Federal Reserve says ACH error impacting customers

The Federal Reserve stated in a system status notice dated November 03, 2023 12:44 PM Eastern Time: “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. 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. processing window. These entries contain valid Nacha syntax, but obscured account information and recipient information. EPN has informed us that these items are not able to be processed by receiving depository financial institutions, or RDFIs, because of the obscured data. EPN has instructed its participants to initiate returns, and originating depository financial institutions, or ODFIs, will need to be prepared to initiate new items to complete the payments.” Customers at Bank of America (BAC), JPMorgan Chase (JPM), US Bank (USB), Truist (TFC) and Wells Fargo (WFC) have complained of issues on Friday morning, according to CNN, citing data from Downdetector.