Banking glitch causes deposit delays at major U.S. banks
Last weekend, customers of several major U.S. banks experienced deposit delays due to a glitch in a banking processing system. The issue, which was linked to the Electronic Payments Network associated with the Automated Clearing House , impacted banks such as Bank of America, U.S. Bank, Truist, and Chase Bank.
The Clearing House, which clears $2 trillion in transactions daily, confirmed that the delays were due to a"manual error" that notably impacted direct deposit and autopay transactions involving mortgage and utility payments. Greg MacSweeney, spokesman for The Clearing House, attributed the problem to a file glitch on Thursday night that impacted less than 1% of U.S. daily filings.
Analysts from LendingTree highlighted the potential severe consequences of such delays for those relying on autopay for credit cards or 'buy now, pay later' loans in their comments to CNBC. Major banks including Bank of America, Truist, and Wells Fargo directed queries to The Clearing House.
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