Same Day Payments
The National Automated Clearing House Association (NACHA) will be adopting new rules that govern same day Automated Clearing House processing (ACH). The new rules go into effect on Monday September 18, 2017 and will impact credit union members. ACH debits are commonly known as Direct Payments, Direct Debit, Electronic or e-Check, and similar terms. They are different from your debit card payments and ATM transactions.
Both credits and debits with available funds, will be included as part of the processing day. As our financial lives move faster than ever before, members have come to expect faster payments and information as a core component of good service. To that end the financial services industry has been working to modernize the systems that allow deposits and payments to move at a pace our members expect.
As one part of this improvement, beginning on Monday September 18, 2017, certain electronic payments may post to members’ accounts the same day they are made. In short, we’re doing our part to make it faster and easier for our members to make payments, and to update account balance information more frequently during the day. Therefore, members should always have sufficient funds in their account to cover every payment they make, authorize, or initiate, and they should frequently review their account statements and transactions.