Currently, your Automated Clearing House (ACH) payments may take up to three business days to post to your account. However, the three-day wait-time is about to change. To increase the speed of ACH payments, NACHA, the Electronic Payments Association has adopted new rules to be implemented in three phases.

Phase one occurred on September 23, 2016 and made it possible for deposits to be received the same day as initiated. In addition, it has required that all receiving depository financial institutions accept and process incoming same-day transactions by the end of the business day. Financial institutions choosing to utilize this new functionality to send deposits faster may establish a fee to recover some of the costs they incur in doing so.

Paying bills with credit card on computerBeginning on September 15, 2017, you might notice some changes to your (ACH) payments (withdrawals) as Phase two is implemented. NACHA’s new rules now provide a new set of capabilities which enable same-day processing of virtually any ACH payment (withdrawal). The rule change will allow merchants and creditors, who desire same-day processing, the option to send same-day ACH transactions to accounts at any receiving financial institution. For example, if you select to pay a bill on September 12th, the dollar amount may be debited from your SDFCU account by the end of the business day on September 12th, rather than two-three business days later.

Phase three will become effective on March 16, 2018. This phase will require same-day credit and debit entries to be posted by 5:00 pm local time of the receiving institution.

If you have any questions regarding any of these new changes, please call us at 703.706.5000 or 800.296.8882 within the U.S.

Donovan B. Fox Copyright SDFCU.org