DENVER (KDVR) - A widespread banking system issue has caused delays in deposit processing, affecting customers of several major banks across the United States. The Federal Reserve has identified a problem with the Automated Clearing House (ACH), the primary system used for electronic funds transfers by various agencies.

Bank of America, Chase, U.S. Bank, Wells Fargo, and other financial institutions have reported issues with deposit delays. Concerns were raised by customers through X, previously known as Twitter, and Downdetector platforms.

In response to the situation, both Chase and Bank of America issued statements confirming the possibility of delayed deposits. However, they assured customers that their accounts remain secure and that balances will be updated as soon as deposits are received. Lee Henderson, vice president of public affairs and communications at U.S. Bank, also provided reassurances to customers, stating that no action is necessary from their end.

The Federal Reserve has attributed the processing issue to a batch of transfers and identified the problem as a processing matter with EPN, the private-sector operator of the ACH. Deposits authorized on November 2 at 6 p.m. appear to have had the account and recipient information obscured, according to the Federal Reserve's findings.

Downdetector, an online platform that tracks service outages, recorded hundreds of complaints from individuals facing banking issues. Customers of Huntington Bank, PNC, TD Bank, Chase, and Bank of America have all reported problems.

As of now, there is no estimated timeframe for when the deposit delays will be resolved. The Federal Reserve and the affected banks are working diligently to rectify the situation and restore normal deposit processing as soon as possible. It is advised that customers stay informed through official communications from their respective banks.

This unforeseen banking system issue serves as a reminder of the importance of reliable and efficient electronic funds transfer systems. The Federal Reserve and financial institutions are continuing their efforts to address the problem and ensure the prompt delivery of deposits to affected customers.