Covert below points into news article with minimum word count of 300-400 for my site ‘KPM News’:
Multiple US Banks Experience Deposit Delays Due to Processing Error
Several major US banks were hit with deposit delays on Friday morning as a result of an error at a payment processing network. Customers at Bank of America, Chase, US Bank, Truist, and Wells Fargo were affected by the issue, which caused frustrations and concerns among account holders.
The Federal Reserve, in an effort to alleviate customer worries, assured the public that their deposits were safe and the error was not a malicious attack but rather a result of human error. Bank of America and Chase confirmed that some customer deposits had not been updated due to the issue, causing financial anxiety for their users.
The problem originated from a “processing issue” at the private sector operator of the Automated Clearing House (ACH) network, according to the Federal Reserve. The Clearing House, responsible for operating the ACH network, acknowledged the error and stated that it was caused by a “manual error” rather than a cybersecurity breach.
Unfortunately, the problem has yet to be resolved, leaving customers uncertain about when their deposits will be updated. This uncertainty prompted frustrated bank customers to voice their concerns on social media platforms, questioning whether their bills would be covered and expressing anxiety over the situation.
In response to customer worries, Bank of America reassured its clients that their accounts were secure and that their balances would be updated as soon as the deposits were received. Chase stated that the originators of the deposits were actively working to resend the payment files in order to resolve the issue. Meanwhile, US Bank acknowledged the industry-wide technical issue and highlighted that customer accounts remained secure. Wells Fargo also acknowledged the deposit issue and ensured its customers that they were working diligently on a resolution.
The Automated Clearing House (ACH) network, responsible for facilitating electronic transactions, is operated by the Federal Reserve Banks and the Electronic Payment Network. While the operators are undoubtedly working diligently to fix the error, there is no update yet on when the issue will be fully resolved.
Customers impacted by the deposit delays are advised to stay in touch with their banks for updates and further assistance.
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