Fun

News Feed - 2023-11-04 11:11:22

Brayden Lindrea6 hours agoBug in Fed’s payment system prevents Americans from getting paidBanks stressed customer accounts “remain secure” and balances will be updated as soon as the issue is resolved.1956 Total views15 Total sharesListen to article 0:00NewsJoin us on social networksSome of the largest United States banks are not able to facilitate customers deposits after one of the Federal Reserve’s payment systems suffered an outage on Nov. 3.


The Federal Reserve said the bug was caused by a "processing issue" in the Automated Clearing House — a payment processing network widely used by banks and employers to deposit wages into employee bank accounts.


The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network.


Banks stressed customer accounts “remain secure” and the Federal Reserve claims all of its services resumed at 4:44 pm UTC time.


However, customers are still complaining about the ordeal. One X user, Georgiaree Godrey says she still hasn’t been paid and as a result, cannot pay rent.Hello. Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions. Your accounts remain secure, and your balance will be updated as soon as the deposit is received. ^adrian— Bank of America Help (@BofA_Help) November 3, 2023


Another X user, “Des Imoto,” iterated that funds can’t be secure if they’re missing and suggested that Bitcoin serves as a fix to the problem at hand.“It’s the opposite of secure since the funds are missing. #Bitcoin fixes this.”


X user “LashishLizard” also asked Wells Fargo whether they would pay for any late fees imposed against them.


“So are you going to pay everyone"s late fees, court fees and everything else associated with this BS? Because credit companies, bills, landlords don"t want to hear you don"t have it," they said.Hi, we appreciate you reaching out to us. We would like to see how we can help. Please send us your full name/ZIP/phone # and we would be happy to follow up with you. ^adrian— Bank of America Help (@BofA_Help) November 3, 2023


A CNBC survey from September found that 61% of Americans are living paycheck to paycheck, up from 58% in March.


Related:JPMorgan forecasts limited downside for crypto markets: Report


Outage reports from the U.S. banks started to rise at about 11:00 am UTC time on Nov. 3.


Reports from Bank of America peaked at 313 across a 15-minute interval at 4:00 pm UTC time, according to Downdetector. Chase and Wells Fargo reached similar peaks of 279 and 137 around the same timeframe.Bank of America outages reported in the last 24 hours. Source: Downdetector.


The Federal Reserve launched FedNow in July, which allows banks and money transmitter services to make payments instantly, without needing to rely on the ACH.


Magazine:Unstablecoins: Depegging, bank runs and other risks loom# Federal Reserve# Business# Banks# Central Bank# Payments# Bank of America# Wells Fargo# JPMorgan Chase# RegulationAdd reactionAdd reactionRead moreCrypto remittances offer cheaper alternative, but still face challenges to adoptionHelp or hindrance: Is Web3 really improving mainstream industry and products?Inflation and war impact markets, but Paul Tudor Jones says, ‘I love Bitcoin and gold’

News Feed

Bividend: Nasdaq-Listed Company to Pay Dividends in Bitcoin at the Option of Shareholders
Bividend: Nasdaq-Listed Company to Pay Dividends in Bitcoin at the Option of Shareholders A Nasdaq-listed company has announced that shareholders can receive dividends in bitcoin.
Interpol Nigeria boosts cybersecurity with virtual asset training
Amaka Nwaokocha11 hours agoInterpol Nigeria boosts cybersecurity with virtual asset trainingThe training will enable officers to effectively address cybercrimes involving virtual assets, particularly stablecoins.930 Tota
Real-word asset tokens can stabilize DeFi — Market observers
Prashant Jha10 hours agoReal-word asset tokens can stabilize DeFi — Market observersRWA tokenization has become the latest trend in crypto, and early use cases indicate that DeFi protocols are using it for stable colla
Jesse Coghlan2 hours agoFriend.tech users blame SIM swaps after more than 100 ETH drained in a weekIn a short period of time, four friend.tech users reported their accounts were compromised and drained after hackers seiz
G7 to Discuss More Crypto Regulation and How to Help Developing Nations Introduce Central Bank Digital Currencies
G7 to Discuss More Crypto Regulation and How to Help Developing Nations Introduce Central Bank Digital Currencies The G7 countries are discussing more crypto regulation and ways to
Tom Mitchelhill8 hours agoIs ‘Uptober’ here? Bitcoin, Ethereum suddenly pump, wiping $70M in shortsThe price of Bitcoin and Ethereum surged nearly 4% in just a 15-minute window, sparking bullish predictions for the m
El Salvador Chivo Wallet Programmer Opens Up About Alleged ID Fraud, Tech and Money Laundering Issues
El Salvador Chivo Wallet Programmer Opens Up About Alleged ID Fraud, Tech and Money Laundering Issues A Chivo wallet programmer has opened up about the different problems that the
El Salvador Buys More Bitcoin: 420 BTC Added to Treasury
El Salvador Buys More Bitcoin: 420 BTC Added to Treasury El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar, has bought the dip again. The Salvadoran
Biden out, bull run in? Here’s what analysts think
Tom Mitchelhill5 hours agoBiden out, bull run in? Here’s what analysts thinkBiden’s sudden move to abandon the 2024 presidential race could be a “huge boost” for crypto assets, but it may be too soon to get excit
Zhiyuan Sun8 hours ago$16M in crypto lost to hacks in August: ReportFour security incidents took place on Coinbase"s layer-2 solution, Base, shortly after its launch.7954 Total views19 Total sharesListen to article 0:00N
Ana Paula Pereira11 hours agoAxelar partners with Microsoft for hybrid blockchain solutionsThrough the collaboration, Axelar will be the first cross-chain protocol to join Microsoft’s Azure marketplace.1783 Total views
What 15% BTC price crash? Bitcoin bulls charge higher as $67K returns
William Suberg22 minutes agoWhat 15% BTC price crash? Bitcoin bulls charge higher as $67K returnsBitcoin cancels its snap correction below $60,000 as the latest data shows traders willing to take a fresh bet on BTC price