The Federal Reserve’s system that allows banks to wire transfer money back and forth went down for several hours on Feb. 24. However, it appeared to come back online later that afternoon.
The Fed described this system shutdown as an “operational error” that impacted multiple services. This prominently included the central bank’s vital automated clearinghouse (ACH) system.
ACH is a national system that processes batches of electronic funds transfers including 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 most recent year where data is available.
There are still cu…