Sources: Major banks had challenges with deposits Friday
Issue appears resolved
Updated as of Saturday, November 4, 2023 7:35 PM
Banks across the country were alerting customers Friday, Nov. 3, that their deposits — such as direct deposits from employers — may be delayed due to a problem processing transactions.
The issue appeared to be resolved early Saturday, with deposits in most accounts; the only immediate catch was they were labeled “pending.”
ABC15 reported that customers at Bank of America, Chase, US Bank, Truist and Wells Fargo complained of issues on Friday morning, according to Downdetector.
Smaller banks and credit unions were not having the same problems, sources confirmed to The Daily Courier.
An industry source told CNN that the issue appeared to be related to the Automated Clearing House (ACH), which is a network for processing transactions. The source said the problem did not appear to be a bank-specific issue.
In a message to customers on Friday, Bank of America and Wells Fargo said some deposits may be temporarily delayed.
The message said the deposits from Friday may be 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,” the Bank of America message stated. “You do not need to take any action.”
Media sources, including The Daily Courier, worked to get comments from the Federal Reserve and the U.S. Treasury Department; sources however were not immediately available, and the banks did not provide further comments.
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