New York CNN —Federal Reserve officials are urging banks to work with customers hurt by ongoing deposit delays that have prevented some people from accessing their paychecks and other funds.
The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers.
“The Federal Reserve encourages banks to work quickly to resolve issues for customers experiencing delays in receiving direct deposit payments as a result of operational issues at a private sector payments provider,” a Fed spokesman told CNN in a statement.
Fed officials signaled they want banks to help customers by waiving overdraft or late fees.
The Consumer Financial Protection Bureau similarly told CNN on Monday that consumers “should not be penalized” by fees and penalties.
Persons:
haven’t, waiving overdraft, JPMorgan Chase, Banks, Chase
Organizations:
New, New York CNN — Federal Reserve, Federal Reserve, CNN, Consumer Financial, JPMorgan, Fed, ACH Network, Bank of America, US Bank
Locations:
New York, United States, Wells Fargo