Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with the banks assuring patrons that their deposits were safe. A rep for the Clearing House, the private-sector operator for transactions processor Automated Clearing House, said it wasn't a hacking problem but rather a "manual error" that led to the delays, which affected everything from direct paycheck deposits to automatic mortgage and utility payments.
Banks tried to assuage customer concerns after complaints started rolling in. "Your accounts remain secure, and your balance will be updated as soon as the deposit is received," a Bank of America message to its customers read. That didn't mitigate the ire of patrons who wanted their money ASAP. "Where is my Direct Deposit? @WellsFargo," one person wrote on X, formerly known as Twitter. "Me and my Co-workers are waiting to get paid." "@BankofAmerica where is my money and will you be covering my bills that are due today?" another inquired.
Customers have good reason to be miffed, going beyond not being able to immediately access funds personally. "When money that we expect to be there on a Friday morning isn't there and your autopay is set up to pay a credit card or a 'buy now, pay later' loan, it can cause some real issues," Lending Tree chief credit analyst Matt Schulz tells CNBC. The news outlet advises customers to call any affected lenders and explain that they were caught up in an industrywide issue that affected multiple banks. It's not yet clear when the issue will be resolved. (More banks stories.)
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