Bank of America Notifies Customers of Temporary Industry-Wide Deposit Delays Due to Processing Error Confirmed by Federal Reserve and SNB

Multiple major US banks experienced deposit delays due to a processing error at the private sector operator for Auromated Clearing House (ACH), the electronic funds system that facilitates payments. The Federal Reserve confirmed the delays, and Bank of America notified customers of temporary industry-wide deposit delays. The Swiss National Bank (SNB) suggested that banks should slow deposit withdrawals and prepare better collateral to evade crises.