Major U.S. banks slammed with deposit delays, CNN says

Multiple U.S. banks were hit by deposit delays on Friday caused by an error at a payment processing network, according to the Federal Reserve, CNN’s Matt Egan reports. The Clearing House, which operates the Automated Clearing House system, which 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 ACH system. The Clearing House told CNN on Saturday the issue “impacted less than 1% of the daily ACH volume in the United States” and it was “working with the financial institutions who have customers that have been impacted.” Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).