CHARLOTTE, N.C. — Some of the country's largest banks, including Charlotte-based Bank of America, warned customers Friday that deposits could be temporarily delayed.
The Federal Reserve issued an alert Friday stating that a processing issue with the Electronic Payments Network, a private sector operator of the Automatic Clearing House (ACH) resulted in a number of entries having certain data elements obscured. The ACH system allows banks to send payments to each other. These payments range from bill payments to mortgages and direct deposits from employers.
CNBC reported a surge of outages from customers with Bank of America, Chase, Truist, U.S. Bank and Wells Fargo, citing Downdetector.
The error was contained to a single file distributed to participants on Thursday, according to the Federal Reserve.. The data issue could cause some customers' paychecks to be delayed, as well as scheduled transactions like utility payments, mortgages and subscriptions.
Bank of America issued the following warning in its mobile app:
"Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions. Your accounts remain secure, and your balance will be updated as soon as the deposit is received. You do not need to take any action."
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