Fed Reserve Says Automated Clearing House Error Impacting Customers
Portfolio Pulse from Benzinga Newsdesk
The Federal Reserve has reported an error in the Automated Clearing House (ACH) system, which is impacting customers. The ACH system is used by banks for electronic money transfer. The error could potentially affect the operations of several banks.
November 03, 2023 | 5:02 pm
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NEGATIVE IMPACT
Bank of America could be impacted by the ACH system error, potentially affecting its operations.
As a major bank, Bank of America relies on the ACH system for electronic money transfers. An error in this system could disrupt its operations, potentially leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
JPMorgan Chase could be impacted by the ACH system error, potentially affecting its operations.
As a major bank, JPMorgan Chase relies on the ACH system for electronic money transfers. An error in this system could disrupt its operations, potentially leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P Bank ETF (KBE) could be impacted by the ACH system error, as it includes banks that use this system.
The SPDR S&P Bank ETF (KBE) includes banks that use the ACH system for electronic money transfers. An error in this system could disrupt the operations of these banks, potentially leading to a negative impact on the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P Regional Banking ETF (KRE) could be impacted by the ACH system error, as it includes banks that use this system.
The SPDR S&P Regional Banking ETF (KRE) includes banks that use the ACH system for electronic money transfers. An error in this system could disrupt the operations of these banks, potentially leading to a negative impact on the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF (SPY) could potentially be impacted by the ACH system error, as it includes banks that use this system.
The SPDR S&P 500 ETF (SPY) includes banks that use the ACH system for electronic money transfers. An error in this system could disrupt the operations of these banks, potentially leading to a negative impact on the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Truist Financial could be impacted by the ACH system error, potentially affecting its operations.
As a major bank, Truist Financial relies on the ACH system for electronic money transfers. An error in this system could disrupt its operations, potentially leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
U.S. Bancorp could be impacted by the ACH system error, potentially affecting its operations.
As a major bank, U.S. Bancorp relies on the ACH system for electronic money transfers. An error in this system could disrupt its operations, potentially leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Wells Fargo could be impacted by the ACH system error, potentially affecting its operations.
As a major bank, Wells Fargo relies on the ACH system for electronic money transfers. An error in this system could disrupt its operations, potentially leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Financial Select Sector SPDR Fund (XLF) could be impacted by the ACH system error, as it includes banks that use this system.
The Financial Select Sector SPDR Fund (XLF) includes banks that use the ACH system for electronic money transfers. An error in this system could disrupt the operations of these banks, potentially leading to a negative impact on the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70