Customer Alert
Posted
on Tuesday, April 25, 2023
in
News and Announcements
Update 4/26/2023:
SHAZAM ERROR RESOLUTION:
United Bank & Trust is pleased to report that the SHAZAM-related ACH deposit and withdrawal errors that occurred yesterday, which affected some customer accounts, have been resolved overnight for the majority of customers. Therefore, if you had an unexpected/erroneous ACH transaction yesterday, it should be reversed (debit or credit) on your account today and your account balance restored.
We would still recommend that all customers review their accounts to confirm the reversals have occurred and that there are no remaining ACH-related issues with your account.
We are aware of a few instances where reversals did not post correctly overnight. These are primarily related to accounts not being found. If you suspect there may still be an issue with your account, please contact the bank at 641-753-5900 and we would be glad to assist in investigating the matter.
We do sincerely apologize for any inconvenience this may have caused. We also value your patronage and will ensure that any account-related issues pertaining to these transactions will be corrected.
Original News Post from 4/25/2023:
Shazam, a nationwide ACH processor, inadvertently reprocessed transactions from prior years. This action caused incorrect transaction information on thousands of accounts nationwide, affecting customers at multiple financial institutions.
This issue is expected to be resolved by the end of the business day today. No account or customer information has been compromised.
Please check your account:
- If you see an unexpected ACH deposit(s) today, do not spend it. The transaction(s) will be reversed, and your account balance will be reduced.
- If you see an unexpected ACH withdrawal(s) from your account today, the transaction(s) will be reversed, and the money returned to your account.
No action is needed.
We value your business and apologize for any inconvenience this may have caused.
If you have any questions, please contact us at 641-753-5900.