Multiple US banks experienced deposit delays due to a processing error on Friday, as reported by the Federal Reserve 

Bank of America informed customers about potential deposit delays affecting several banks 

Chase confirmed that some of its customers' direct deposits were not updated as a result of the error 

Customers at Bank of America, Chase, US Bank, Truist, and Wells Fargo reported issues on Friday morning 

The issue was traced back to a processing problem at the private sector operator of the Automated Clearing House (ACH), a national transaction network 

The ACH system facilitates electronic payments among banks, including direct deposit paychecks and bill payments 

The Federal Reserve stated that an "error" in a batch of payments caused the delay in processing 

The Clearing House, the ACH operator, confirmed that the problem was due to a "manual error" and not a cybersecurity attack 

There was no specified timeline for when the issue would be resolved 

Banks assured customers that their accounts remained secure, and the delayed deposits would be processed as soon as possible