Several U.S. Banks Are Experiencing Payment Processing Problems

The Clearing House, which operates the automated system that allows banks to send electronic payments to each other, experienced a processing error with a batch of bank transactions.

Consumers at several major U.S. banks have been experiencing payment processing issues.

The problem began Friday and the Federal Reserve claimed that it had since been resolved. However, customers continued to report delays with direct deposits on Monday, explaining their paychecks had not landed in their accounts as expected.

The Clearing House, which operates the automated system that allows banks to send electronic payments to each other, experienced a processing error with a batch of bank transactions. Banks send everything from direct deposit paychecks to customer bill payments for mortgages and utility bills through the system.

The Clearing House is now working with the financial institutions with impacted customers, and the Federal Reserve, to resolve this issue as quickly as possible.

The banks involved include, Bank of America, JPMorgan, U.S. Bank, Truist and Wells Fargo.