A Massive US Bank Is Now Holding Customer Checks

A massive US bank is now holding customer checks according to several user reports, and it’s only gotten worse.

Bank of America clients have been saddled by direct deposit delays following a payment processing glitch.

Social media users tagged the bank to explain how their paychecks hadn’t yet hit their accounts in November.

“Bank of America Day 4 & still no direct deposit, no update on potential resolution,” one user wrote on X.

“Or at the very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all.

Nothing. Wow. This is so bizarre.”

Wells Fargo clients also reported experiencing direct deposit lags, and both banks reported questions to The Clearing House.

The Clearing House is an automated clearing house system that operates as a private sector in the US.

The Clearing House told CBS MoneyWatch that payment instructions were sent to banks due to a “processing error.”

Payments were delayed since banks needed to process data and incoming payments to clients’ accounts.

The company said it worked with the affected customers and the Federal Reserve to fix the issue.

“Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed,” The Clearing House wrote.

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Also Read: A Massive US Bank is Now Closing Credit Cards

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Market News Today - A Massive US Bank Is Now Holding Customer Checks.
Market News Today – A Massive US Bank Is Now Holding Customer Checks.

Social Security users are now being hit by unexpected overpayments, a problem the administration has admitted they must work on.

A Social Security user had to go back and forth with the administration for years over an overpayment notice.

The 2018 notice informed the user she owed thousands of dollars, and she was later hit with another notice that she owed interest, reports The US Sun.

The Social Security user shared the details of her experience in a Facebook post from January.

She explained how she got approved for Social Security in 2018, but at the end of that year, she received a notice that she had been overpaid $4,000.

She appealed the overpayment “since it wasn’t my fault” and proceeded to use the money to pay off her bills and purchase a new AC unit.

“Then there was a lot of back and forth,” she wrote.

The administration claimed that it had not received her appeal, which she disputed.

The Facebook user noted that the pandemic hit, and then years later in 2023, she received a letter stating that she owed $7,065, which included over $3,000 in interest.

The woman went to the administration with proof for her case but was asked to fill out a new appeal, which she refused.

Instead, she had a lawyer friend send the administration a “polite letter” with copies of the original appeal, which had five dated stamps.

“Today the mail came and I got violently ill because I just don’t expect good news from social security,” wrote the woman.

However, in an unexpected positive turn, the administration approved the user’s appeal and dropped her overpayments.

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Also Read: SNAP Benefits Will Now Increase For The Year 2024

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Market News Today - A Massive US Bank Is Now Holding Customer Checks.
Market News Today – A Massive US Bank Is Now Holding Customer Checks.

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