the processing error was caused by a manual error associated with an ACH file the previous night. The Clearing House owns the EPN processing system and is working with banks to correct the errors in the payments.
Lee Henderson, VP of Public Affairs and Communications at U.S. Bank, mentioned that the industry-wide technical issue impacted some deposits for November 3, but customer accounts remained secure. He assured customers that their balances would be updated once the deposits were received. Other banks like Chase, Bank of America, Truist, and Wells Fargo did not provide any commentary at that time.
For customers affected by the deposit delays, Matt Schulz, Chief Credit Analyst at LendingTree, advised them to contact their lenders and explain that the late payments were due to the industry-wide issue. He acknowledged the potential consequences of not receiving expected funds on time, especially for autopay arrangements.
It is unclear when the deposit delays will be fully resolved as no estimate was provided by the banks. However, customers were reassured that they did not need to take any immediate action. The originators of these deposits are working to resend the payment files as soon as possible.
As the situation continues to develop, it is important for affected customers to stay in contact with their banks for updates and to address any related concerns.
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