Personal Finance

Customers at large U.S. banks grappling with direct-deposit delays

Customers at major U.S. banks including Bank of America and Wells Fargo complained about delays with their direct deposits on Monday, following a glitch with processing payments that began Friday.

Bank of America didn’t respond to a request for comment, while Wells Fargo referred questions to The Clearing House, a payments company that operates the only private-sector automated clearing house (ACH) system in the U.S.

The Clearing House didn’t immediately respond to a request for comment. On Friday, a spokesman for the organization said there had been a “processing error with an ACH file” on the previous day, according to CNBC.

The Federal Reserve on Friday said the problem wasn’t related to a cybersecurity issue and that it had been resolved.  But customers on Monday continued to report delays with direct deposits, reaching out to their banks on social media to report that their paychecks hadn’t landed in their accounts as expected.

A spokesman for JPMorgan Chase said it will post scheduled direct deposits to customer accounts “as soon as we can,” noting that the banking giant will refund any overdraft fees that clients might incur stemming from the ACH problem.

DownDetector showed an increase in problems for Bank of America customers, including issues with funds transfers and online banking. Customers at other large banks, including Wells Fargo and U.S. Bank, also reported ongoing problems on Monday, including issues retrieving account balances or other transactions, DownDetector said.

@KenPaxtonTX what can be done to protect timely receipt of my direct deposit paycheck? @BankofAmerica is non-compliant with regulations and it’s impacting Texas customers.

— Steve Nickman (@StevieT87) November 6, 2023

LOL! Your online bill pay system has been down for DAYS and you’re telling me to go there? Man Bank of America really has no collective clue. Maybe it’s time to find a new bank.

— Jay (@JayB4) November 6, 2023

@BankofAmerica Day 4 & still no direct deposit, no update on potential resolution or at they very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all. Nothing. Wow. This is so bizarre,” one user said on X, the platform formerly known as Twitter, wrote on Monday morning.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button