Should I Be Concerned?
I can balance a checkbook, but that’s about all. Should I be concerned about this?
Apparently the entire Fedwire system is down and banks can't send or receive wires right now. But for some reason the @WSJ has no news on this @willhorner @paulvigna
— Yaakov James Zar (@YJZar) February 24, 2021
… and then there’s a lot of Xs on here at the Federal Reserve.
The Wall Street Journal doesn’t seem to be getting nuts about it, so it’s probably nothing but Mari emailed me to see if I knew anything and I don’t.
(BN) Fed Restores Some Services Following Payment System Outages
________________________________________
Fed Restores Some Services Following Payment System Outages
2021-02-24 19:46:58.968 GMT
By Matthew Boesler
1(Bloomberg) — The Federal Reserve began restoring some
services Wednesday afternoon following widespread outages across
several key payment systems operated by the U.S. central bank.
“A Federal Reserve operational error resulted in disruption
of service in several business lines,” Jim Strader, a spokesman
for the Richmond Fed, said in an e-mailed statement. “We are
restoring services and are communicating with all Federal
Reserve Financial Services customers about the status of
operations.”
The Fed has restored its Central Bank and FedCash services,
according to a website operated by the central bank. The vital
automated clearinghouse system known as FedACH and the Fedwire
Funds interbank transfer service are still suffering outages.
ACH is a national system that processes batches of
electronic funds transfers such as payroll, social security
benefits, tax refunds, corporate payments to vendors and utility
payments, according to the Fed’s website. The commercial service
handled 62.1 million transactions a day on average in 2019 with
an average value of $1,802, the latest year for which data are
available.
The Fed suffered two significant disruptions to the payment
system services in 2019.
I work for a bank, and I can tell you everyone from the CEO down to the cleaning crew has been going bug-nuts for the past 3 hours. Not good.
2The Fed is calling it an “operational error”. This is super serious. It’s being reported but you have to look for it. I’m sure all the banks are running around with their hair on fire but they don’t want us to see it.
3I hope this isn’t like bitcoin, where they’re all locked-out because they lost the password.
4Charley#2 – or that Vlad got the password!
5@Margaret Rose @2 – I’m a former banker in IT and I supported our ACH system. Oh, Yes, Lordy! No one held onto their lunch today!
6Interesting. My bank examiner aunt is interested but not overly concerned. fwiw I do the taxes for the family and many neighbors & friends, and incidentally my parents and grandparents received their tax refunds today by electronic transfer. Jane and I did not, but our taxes our somewhat more complicated as we both work outside jobs in addition to running the 3 ranches with a combined total of 87 employees.
Nor did we receive a “special alert” from USAA. Full disclosure, USAA is not perfect and have received harsher fines than BOA and some of the felony banks due to serious missteps. Given the previous maladministration, would posit that USAA was treated harshly after withdrawing all ads from the Hannity scam Shammity show. Just a guess.
Another factor. Today is Wednesday. Social Security retirees are divided among the Wednesdays of the month. Any howls from AARP or other sources who speak for SS retirees?
Veterans are paid the 1st or end of the month depending on their bank. Again JMO but whatever the glitch was/is/or never was will be fixed yesterday if not sooner.
The “hysteria” today would be among those banks who depend on transferring $billions hourly. Didn’t hear an outcry from that particular sector. So they’re good. JMO
7Just checked…
8My SS check is pending.
I heard nothing about this on NPR this morning (so far) and haven’t seen anythng on Washington Post, NY Times or even snopes.
9