September 30, 2023

In the world of nothing important has happened…Bank of America, US Bank, Truist, Chase and Wells Fargo all had problems with direct deposit yesterday. They didn’t get the payments out to those who are owed money. The ACH (Automatic Clearing House) problem has not been resolved today. However, it’s not being discussed by the media –in the New York Times or WTOP, or follow ups on Real Clear Markets, or the Washington Post.

Notably, no numbers of how many were affected are mentioned. The US Federal Reserve assures us the banks are okay. That’s not who would be hurt by this problem. But those affected by this problem, should contact those they owe money to, to let them know, they have had a problem because their pay checks have been delayed. How comforting.

Several questions for those suffering from a dirth of curiosity but whose jobs are to ferret out reality and report it.

So direct deposits not received by five major banks isn’t a story? How many days before it becomes one?

How many people and businesses were and are affected?

What is the timeline for the fix –this has not been given. My daughter for one, has not been paid.

What is the remedy for those who live paycheck to paycheck who did not receive funds?

What is the consequence to the business that suffered this problem –and what was the problem itself?

What are the safeguards against it happening again –and how did it happen? Was it a hack and if so, by who and why?

Why is it not being covered even on a local level?

How many out there are like my daughter who didn’t get paid yesterday? How many have fewer resources than my daughter –or do people who make less matter less in this society –to the news, and to the bank and to the government?

We live in an age where what isn’t covered is as important as what is –and the power to silence is more dangerous than we know –because it prevents us from acting. What we don’t know, we don’t know we don’t know. I hate sounding like a tin hat, but this many banks affected means this story should be bigger, and the silence about the story, makes me worry about what else we don’t know.

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