Bug in Fed’s payment system prevents bank customers from getting paid
Some of the largest United States banks are not able to facilitate customers deposits after one of the Federal Reserve’s payment systems suffered an outage on Nov. 3.
The Federal Reserve said the bug was caused by a “processing issue” in the Automated Clearing House — a payment processing network widely used by banks and employers to deposit wages into employee bank accounts.
The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network.
Banks stressed customer accounts “remain secure” and the Federal Reserve claims all of its services resumed at 4:44 pm UTC time.
However, customers are still complaining about the ordeal. One X user, Georgiaree Godrey says she still hasn’t been paid and as a result, cannot pay rent.
Hello. Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions. Your accounts remain secure, and your balance will be updated as soon as the deposit is received. ^adrian
— Bank of America Help (@BofA_Help) November 3, 2023
Another X user, “Des Imoto,” iterated that funds can’t be secure if they’re missing and suggested that Bitcoin serves as a fix to the problem at hand.
“It’s the opposite of secure since the funds are missing. #Bitcoin fixes this.”
X user “LashishLizard” also asked Wells Fargo whether they would pay for any late fees imposed against them.
“So are you going to pay everyone’s late fees, court fees and everything else associated with this BS? Because credit companies, bills, landlords don’t want to hear you don’t have it.”
Hi, we appreciate you reaching out to us. We would like to see how we can help. Please send us your full name/ZIP/phone # and we would be happy to follow up with you. ^adrian
— Bank of America Help (@BofA_Help) November 3, 2023
A CNBC survey from September found that 61% of Americans are living paycheck to paycheck, up from 58% in March.
Related: JPMorgan forecasts limited downside for crypto markets: Report
Outage reports from the U.S. banks started to rise at about 11am UTC time on Nov. 3.
Reports from Bank of America peaked at 313 across a 15-minute interval at 4:00 pm UTC time, according to Downdetector. Chase and Wells Fargo reached similar peaks of 279 and 137 around the same timeframe.
The Federal Reserve launched FedNow in July, which allows banks and money transmitter services to make payments instantly, without needing to rely on the ACH.
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Politics
Wes Streeting ‘crossed the line’ by opposing assisted dying in public, says Labour peer Harriet Harman
Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.
Speaking on Sky News’ Electoral Dysfunction podcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.
MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.
But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.
He has also ordered a review into the potential costs of changing the law, warning it could come at the expense of other NHS services if implemented.
Baroness Harman said Mr Streeting has “crossed the line in two ways”.
👉 Click here to listen to Electoral Dysfunction on your podcast app 👈
“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.
“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.
“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.
“It can’t be both costing the NHS money and saving the NHS money.”
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Review into assisted dying costs
Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.
She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.
“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.
Read more on this story:
‘Fix care before assisted dying legislation’
Why assisted dying is controversial – and where it’s already legal
Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.
The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.
Energy Security and Net Zero Secretary Ed Miliband is said to support the bill. Pic: Reuters
Justice Secretary Shabana Mahmood has concerns. Pic: Reuters
Keep up with all the latest news from the UK and around the world by following Sky News
The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.
Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.
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Labour MP Kim Leadbeater discusses End of Life Bill
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.
MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.
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