WASHINGTON — Several major U.S. banks on Friday were impacted by deposit delays caused by an error at a payment processing network, according to the Federal Reserve.
There was a spike in "outage" reports Friday morning from customers for Bank of America, Chase, Truist, Wells Fargo and U.S. Bank on Downdetector, which tracks online outage reports submitted by users.
A statement from the Federal Reserve said Friday afternoon that all Federal Reserve Financial Services are now operating normally. It blamed a "processing issue" at the private sector Automated Clearing House (ACH), a national network for processing transactions. The ACH system allows banks to send payments to each other. These payments range from bill payments to mortgages and direct deposits from employers.
Impacted banks stressed to customers that deposits remain safe. A vice president at The Clearing House confirmed to CNBC a "manual error" associated with a file caused the delays and the banks are working to correct the errors in impacted payments.
Bank of America alerted customers to the issue in its mobile app and warned some deposits may be temporarily delayed.
"Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions. Your accounts remain secure, and your balance will be updated as soon as the deposit is received. You do not need to take any action," a message on Bank of America's app stated Friday.
U.S. Bank and Chase both confirmed to CNN they were aware of the issue impacting some deposits.
Wells Fargo responded to customer questions on X, formerly known as Twitter, and confirmed it was "aware of the deposit issue and we are working on a resolution."