Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

BofA notifies customers of temporary industry-wide deposit delays

Published 11/03/2023, 02:08 PM
Updated 11/03/2023, 03:36 PM
© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo

(Reuters) -Bank of America's mobile app flashed a message on Friday that said customers could be facing temporary delays in depositing funds into their accounts after a technical glitch impacted multiple financial institutions.

The issue could be stemming from The Clearing House (TCH), a core payments system infrastructure owned by some of the largest commercial banks in the world.

"TCH has experienced a processing issue with a single Automated Clearing House (ACH) file. TCH is working with impacted financial institutions on the matter," a spokesperson for the association said in an emailed statement to Reuters.

Besides BofA, the issue was also impacting apps of JPMorgan Chase (NYSE:JPM), Truist Financial (NYSE:TFC) and U.S. Bancorp, according to outage tracking website Downdetector.com.

The banks did not immediately respond to requests for comment.

An alert on the Federal Reserve Financial Services website said all services were operating normally as of 12:44 PM Eastern Time (ET).

Latest comments

Gonna be interesting to see if this is just an isolated one-off event, or the start of a bigger banking crisis.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.