Why are Deposits Delayed at Bank of America?

Why are Deposits Delayed at Bank of America?

Bank of America customers recently encountered delays with their deposits due to an unspecified issue affecting multiple financial institutions. Despite these delays, Bank of America assured its customers that their accounts remained secure and that they didn't need to take any action. The issue also affected other banks, including Wells Fargo and Deloitte.

Downdetector reported similar outages in various institutions, such as US Bank, Truist, and Chase. The Federal Reserve attributed the problem to a "processing issue" at the operator of the Automated Clearing House (ACH), a national transaction processing network. This issue resulted from a "manual error," and The Clearing House is actively addressing the situation, emphasizing that it isn't a cybersecurity concern.

Reasons for the Deposit Delays

Bank of America customers, along with those of other financial institutions, recently experienced deposit delays due to an issue affecting multiple entities. The issue was attributed to a "processing issue" at the operator of the Automated Clearing House (ACH), a national network for transaction processing. A batch of payments encountered an "error," causing a delay in processing payments.

As a result, Bank of America reassured its customers that their accounts remained secure, and the issue would be resolved once the deposit processing was complete. While the problem was widespread, it was not a cybersecurity concern but rather a "manual error." Banks, including Wells Fargo, also experienced this issue, which raised concerns among their customers. The affected organizations are working diligently to resolve the problem.

How Long Does the Bank of America Check Deposit Take?

The time it takes for a Bank of America check deposit to become available depends on your account's time zone. Checks received before the cutoff times on a business day are typically considered deposited on that day and will usually be available on the next business day. Here are the cutoff and availability times based on time zones:

• Eastern or Central Time Zone: Funds deposited before 9:00 p.m. ET on a business day will generally be available the next business day.
• Mountain or Pacific Time Zone: Funds deposited before 8:00 p.m. PT on a business day will generally be available the next business day.

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How Do I See Pending Deposits on Bank of America?

The pending deposits are not available for withdrawal and will usually post to your account within one to two business days. To see pending deposits on Bank of America, follow these steps based on your preferred banking experience:

Online Banking

• Log in to your online banking account.
• Choose the account you want to check from your dashboard.
• On the account page, look for the "Available balance" section on the right.
• If the deposit is still pending, you'll see the amount held under the "Funds held from deposit" section.

U.S. Bank Mobile App

• Log in to your U.S. Bank mobile app.
• Select the account you wish to check from the dashboard.
• To the right of the available balance, click on the information button.
• Choose "Pending Transactions" from the "Available balance" screen.
• If the deposit is still pending, you'll see the amount held under the "Deposits and refunds" section.

Why is My Cash Deposit Not Showing Up Bank of America?

To avoid a hold on your deposit, you can encourage individuals and businesses that pay you to use electronic payment solutions like direct deposit, Automated Clearing House (ACH) payments, online transfers, wire transfers, or peer-to-peer services like Zelle®. These types of payments are typically available on the same day they are received or scheduled to occur, reducing the need for holds on funds. If your cash deposit is not showing up in Bank of America, there are a few potential reasons:

Deposit Timing: Your deposit may not be available because it was made after the cutoff time for that specific day. Each bank has cutoff times for deposits, transfers, and payments. To learn more about these cutoff times, you can visit the "Cutoff Times for Deposits, Transfers, and Payments" page on the Bank of America website.

Holds on Deposits: When you deposit a check, a portion or the entire check amount may not be immediately available in your account. This is because the bank needs to validate the check and collect the funds from the check issuer. This validation process can take some time.