Current:Home > ContactCustomers at Bank of America, Wells Fargo and other banks grappling with deposit delays -TruePath Finance
Customers at Bank of America, Wells Fargo and other banks grappling with deposit delays
View
Date:2025-04-16 02:51:02
Customers at major U.S. banks including Bank of America and Wells Fargo complained about delays with their direct deposits on Monday, following a glitch with processing payments that began Friday.
The Federal Reserve on Friday said the problem wasn't related to a cybersecurity issue and that it had been resolved. But customers on Monday continued to report delays with direct deposits, reaching out to their banks on social media to report that their paychecks hadn't landed in their accounts as expected.
Wells Fargo and Bank of America referred questions to The Clearing House, a payments company that operates the only private-sector automated clearing house (ACH) system in the U.S.
In an email to CBS MoneyWatch, The Clearing House said that some ACH payment instructions were sent to banks on November 2 with masked customer names and account numbers due to "a processing error." Because the banks need that data to process incoming payments and post the money to customer accounts, those payments were delayed, it added.
The Clearing House "is working with the financial institutions with impacted customers, and with the Federal Reserve, to resolve this issue as quickly as possible," the company said. "Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed."
A spokesman for JPMorgan Chase said it will post scheduled direct deposits to customer accounts "as soon as we can," noting that the banking giant will refund any overdraft fees that clients might incur stemming from the ACH problem.
DownDetector showed an increase in problems for Bank of America customers, including issues with funds transfers and online banking. Customers at other large banks, including Wells Fargo and U.S. Bank, also reported ongoing problems on Monday, including issues retrieving account balances or other transactions, DownDetector said.
@KenPaxtonTX what can be done to protect timely receipt of my direct deposit paycheck? @BankofAmerica is non-compliant with regulations and it's impacting Texas customers. pic.twitter.com/dGcTy0sO3N
— Steve Nickman (@StevieT87) November 6, 2023
LOL! Your online bill pay system has been down for DAYS and you’re telling me to go there? Man Bank of America really has no collective clue. Maybe it’s time to find a new bank.
— Jay (@JayB4) November 6, 2023
"@BankofAmerica Day 4 & still no direct deposit, no update on potential resolution or at they very least what's being done to resolve the issue, no transparency, no assistance, no communication from you all at all. Nothing. Wow. This is so bizarre," one user said on X, the platform formerly known as Twitter, wrote on Monday morning.
- In:
- Bank of America
- Wells Fargo
veryGood! (82833)
Related
- $73.5M beach replenishment project starts in January at Jersey Shore
- Memes about COVID-19 helped us cope with life in a pandemic, a new study finds
- Senators Blast Facebook For Concealing Instagram's Risks To Kids
- Behind murky claim of a new hypersonic missile test, there lies a very real arms race
- Buckingham Palace staff under investigation for 'bar brawl'
- The Push For Internet Voting Continues, Mostly Thanks To One Guy
- Building the Jaw-Dropping World of The Last of Us: How the Video Game Came to Life on HBO
- The history and future of mRNA vaccine technology (encore)
- Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
- All These Viral, Must-See Moments From the 2023 Award Season Deserve Their Own Trophy
Ranking
- The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
- Oscars 2023: Everything You Didn't See on TV
- 3 Sherpa climbers missing on Mount Everest after falling into crevasse
- For Facebook, A Week Of Upheaval Unlike Any Other
- What do we know about the mysterious drones reported flying over New Jersey?
- Russia's entire Pacific Fleet put on high alert for practice missile launches
- Transcript: New Mexico Gov. Michelle Lujan Grisham on Face the Nation, April 16, 2023
- A Crypto-Trading Hamster Performs Better Than Warren Buffett And The S&P 500
Recommendation
Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
Why Top Gun: Maverick’s Tom Cruise Will Miss the 2023 Oscars
Russia says Putin visited occupied Ukraine region as G7 condemns irresponsible nuclear rhetoric
Everything Everywhere Actor Ke Huy Quan's Oscars Speech Will Have You Crying Happy Tears
Could your smelly farts help science?
The video game platform Roblox says it's back online after outage
The Conglomerate Paradox: As GE splinters, Facebook becomes Meta
Ex-Facebook employee says company has known about disinformation problem for years