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US banks hit by deposit delays

today 11/03/2023
Several US banks are experiencing delays in deposits due to an error at a payment processing network, according to the Federal Reserve. Bank of America, Chase, US Bank, Truist, and Wells Fargo have all reported issues. The problem is attributed to a "processing issue" at the private sector operator of the Automated Clearing House (ACH), which is responsible for processing transactions. The Clearing House, the operator of ACH, confirmed the problem was caused by a "manual error" and not a cybersecurity issue. The banks have not provided any further comments on the matter. The ACH system is crucial to the American banking system, facilitating electronic payments for businesses and customers.
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