Find a mistake when auditing the financial statement Source: Adobe Stock.

On Tuesday, national debit network, processor and core provider SHAZAM errantly processed an old Automated Clearing House (ACH) file from 2015 that caused an untold number of credit union members to discover their individual accounts were missing up to thousands of dollars, thus causing credit unions around the country to scramble to try and fix the problem.

In an email to CU Times from the $242 million LorMet Community Federal Credit Union in Amherst, Ohio, Director of Marketing Andrew Krieger said, “Over the past 48 hours, credit unions and credit union members across the country have been scrambling to recover from an error by SHAZAM Inc, which errantly processed an ACH file from over five years ago. This mistake caused credit unions and community banks that may not have been affiliated with SHAZAM for years to receive thousands of large transactions from individuals who may have already closed their accounts.”

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Michael Ogden

Editor-in-Chief for CU Times.

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