The Fed's System That Allows Banks To Send Money Back and Forth is Down

The Federal Reserve's system that allows financial institutions to send money back and forth electronically went down Wednesday morning. From a report: The "operational error," as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions send electronic credit and debt transfers. There were no initial indications that foul play was suspected. Along with the Fed ACH service, other systems impacted included the 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 a.m. ET. "Our technical teams have determined that the cause is a Federal Reserve operational error. We will provide updates via service status as more information becomes available," the Fed said. The statement further noted that the glitch impacted payment deadlines and said the Fed "will communicate remediation efforts to our customers when available."

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