American customers are having banking deposit delays
On November 3, 2023, multiple US banks experienced banking deposit delays due to an error at The Clearing House, a payment processing network. A lot of customers are worried about a possible cyberattack.
The ACH system, which is operated by The Clearing House, allows banks to send electronic payments to each other.
This system is used for a variety of transactions, including direct deposit paychecks, customer bill payments, and government benefits.
Customers are experiencing banking deposit delays
The Clearing House stated that the issue "impacted less than 1% of the daily ACH volume in the United States" and that they were "working with the financial institutions who have customers that have been impacted".
They also confirmed that the issue was caused by a "manual error" and was not linked to a cybersecurity issue. Despite the reassurance that only a small percentage of transactions were affected, many people still experienced significant inconvenience and stress as a result of the delay.
The deposit delays caused significant disruption to both individuals and businesses. Some customers were unable to access their paychecks or other important funds, while others were unable to pay bills on time.
This could have led to late fees and other financial penalties. Businesses that rely on ACH payments to receive revenue may have experienced lost sales and cash flow problems. Additionally, businesses that were unable to pay their suppliers on time may have faced additional fees and penalties.
Which banks are affected by the banking deposit delays?
The Clearing House did not disclose the names of the banks that were affected by the banking deposit delays. However, some banks have acknowledged that their customers were impacted.
For example, Bank of America flashed a statement on its mobile app, warning customers about the potential for deposit delays. It's essential to note that even if your bank is not explicitly listed as being affected, you may still experience delays in your transactions.
It's always a good idea to check with your bank to confirm whether they were impacted and to understand how it may affect your specific situation.Advertisement