Bank of America, Chase and Wells Fargo delays Amazon lay off

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Bank of America, Chase and Wells Fargo delays Amazon lay off workers
Bank of America customers complain of deposit issues: What to know
Several major U.S. banks, including Bank of America and Chase, were experiencing deposit delays Friday morning.

The Federal Reserve alerted banks early Friday that a processing issue at a national network for processing transactions (Automated Clearing House) was causing the deposit delays.

According to Downdetector, Bank of America, Chase and Wells Fargo have experienced a surge of reported outages since Friday morning.

Bank of America users posted on X, formerly known as Twitter, the message that the bank sent out via their mobile app.

"Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions," the message read. "Your accounts remain secure, and your balance will be updated as soon as the deposit is received. You do not need to take any action."

A user on Downdetector commented that their company sent out the following email: "We're aware of delays in one of the banking networks that manages ACH deposits for multiple organizations and businesses. Direct deposits and debits did not appear in accounts as expected," the email read. "Banks are working urgently to post the transactions today. We'll continue to post updates on status. No further action is required."

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The new numbers were located in a footnote on the firm’s third-quarter financial supplement and were higher than an expected $34 billion loss.

The news follows a new quarterly report from Bank of America revealing it now has a total of $131.6 billion in unrealized losses.

Although Wells Fargo and Citigroup have also reported third-quarter earnings, they have yet to reveal the latest stats on their own unrealized losses.

In Q2 of this year, Wells Fargo said it had $40 billion in unrealized bond market losses, while Citigroup had $25 billion in paper losses.

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