Direct Deposit Processing Issue

The Federal Reserve systems that govern financial transfers ran into issues while processing ACH transactions with an effective date of Nov. 3 from multiple banks. While the original files that banks sent to the Fed contained correct information, some data elements became obscured at the Fed’s private sector operator. The transactions did not contain legible information that identified which account to deposit money into, so the Fed advised banks to return these transactions to the sender.

Pinnacle has processed all returns received so far and will continue to do so as they come in. If you are a Pinnacle business client concerned about your payroll or another transaction, reach out to your treasury management advisor or financial advisor to talk about possible action steps.

We apologize for the inconvenience this causes and will continue working diligently on the resolution