![]() ![]() In its Friday memo to clients, Bank of America said, per the Bloomberg report: “Your accounts remain secure, and your balance will be updated as soon as the deposit is received. The alert added that EPN had informed the Federal Reserve that these items could not be processed by the receiving depository financial institutions because of the obscured data, that EPN instructed its participants to initiate returns and that originating depository financial institutions will need to be ready to initiate new items to complete the payments. These entries contain valid Nacha syntax, but obscured account information and recipient information.” “This error was contained in a single interoperator file that was distributed by EPN to its participants during the November 2 6:00 p.m. “On November 3, 2023, a processing issue at EPN, the private sector ACH operator, resulted in a number of ACH entries having certain data elements obscured (file dated for November 1, 2023, processed on November 2, 2023, with effective dates from November 2-3),” the Federal Reserve said in an alert issued Friday. The Federal Reserve said the processing issue happened at EPN, the automated clearing house owned by The Clearing House, and said all of its financial services were operating normally, the Bloomberg report said. TCH is working with the financial institutions who have customers that have been impacted.” Reached by PYMNTS, a spokesperson for The Clearing House said in an email: “The Clearing House (TCH) experienced an ACH processing issue which impacted less than 1% of the daily ACH volume in the United States. ![]() The issue affected a single file, and therefore a batch of payments, and was ultimately a narrow processing issue caused by human error, a spokesperson for The Clearing House told Bloomberg. There were also complaints on social media from people who hadn’t been paid because of the problem. ![]() Other banks that experienced deposit delays due to the processing issue include US Bank, Truist and Wells Fargo, CNN reported Friday. For example, if you debit a cash account, then this means that the amount of cash on hand increases.However, if you debit an accounts payable account, this means that the amount of accounts payable liability decreases. told the media outlet that a system issue had affected ACH debits and credits sent to the bank and other lenders. There can be considerable confusion about the inherent meaning of a debit or a credit. Similarly, a spokesperson for JPMorgan Chase & Co. 3) saying that some of their deposits may be delayed due to an issue that was affecting multiple financial institutions, Bloomberg reported Friday.
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