Why was my bank of America deposit delayed?

In a message to customers, Bank of America said “some deposits may be temporarily delayed due to an issue impacting multiple financial institutions.” “Your accounts remain secure, and your balance will be updated as soon as the deposit is received,” the Bank of America message read. “You do not need to take any action.”

Why did bank customers struggle with direct deposit delays?

Customers at several big banks on Friday wrestled with direct deposit delays stemming from an industry-wide processing issue. The Federal Reserve reported a problem with the Electronic Payments Network, a private sector operator for Automated Clearing House, or ACH, a network that processes transactions.

Why were US banks hit by deposit delays on Friday?

M ultiple US banks were hit by deposit delays on Friday caused by an error at a payment processing network, according to the Federal Reserve. The Clearing House, which operates the Automated Clearing House system, which allows banks to send electronic payments to each other, experienced a processing error with a batch of bank transactions.