Banking companies Truist, Bank of America, Chase, US Bank, and Wells Fargo were experiencing delays in the posting of direct deposits today. The disruptions reportedly began at around 8 a.m. ET and seem to have concluded at 1:30 p.m. ET.
Customers reported experiencing delays in the posting of their direct debit deposits and paychecks. Wells Fargo first acknowledged the issue on social media and said they were working towards a resolution. Bank of America also acknowledged the issue in a message to customers.
A Chase spokesperson said: “A system issue affected ACH debits and credits sent to us, as well as to other banks. The originators of these deposits are working to resend the payment files and we will post them as soon as we can.”
The other institutions haven’t released any official statement as of yet. Bank of America didn’t immediately reply to a request for comment. Wells Fargo and Truist declined to comment on the issue and instead referred The Mirror to The Clearing House, the company involved in the delayed payments.
The Clearing House said in a statement: “The Clearing House (TCH) has experienced an ACH processing issue which impacts less than 1% of the daily ACH volume in the United States. TCH is working with the financial institutions who have customers that have been impacted.”
The Clearing House is owned by financial giants including JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co.
Wells Fargo has responded to the issue on social media. In reply to a customer who said, “Wells Fargo direct deposit is officially a day late and customer service has no time frame when the money will come wtf,” a Wells Fargo employee stated:
“I noticed your tweet. We are aware of the issue, and we are working on a resolution. We apologize for the inconvenience. At this time, there’s no need to file a claim. -Ian”
In an update at 12:44pm ET, the Federal Reserve Bank Services said that “All Federal Reserve Financial Services were operating normally.”
Previously, they explained the issue as such: “On November 3, 2023, a processing issue at EPN, the private sector ACH operator, resulted in a number of ACH entries having certain data elements obscured (file dated for November 1, 2023, processed on November 2, 2023, with effective dates from November 2-3).
“This error was contained in a single interoperator file that was distributed by EPN to its participants during the November 2 6:00 p.m. processing window. These entries contain valid Nacha syntax, but obscured account information and recipient information.
“What Can You Do? EPN has informed us that these items are not able to be processed by receiving depository financial institutions (RDFIs) because of the obscured data. EPN has instructed its participants to initiate returns, and originating depository financial institutions (ODFIs) will need to be prepared to initiate new items to complete the payments.
“If you have questions or need further assistance, please contact EPN’s support center at (800) 875-2242. Service and Support Info: General questions about Federal Reserve Financial Services can be directed to the Support Center at (833) 377-7827.”
