This news may make some of your lives so much more easier. NACHA has now pushed their Same Day ACH capabilities to the consumer level. This would further allow “financial institutions and businesses to acclimate to a faster processing environment, as well as to ease the implementation efforts.” Beginning September 17, 2017, Same Day ACH will be available for debit entries, insinuating that all ACH payments will have such capabilities.
Now, this concept has been introduced and passed around for more than a decade now and there’s a few banks that already offer this option (e.g. Chase w/ Zelle, Charles Schwab), however, you can expect this new moving payment to move a whole lot faster with every financial institution.
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Same Day ACH Payment Operating 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)
Why Is Same Day ACH Necessary?
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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;
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Business to-Business payments, enabling faster settlement of invoice payments between trading partners, and including remittance information with the payments;
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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,
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Account-to-account transfers, providing faster crediting for consumers who move money among various accounts they own.
Conclusion
I reiterate that this concept is not considerably new, however, I must say with a breathe of relief that this is utterly satisfying. I mean, we have the technology to push such a capability for almost a decade now and with slow progress, we finally got Same Day ACH coming through in September 15, 2017. This would make Business-to-Business payments, Same-day payrolls, account-to-account transfers and expedited bill payments so much more convenient throughout every financial institution you come across. Go ahead and check out our list of Best Bank Deals right here on BankCheckingSavings.com!
