ACH Debit Transactions Processing Update

Just another notice on what could significantly add convenience to our ACH, NACHA’s Single-Day ACH will be going into effect tomorrow, Friday, September 15, 2017. This is phase 2 of NACHA push towards ACH (Automated Clearing House) being processed and deposited into your account within the same day that you’ve made the transaction.

This doesn’t mean that all ACH transfers will happen within the same-day, however, it’s to point out context that your ACH payments may be debited within the same business day that you’ve initiated it on. I reiterate that this is an added convenience for those of us that make payments or pay bills on a regular, monthly-basis.

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Same Day ACH Payment Rules:

• Originating financial institutions (ODFIs) are able to submit files of same-day ACH payments through two additional clearing windows provided by the ACH Operators (Note: The actual ACH Operator schedules are not determined by the NACHA Operating Rules.):
  • A morning submission deadline at 10:30 AM ET, with settlement occurring at 1:00 PM.
  • An afternoon submission deadline at 2:45 PM ET, with settlement occurring at 5:00 PM.
• Virtually all types of ACH payments, including both credits and debits, are eligible for same-day processing.
  • (international transactions (IATs) and high-value transactions above $25,000 are not eligible)
• This does not mean that all banks will participate
• There could be an attached cost or fee for using Same-Day ACH services. Be sure to check our list of participating banks below:
  • Alloya Corp
  • Amegy Bank
  • Anchor Bank
  • Bank of America/Merrill Lynch
  • Capital One
  • Citizens Bank
  • Comerica Bank
  • Fremont Bank
  • JP Morgan
  • Johnson Bank
  • PNC Bank
  • Peoples Bank
• Editor’s Note: Most of the banks mentioned, we have written bank bonuses and such for such as Bank of America, Citizens Bank, Capital One 360, Huntington Bank, PNC Bank,etc. The list goes on. A majority of bank establishments everywhere will integrate this new banking rule, supposedly 99% of banks will have such a functionality.

What is Same Day ACH?

1. Same Day ACH creates a new ACH entry type for banks and providers to distinguish Same Day payments in a batch file.
2. The function will open two additional windows for providers or financial institutions in which, to send an ACH file. The file would be processed in the afternoon with regards to each business day.
3. This requires all financial institutions to make eligible “Same Day Funds” available to the payee by the end of the same business day it’s been initiated.

ACH Debit Transactions Processing Update

1. Same-day payrolls, supporting business’ needs 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;
2. Business to-Business payments, enabling faster settlement of invoice payments between trading partners, and including remittance information with the payments;
3. 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,
4. Account-to-account transfers, providing faster crediting for consumers who move money among various accounts they own.

Conclusion

I can’t necessarily say that the concept of a Single-Day ACH is innovative since it’s been a idea for decades now and we’ve had the technology to push such a capability for quite some time now, however, I can willing say finally! all consumers, businesses, government entities, and financial institutions that use the ACH network to move money between bank accounts will benefit from the option towards moving ACH payments faster.

Note that there are exclusions, either it be banks that aren’t participating or a hefty transfer of $25,000 or more. Also, this service may accrued a cost to you, for the added convenience, of course. Most, if not, all of the banks that we’ve written about on BankCheckingSavings.com will have this functionality in by tomorrow. Go ahead and check out our list of Best Bank Deals!