The federal reserve will make it possible for companies to start processing same-day ACH (Automated Clearing House) debits starting on September 15, 2017. This can reduce the lag time between when you make an electronic transaction and when the money clears your account. For example, if you pay your cable bill in the morning, the funds could be cleared from your account before 5:00 the same day. Retailers can also opt to convert checks to ACH, so this change could impact check transactions, as well.
3 Tips to be prepared
- Don’t Assume Funds Will Clear the Day After Purchase
Habits can be hard to break. Get in the habit now of planning for funds to clear at the time you make a payment
- Check Your Account Balance
Keeping a low balance can have a negative impact in the event a same day ACH debit overdraws your account and is returned or incurs a fee. Even with courtesy pay, keeping your account balance at a level that supports your spending is the best way to keep your account in the green.
- Ask us Questions
We are here to help! As always, please contact us at 1-800-464-0253, send us a secure message through eBanking, or stop into our branch to ask any questions that you may have!