The Fed’s system that allows banks to send money back and forth is down

Finance

The Federal Reserve’s system that allows financial institutions to send money back and forth electronically went down Wednesday afternoon.

The interruption impacted multiple Fed services, including its pivotal automated clearinghouse system, which connects depository and related institutions send electronic credit and debt transfers.

Along with the Fed ACH service, other systems impacted included the Check 21, FedCash, Fedwire and the national settlement service.

“The Federal Reserve Bank staff is currently investigating a disruption to multiple services. We will continue to provide updates as soon as they are available,” the Fed said in a statement.

No further information was provided.

The list of services impacted: Account Services, Central Bank, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement.

Outages, particularly with the ACH system, can have wide-ranging impacts. The system handleds direct deposits of payroll, Social Security and income tax refunds as well as auto payments for mortages and utility bills.

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