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Federal Reserve Payment System Crashed, Affecting Deposits and Other Services

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Jim Strader, a spokesperson for the Federal Reserve Bank of Richmond, reported that the Federal Reserve’s payment system, which allows electronic money transfers, crashed due to an operational error.

A Federal Reserve operational error resulted in service disruption on several commercial lines. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations,” told FOX Business.

The feds reported that the outage affected customers, which include banks, brokers and mortgage lenders.

The crash was fixed at 2:57 PM.

The Federal Reserve temporarily activated Fedwire, which was also affected, as a conduit for payments, according to their website.

“Fedwire participants can use this service to send or receive payments for their own accounts or on behalf of corporate or individual clients, to settle commercial payments, to settle positions with other financial institutions or clearing arrangements, to submit federal tax payments or to buy and sell federal funds,” the website reads.

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