Bank of America, Chase and Wells Fargo customers hit with deposit delays after major glitch with payment processor - delaying 900,000 transactions
- The Federal Reserve confirmed glitches were due to a 'processing error' at private sector operator Automated Clearing House (ACH)
- Glitch occurred on a major payday for Americans, leaving many without their wages
- 900,000 transactions are thought to have been reported so far, according to the Wall Street Journal
America's major banks have been hit by deposit delays following a glitch at a payment processing network - leaving customers unable to get paid.
Bank of America (BofA), Chase and Wells Fargo have all confirmed that some of their accounts were affected. Truist and US Bank customers also complained of issues on Friday morning, according to outage monitoring site Downdetector.
It came on the first Friday of the month - a major payday for most Americans. The Wall Street journal reported that the glitch had affected 900,000 payments. It is unclear when the issue will be resolved.
The Federal Reserve said that the glitch is due to a 'processing issue' at the private sector operator of the Automated Clearing House (ACH), a national network for processing transactions.
![Bank of America (BofA), Chase and Wells Fargo have all confirmed that some of their accounts had been affected](https://i.dailymail.co.uk/1s/2023/11/03/20/77379325-12707935-image-a-45_1699041658562.jpg)
Bank of America (BofA), Chase and Wells Fargo have all confirmed that some of their accounts had been affected
![The Federal Reserve said that the glitch is due to a 'processing issue' at the private sector operator of the Automated Clearing House (ACH), a national network for processing transactions. Pictured: a Chase Bank branch in New York City](https://i.dailymail.co.uk/1s/2023/11/03/20/77381057-12707935-image-a-54_1699044789885.jpg)
The Federal Reserve said that the glitch is due to a 'processing issue' at the private sector operator of the Automated Clearing House (ACH), a national network for processing transactions. Pictured: a Chase Bank branch in New York City
Greg MacSweeney, a spokesperson for The Clearing House, added the problem was caused by a 'manual error' and is not linked to a cybersecurity issue.
He said in a statement: 'TCH is working with impacted financial institutions on the matter.'
Frustrated customers took to Twitter to complain of the issue.
Wells Fargo customer Axel Janson wrote: 'Where is my direct deposit? Me and my co-workers are waiting to get paid.'
Another said: 'Stop holding pending charges and making people go negative this is ridiculous and will probs move banks with how ridiculous this is.'
Meanwhile a BofA customer said: 'Where is my money and will you be covering my bills that are due today?'
A BofA spokesman explained on social media: '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.'
A Chase spokesman confirmed to CNN that some of its direct deposits have not updated.
![Bank of America, Chase and Wells Fargo have all confirmed that some of their accounts had been affected](https://i.dailymail.co.uk/1s/2023/11/03/20/77380399-12707935-image-a-40_1699041623930.jpg)
Bank of America, Chase and Wells Fargo have all confirmed that some of their accounts had been affected
![Frustrated customers took to Twitter to complain of the issue](https://i.dailymail.co.uk/1s/2023/11/03/20/77380397-12707935-image-a-49_1699041982419.jpg)
Frustrated customers took to Twitter to complain of the issue
![Greg MacSweeney, a spokesperson for The Clearing House, said the problem was caused by a “manual error” and is not linked to a cybersecurity issue](https://i.dailymail.co.uk/1s/2023/11/03/20/77380401-12707935-Greg_MacSweeney_a_spokesperson_for_The_Clearing_House_said_the_p-a-48_1699041977085.jpg)
Greg MacSweeney, a spokesperson for The Clearing House, said the problem was caused by a “manual error” and is not linked to a cybersecurity issue
As of later Friday afternoon, Wells Fargo said it still did not have a timeframe for how long until the issue is delayed.
'Our technical teams are aware and working to resolve this issue as quickly as they can. We apologize for any inconvenience this may have caused,' a spokesman for the bank wrote on Twitter.
The ACH network started in the 1970s and generally provides overnight transactions.
The system was last year valued close to $73 trillion and handled 30 billion payments.