Bug in Fed’s payment system prevents Americans from getting paid

A few of the biggest United States banks are unable to facilitate clients deposits after among the Federal Reserves payment systems suffered an outage on Nov. 3. The Federal Reserve said the bug was brought on by a “processing problem” in the Automated Clearing House– a payment processing network commonly used by companies and banks to deposit earnings into employee bank accounts. The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network.Banks worried customer accounts “remain secure” and the Federal Reserve claims all of its services resumed at 4:44 pm UTC time.However, customers are still complaining about the experience. One X user, Georgiaree Godrey says she still hasnt been paid and as a result, can not pay rent.Hello. Some deposits from 11/3 may be momentarily postponed due to a concern affecting several financial organizations. Your accounts stay safe and secure, and your balance will be updated as quickly as the deposit is received. ^ adrian– Bank of America Help (@BofA_Help) November 3, 2023

Some of the biggest United States banks are not able to help with clients deposits after one of the Federal Reserves payment systems suffered an outage on Nov. 3. The Federal Reserve stated the bug was triggered by a “processing issue” in the Automated Clearing House– a payment processing network extensively used by banks and companies to deposit salaries into staff member bank accounts. Source: Downdetector.The Federal Reserve released FedNow in July, which permits banks and money transmitter services to make payments quickly, without needing to rely on the ACH.Magazine: Unstablecoins: Depegging, bank runs and other risks loom

A CNBC survey from September discovered that 61% of Americans are living income to paycheck, up from 58% in March.Related: JPMorgan forecasts restricted downside for crypto markets: Report Outage reports from the U.S. banks started to rise at about 11:00 am UTC time on Nov. 3. Source: Downdetector.The Federal Reserve launched FedNow in July, which enables banks and cash transmitter services to make payments immediately, without needing to rely on the ACH.Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Another X user, “Des Imoto,” iterated that funds cant be safe if theyre missing and recommended that Bitcoin serves as a fix to the problem at hand.” Its the reverse of protected because the funds are missing out on. #Bitcoin fixes this.” X user “LashishLizard” likewise asked Wells Fargo whether they would spend for any late costs enforced against them.” So are you going to pay everyones late costs, court costs and everything else connected with this BS? Since credit companies, bills, landlords dont desire to hear you do not have it,” they said.Hi, we value you connecting to us. We wish to see how we can assist. Please send us your complete name/ZIP/phone # and we would be happy to follow up with you. ^ adrian– Bank of America Help (@BofA_Help) November 3, 2023

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The recent bug in the Fed's payment system has caused significant delays in direct deposits for many Americans. This issue arose from a processing problem in the Automated Clearing House (ACH), which is crucial for payroll deposits. As a result, some individuals have reported not receiving their paychecks, leading to financial strain and concerns about meeting essential obligations like rent.

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