BofA notifies customers of temporary industry-wide deposit delays

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November 3, 2023 2:08 PM EDT

FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo

(Reuters) -Bank of America's mobile app flashed a message on Friday that said customers could be facing temporary delays in depositing funds into their accounts after a technical glitch impacted multiple financial institutions.

The issue could be stemming from The Clearing House (TCH), a core payments system infrastructure owned by some of the largest commercial banks in the world.

"TCH has experienced a processing issue with a single Automated Clearing House (ACH) file. TCH is working with impacted financial institutions on the matter," a spokesperson for the association said in an emailed statement to Reuters.

Besides BofA, the issue was also impacting apps of JPMorgan Chase, Truist Financial and U.S. Bancorp, according to outage tracking website Downdetector.com.

The banks did not immediately respond to requests for comment.

An alert on the Federal Reserve Financial Services website said all services were operating normally as of 12:44 PM Eastern Time (ET).

(Reporting by Niket Nishant and Manya Saini in Bengaluru, Saeed Azhar and Tatiana Bautzer in New York; Editing by Shweta Agarwal)


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