Bank of America and Others Experience ACH-Related Deposit Delays

Today, a problem with the Automated Clearing House (ACH) has resulted in deposit delays at several major banks, including Bank of America, Chase, US Bank, Truist, and Wells Fargo. The issue first came to light on Friday morning when Bank of America informed its customers about potential delays, attributing the situation to a broader industry concern rather than a specific bank issue.

This disruption has affected direct deposits, which are typically used for payroll, causing inconvenience on payday Friday. This incident is reminiscent of a similar issue that occurred in January, when problems with Zelle transfers resulted in overdraft fees, lost funds, and negative account balances for customers using Bank of America’s online services.

In light of the current challenges, Bank of America has been recommending private communications for account security and reassured its customers that their accounts remain secure. The bank promised to provide updates on account balances as soon as deposits are processed, emphasizing that customers do not need to take any action at the moment.

According to reports, the problem was initially highlighted on a service outage tracking platform and later confirmed by industry sources, stating that it was not a bank-specific issue but rather a concern affecting the industry as a whole. Despite the seriousness of the situation, there have been no immediate comments from the Federal Reserve or the US Treasury Department, and the affected banks have also refrained from making public statements.

This article was crafted with the assistance of AI and has undergone editorial review.