On November 3, 2023, several major US banks experienced delays in deposit processing due to an error with the Automated Clearing House (ACH) system. Affected banks included Bank of America, Chase, Truist, Wells Fargo, and US Bank.
The issue stemmed from a “manual error” associated with a file in the ACH system, according to The Clearing House, which operates the ACH network. The error resulted in key data elements in a number of ACH entries being obscured, making it difficult for banks to process the deposits.
Banks alerted customers on November 3 about the delays and assured them that their deposits were safe, just delayed. Most customers received their deposits by the end of the day as the issue was resolved quickly. However, some customers reported deposits being delayed by several hours or not arriving until November 4.
The deposit delays disrupted some customers who rely on the funds to pay bills and expenses. The affected banks encouraged customers to contact creditors if necessary to explain the situation and potentially extend payment deadlines without penalty.
While rare, deposit delays due to processing issues can negatively impact bank customers. Experts advise setting up direct deposit as it allows for quicker processing and avoids delays associated with physical checks having to clear.
Banks also recommend maintaining open communication with creditors in case of deposit delays and avoiding relying solely on one deposit for major expenses. Customers who experienced issues with delayed deposits are encouraged to contact their bank with any outstanding questions.
