Changes to the rules for Automated Clearing House (ACH) credits and debits are going into effect September 15, 2017. These changes mean that electronic credits and debits (including checks that you issue which are subsequently processed as electronic debits), may be eligible for processing on the same day that they are authorized by you. This results in a faster payment system, which has great benefit when you are receiving a payment, but also means that payments you make may clear your account sooner than they have in the past. This change applies to all financial institutions and merchants/vendors offering ACH services and all account holders receiving ACH transactions.
What this means for you:
- Be sure that funds are available in your account before you make in-person, online, or telephone payments to avoid incurring NSF or Overdraft fees.
- Checks should never be issued nor payments scheduled if sufficient funds are not available to satisfy the payment.
- Previously, ACH transactions could have taken 1-2 days to process; now, the same transactions may post the same-day on which you authorize them.
- Same day ACH debits may post to your account multiple times per day.