A processing glitch has held up a ‘small percentage’ of bank deposits since Thursday, overseer says

2024-12-24 20:27:34 source: category:Contact-us

SAN FRANCISCO (AP) — A processing glitch in the network that processes electronic transfers between nearly all U.S. bank accounts led to delays in settling deposits, some of which remain stalled, according to the private company that operates the system.

The Clearing House Payments Co. said Monday that a technical error on Thursday resulted in some payment information sent to banks with account numbers and customer names masked, preventing them from being processed immediately. TCH, as the company is known, is owned by a group of 22 major banks, including Citibank, Wells Fargo, Bank of America and J.P. Morgan Chase.

Many customers have complained about the problem on social media, noting that delayed paycheck deposits have imperiled important automatic payments such as mortgage payments, rent and credit-card bills.

TCH apologized for the error and emphasized that individual banks were not responsible for the situation. It also noted that the issue affected only a “very small percentage” of all transactions.

It said it was working with the banks, their customers and the Federal Reserve to fix the problem as quickly as possible.

More:Contact-us

Recommend

The Daily Money: Markets react to Election 2024

Good morning! It’s Daniel de Visé with your Daily Money, post-election markets edition.U.S. stocks

The escaped prisoner Danelo Cavalcante was caught. Why the ordeal scared us so much.

Escaped murderer Danelo Cavalcante had been on the run in Pennsylvania for approximately two weeks b

Jury awards $100,000 to Kentucky couple denied marriage license by ex-County Clerk Kim Davis

A federal jury has awarded $100,000 to a Kentucky couple who sued former county clerk Kim Davis over