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Several major U.S. banks on Friday experienced outages caused by a processing issue that led to deposit delays for customers.
Bank of America, Wells Fargo, Chase, Truist and U.S. Bank were among the institutions affected.
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A Bank of America branch stands in Manhattan on March 15, 2023, in New York City. (Spencer Platt/Getty Images / Getty Images)
The Federal Reserve said on its website that the processing issue at its private sector automated clearing house operator had “resulted in a number of ACH entries having certain data elements obscured.” Those items were “not able to be processed by receiving depository financial institutions” due to the issue, according to the alert.
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“All Federal Reserve Financial Services are operating normally,” the Federal Reserve said Friday afternoon.
This is a developing story. Please check back for more updates.
