PEORIA, Ill. – Employees of Peoria Public Schools are waiting for paychecks, after being told last Friday there would be a delay due to a national banking error.
The school district’s Haleemah Na’ Allah says the problem is with the Automated Clearing House, or ACH payments system, which serves as a go-between for banks and their customers.
Banks are telling customers nationwide that funds are secure, but direct deposits that didn’t go through last week had to be resent, and that could take some time to clear up.
Federal regulators are watching the situation closely, according to CNN.
As of Monday, Bank of America and Chase were among institutions where customers were still reporting problems.
