DES MOINES–An error last week by the debit network and processor SHAZAM caused significant problems for an unknown number of credit union members and bank customers last week.
According to the company, the error involved the uploading of an ACH file from 2015 that led to automatic payments not being made or money being incorrectly subtracted from accounts.
An “ACH file was erroneously updated in a batch and it caused some transactions to happen that should not have happened,” according to Patrick Dix, a spokesperson for SHAZAM, who said the error has since been corrected and that all affected consumer accounts had been restored to their previous amounts.
The company added the error was an internal mistake and not the result of any hack or cybercrime.
SHAZAM did not disclose how many people were affected, but in some cases consumers reported up to a year’s worth of payments were deducted from accounts before being reversed.