On Friday, a multitude of U.S. bank clients were alarmed to realize that their direct-deposit salary payments had not materialized in their bank balances.
According to the Federal Reserve, the reason for the delay is as follows: “A problem” with the Electronic Payments Network, which processes transactions nationwide. Among the banks affected by the delay were Bank of America, Chase, Wells Fargo, U.S. Bank and Truist, according to the website Downdetector. “We’re aware of an industry-wide technical issue impacting some deposits for November 3rd,” says Lee Henderson, vice president of public affairs and communications at U.S. Bank. “Customer accounts remain secure, and balances will be updated when deposits are received.”
In keeping with his promise, as he had assured, deposits commenced making their appearance in the accounts of customers on Friday afternoon.