On Friday, major US banks including Bank of America (NYSE:BAC), Chase, US Bank, Truist, and Wells Fargo (NYSE:WFC) experienced disruptions in deposit processing due to problems with the Automated Clearing House (ACH), a network for processing transactions. This resulted in a flurry of customer complaints reported by Downdetector, a website status-tracking service.
Customers noticed discrepancies in their account balances as deposits were listed as "pending". This sparked concerns about the security of their accounts. In response, the banks assured customers that their accounts were secure and promised that balances would be promptly updated following deposit processing.
Bank of America took the lead in assuring its customers about the security of their accounts and the imminent update of balances once deposits were received.
The National Desk reached out to the affected banks for comments on the matter. Wells Fargo referred them to The Clearing House, an entity owned by the world's largest commercial banks, indicating that the issues were tied to problems with the ACH system. This was further corroborated by an industry source cited by CNN.
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