September 15, 2017
As of September 15, 2017, changes in the rules for Automated Clearing House (ACH) debits will take effect. What this means to you is that virtually all types of electronic payments for debits will become eligible to be processed the same business day they are originated. This change will speed up the payment system throughout the banking industry. If you initiate an electronic debit - in other words, if you are making an electronic payment - it may clear sooner than you were expecting.
Examples of same day cases are the following:
- Same-Day Payrolls, supporting business' need 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.
- Business-to-Business Payments, enabling faster settlement of invoice payments between trading partners, and including remittance information with the payments;
- Expedited 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; and,
- Account-to-Account Transfers, providing faster crediting for consumers who move money among various accounts they own.
What does this mean for you?
Make sure funds are available in your account for payments you make online or via telephones to avoid incurring insufficient fund (NSF) fees. Float times will be greatly reduced, if not eliminated altogether.
If you have any questions or concerns, please contact the Summit FCU staff at (330) 376-3626.
Monday, August 28, 2017 6:00:00 AM