Changes in the rules for Automated Clearing House (ACH) credits and debits will go into effect September 15, 2017. Once these changes begin, virtually all types of electronic payments for both credits and debits may be processed on the same day that they are originated. This will speed up the payment system, which is a great benefit when you are receiving a payment. However, this also means that when you are making a payment, it will now clear faster.
Here are a few same day payment examples:
What does this mean to you?
It will be important to make sure funds are available in your account for payments you make online or via telephone to avoid incurring NSF fees. Float times will be greatly reduced, if not eliminated altogether.
If you have any questions, please contact us.
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