Banks such as Bank of America, Chase, US Bank, Truist, and Wells Fargo confirmed the issue.
The delay was due to a processing issue at the automated clearing house, a national network for processing transactions, according to the Federal Reserve. Bank customers experienced inconvenience and anxiety due to delays in their deposits and uncertainties around the availability of funds caused by updated direct deposits. Customers were reassured that their accounts remained secure and their balances would be updated once the deposit was received.
Despite this assurance, the problem’s resolution time remains unclear, leaving many consumers in the dark. This delay has potential implications for people relying on direct deposits for their paychecks or those who need to make time sensitive payments such as mortgages and utility bills.
