Major US Banks Hit with Deposit Delays Due to Processing Issue at Automated Clearing House

Major Banks Including Bank of America, Wells Fargo and Chase Experience Outages Due to Processing Glitch at The Clearing House, Affecting Less Than 1% of Daily ACH Volume and Resulting in Delays in Customer Deposits.

Several major U.S. banks including Bank of America, Wells Fargo, Chase, Truist, and U.S. Bank experienced delays in customer deposits on November 3, 2023, due to a processing issue at the Automated Clearing House (ACH).
The Federal Reserve confirmed that the ACH operator had a processing issue which obscured certain data elements in deposited funds, hence preventing their processing by receiving depository financial institutions.
Less than 1% of the daily U.S. ACH volume was affected, specifically with the delay being on a corrupted ACH file, and the issue appeared to be industry-wide and not bank-specific.
Affected banks have reassured that customer accounts remain secure and the balance will be updated as soon as the deposits are received, adding that customers do not need to take any further action.
The Clearing House, the entity responsible for the glitch, stated that the problem appeared to have come from a manual error in processing an ACH file and they were actively working with affected financial institutions to resolve the matter.
ACH, which is the backbone of the U.S. funds transfer system used for processing electronic debit and credit payments, is operated by both the Federal Reserve Banks and the Electronic Payment Network.