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With reports of direct deposits failing to clear still ongoing, Bloomberg reported that the Federal Reserve was investigating “the second significant disruption in 2019 of a payments service administered by the U.S. central bank.”
As we first reported earlier (see below) key transactions – most notably funding via direct deposits – were delayed after ACH – which stands for the Fed’s Automated Clearinghouse System – experienced delays, but it is now up and running.
“The FedACH service, which processes transactions for commercial banks, is currently operating normally after experiencing delays in processing yesterday afternoon and early this morning,” Jean Tate, a spokesman for the Atlanta Fed which hosts the central bank’s Retail Payments Office processing ACH transactions, said in an e-mailed statement, despite reports that some banks bank clients still had not received their monty.
“Some customers experienced delays in receiving confirmations of yesterday’s transactions. Federal Reserve technical staff continue to investigate the root cause of the issue.”
Not to worry! The sorcerors are looking into it. “Monty,” the root cause of all evil…