Customers at major U.S. banks, such as Bank of America and Wells Fargo, expressed their grievances regarding delays in receiving their direct deposits on Monday.

These delays were a consequence of a payment processing glitch that originated on the previous Friday.

The Federal Reserve clarified that the issue did not stem from a cybersecurity breach and had been successfully resolved.

However, on Monday, customers continued to report delays in the arrival of their direct deposits. They took to social media to convey their concerns, pointing out that their expected paychecks had not yet reached their bank accounts, CBS News reported.

Wells Fargo and Bank of America redirected inquiries to The Clearing House, a payment services company responsible for operating the sole private-sector automated clearing house (ACH) system in the United States.

In an email response to CBS MoneyWatch, The Clearing House explained that certain ACH payment instructions had been dispatched to banks on November 2 with customer names and account numbers obscured due to a processing error.

As this information is essential for the banks to process incoming payments and credit the funds to customer accounts, these payments encountered delays.

The Clearing House “is working with the financial institutions with impacted customers, and with the Federal Reserve, to resolve this issue as quickly as possible,” the company said. “Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed.”

A representative from JPMorgan Chase has stated that they are committed to expeditiously posting scheduled direct deposits to customer accounts.

They have also assured that the bank will reimburse any overdraft fees that clients may experience due to the ACH issue.

Written by B.C. Belgey