The Federal Reserve system that allows financial institutions to send money back and forth electronically went down on Wednesday morning.
The “operational error,” as the Fed described it, has affected several services, including its centralized automated clearing system, which connects depository and related institutions that send electronic loans and debt transfers.
There were no initial indications that a wrong game was suspected.
Along with the Fed ACH service, other affected systems included Check 21, FedCash, Fedwire and the national settlement service.
A statement from the central bank said it became aware of a problem around 11:15 ET.
“Our technical teams have determined that the cause is a Federal Reserve operational error. We will provide service status updates as more information becomes available,” the Fed said.
The statement also said the error had affected payment deadlines and said the Federation “will communicate our remedial efforts to our customers when they become available”.
No other information was available.
List of affected services: account services, central bank, check 21, check adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement.
Interruptions, especially with the ACH system, can have a wide impact. The system manages direct payroll deposits, social security and income tax refunds, as well as automatic payments for mortgages and utility bills.
FedCash distributes coins and coins, which have been in small amounts since the Covid-19 pandemic spread. FedWire is a settlement service, while FedLine offers alternative services to the ACH system.