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Entire Federal Reserve Payment System CRASHES

Published: February 24, 2021
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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.

Here is the list of services impacted: 

  • Account Services,
  •  Central Bank, Check 21, 
  • Check Adjustments, 
  • FedACH, 
  • FedCash, 
  • FedLine Advantage,
  •  FedLine Command, 
  • FedLine Direct, 
  • FedLine Web, 
  • Fedwire Funds, 
  • Fedwire Securities,
  • National Settlement.

 

This is a developing story. Return to this post for updates.

 
UPDATE 1
 
From Richmond Fed's Jim Strader:
A Federal Reserve operational error resulted in disruption of service in several business lines. We are restoring services & are communicating with all Federal Reserve Financial Services customers about the status of operations.

UPDATE 2

 


 UPDATE 3

 

Via The Wall Street Journal:
In a notice sent to banking regulators, a Treasury Department official said the disruption “required a reboot of servers impacting all payment channels,” adding that service would be restored Wednesday afternoon.
 
“While root cause is currently being evaluated, there is no indication that the issue is the result of a cyberattack,” the official noted.

UPDATE 4

From a Fed Alert:

 

The issue impacting Central Bank applications has been resolved and users may resume normal acce. The cause is a Federal Reserve operational error. We will provide updates via service status as more information becomes available. We acknowledge that payment deadlines are impacted and will communicate remediation efforts to our customers when available.

 

 -RW

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