Bank of America customers face deposit delays amid widespread issue

Bank of America customers have been warned of delays to deposits following an unspecified issue that is affecting “multiple financial institutions”.

The company reassured customers on Friday that their accounts remained “secure” and that no action was needed.

A statement appearing on customer phone applications read: “Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions.

“Your account remains secure, and your balance will be updated as soon as the deposit is received. You do not need to take any action.”

Fellow US bank Wells Fargo also acknowledged technical issues online. The official Ask Wells Fargo customer help account responded to multiple X users apologising for any inconvenience caused.

“We are aware of the issue and working for a resolution as quickly as we can. I sincerely apologize for the inconvenience. We appreciate your patience,” the organisation wrote.

The Independent understands consultancy firm Deloitte has also experienced problems.

According to Downdetector, an online platform that provides users with real-time information about the status of various websites and services, several other institutions were affected by the unkown outages.

Among those affected were US Bank, Truist, and Chase. Some Chase customers also expressed concerns online over late deposits.

The Federal Reserve alerted banks on Friday that the problem was caused by a “processing issue” at the private sector operator of the Automated Clearing House (ACH), a national network for processing transactions. The body said an “error” in a batch of payments delayed the processing of payments.

The Clearing House, the private sector operator of ACH, confirmed to CNN that it “experienced a processing issue” with a batch of bank transactions. Greg MacSweeney, a spokesperson for The Clearing House, said the problem was caused by a “manual error” and is not linked to a cybersecurity issue.

“TCH is working with impacted financial institutions on the matter,” MacSweeney said in a statement to the outlet.

There was no update on when the problem will be resolved.