A processing problem in the network that handles electronic transfers between almost all U.S. bank accounts led to delays in settling depositssome of which remain stalled, according to the private company that operates the system.
The Clearing House Payments Co. said Monday that a technical error on Thursday caused some payment information to be sent to banks with account numbers and customer names obscured, preventing them from being processed immediately. TCH, as the company is called, is owned by a group of 22 large banks, including Citibank, Wells Fargo, Bank of America and JP Morgan Chase.
Many customers have complained about the problem on social media, pointing out that late paycheck deposits have put important automatic payments such as mortgage payments, rent and credit card bills at risk.
TCH apologized for the error and stressed that individual banks were not responsible for the situation. He also noted that the problem only affected a “very small percentage” of all transactions.
It said it was working with banks, their customers and the Federal Reserve to resolve the problem as quickly as possible.