Bug in Fed’s payment system prevents bank customers from getting paid
Some of the largest United States banks are not able to facilitate customers deposits after one of the Federal Reserve’s payment systems suffered an outage on Nov. 3.
The Federal Reserve said the bug was caused by a “processing issue” in the Automated Clearing House — a payment processing network widely used by banks and employers to deposit wages into employee bank accounts.
The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network.
Banks stressed customer…