(NEXSTAR) – Customers of multiple U.S. banks are reporting deposit issues Friday after an apparent industry wide technical problem.
The Federal Reserve told banks that a payment processing error at an Automated Clearing House (ACH) operator is preventing some deposits from reaching accounts.
According to the Fed, there was an “error” in a file that obscured account and recipient information.
Greg MacSweeney, a spokesperson for private sector ACH operator The Clearing House, confirmed to The Hill that there was a “processing issue” with a single ACH file affecting less than 1% of the daily U.S. ACH volume.
“TCH is working with the financial institutions who have customers that have been impacted,” MacSweeney said. “Customers should contact their financial institution to resolve any issues.”
Bank of America, Chase, US Bank, PNC and other banks saw a spike in reports of problems with fund transfers and online banking Friday, according to outage site Downdetector.com.
“We’re aware of an industry-wide technical issue impacting some deposits for 11/3,” Lee Henderson, vice president of public affairs and communications at U.S. Bank, told The Hill in a statement. “Customer accounts remains secure, and balances will be updated when deposits are received. We do not have an estimate on timing at this point. Customers do not need to take any action.”
Neither the Federal Reserve nor other banks with reported outages responded to request for comment as of publishing time.
The Automated Clearing House is the backbone of the electronic funds transfer system that U.S. banks and other institutions rely on to process online payments.