Same Day Processing of ACH Debits
Changing on September 15, 2017
Automatic withdrawals (ACH debit transactions) could be withdrawn on the same business day that they are scheduled from your account. This change applies to all financial institutions and other organizations who offer ACH payments.
Currently, debit transactions are posted to accounts once per day while credit transactions are posted multiple times per day. As of September 15, 2017, debit transactions can be withdrawn from your account on the same day they are scheduled.
How does this affect me?
In the past, you may have checked your account in online banking or mobile banking in the morning and known that no more ACH debits would post that day. Going forward, items may post to your account throughout the day. Also, ACH payments authorized over the phone or online, plus checks that payees convert to ACH payments, could post to your account the same day they're authorized. In order to avoid incurring NSF or overdraft fees, make sure you have funds available in your account on the date you schedule your payment to post.
What are the benefits of same day ACH debits?
The conversion to same day ACH debits will enable you to make easier on-time bill payments as well as faster crediting when you are moving money among accounts that you own at different financial institutions.
Will my direct deposit be affected?
No. Your direct deposit will continue to be credited to your account on the correct posting date set by the originator of the payment.
Debit items could post to your account the same day they're authorized. To avoid overdrafts, funds should be in your account before you authorize any payment.
If you have any questions, please contact us.