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A processing glitch has held up a 'small percentage' of bank deposits since Thursday, overseer says
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FILE - The Bank of America logo is seen on a branch office, Oct. 14, 2022, in Boston. A glitch in the network that processes electronic transfers between nearly all U.S. bank accounts has led to delays since Thursday, Nov. 2, 2023, in settling deposits, some of which remain stalled. TCH, as the company is known, is owned by a group of 22 major banks, including Citibank, Wells Fargo, Bank of America and J.P. Morgan Chase. - photo by AP Photo/Michael Dwyer, File
SAN FRANCISCO (AP) — A processing glitch in the network that processes electronic transfers between nearly all U.S. bank accounts led to delays in settling deposits, some 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 resulted in some payment information sent to banks with account numbers and customer names masked, preventing them from being processed immediately. TCH, as the company is known, is owned by a group of 22 major banks, including Citibank, Wells Fargo, Bank of America and J.P. Morgan Chase.