Changes in the rules for Automated Clearing House (ACH) debits are coming soon. Effective September 15, 2017, virtually all types of electronic payments for both credits and debits will be eligible to be processed on the same day that they are originated. This will speed up the payment system, which has great benefit when you are receiving a payment but also means that when you are making a payment, the funds may now clear your account sooner.
Examples of same-day transactions may include the following:
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Online bill payments using both ACH credits and debits—enabling consumers to make on-time bill payments on due dates and providing faster crediting for late payments;
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Account-to-Account transfers—providing faster crediting for consumers who move money among various accounts they own;
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Same-day payrolls—supporting business’ needs to pay hourly workers, and providing flexibility for late and emergency payrolls and missed deadlines, and enabling employees to have faster access to their pay in these cases; and
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Business-to-Business payments—enabling faster settlement of invoice payments between trading partners, and including remittance information with the payments.
What does this mean to you?
Make sure funds are available in your account before you authorize electronic payments from your account (including online or via telephone banking) to avoid incurring NSF fees. Float times (the time between when you authorize a payment and when the money clears your account) will be greatly reduced, if not eliminated altogether.
If you have any questions regarding this matter, please contact our Member Services Department at 800.992.8472.