Federal Reserve Urges Banks to Help Customers Amid Ongoing Deposit Delays Linked to ACH Payments System Glitch

Deposit delay caused by "human error" in ACH payment system impacts less than 1% of transactions, affecting customers' access to funds, banks adviced to waive overdraft and late fees.

The Federal Reserve has urged banks to support their customers by waiving fees such as overdrafts and late payments due to ongoing deposit delays linked to a glitch in the Automated Clearing House (ACH) payments system.
The deposit delay, which is reportedly due to human error in the ACH payment system, only impacted less than 1% of transactions, yet has caused some customers to lose access to their funds.
Despite the glitch, considered rather minor statistically, its effects have caused significant issues for consumers, with delayed paychecks affecting important automatic payments such as mortgage payments, rent, and credit card bills.
Key banks such as JPMorgan Chase have already initiated measures to mitigate the impact of the delay on customers by waiving overdraft fees. Customers are encouraged to monitor their accounts and communicate directly with their banks to rectify any issues that arise.
It is unclear how widespread the glitch remains, and how long it will take for all customers affected to receive their deposits. Major banks including Bank of America and U.S Bank, were among the top institutions where users reported issues.