Entire Federal Reserve Payment System Crashes
February 25th, 2021Via: Economic Policy Journal:
The United States Federal Reserve wire systems went down completely at around around 11:15 a.m ET, making it impossible for banks and other financial institutions to transfer money.
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.
