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What’s new? Beginning September 15, 2017, the Federal Reserve will start processing same-day ACH (Automated Clearing House) debits.  This means that debit transactions between accounts will move faster for all consumer and business accounts.

What does this mean?  Today, credit transactions are posted multiple times throughout the day giving customers access to those funds sooner.  Now with Same Day ACH processing, the same will be true for ACH debits.  The ACH debits will post multiple times throughout the day also.

How will that affect me?  It means, for example, if you make a last minute payment that is due today, that payment could come out of your bank account today.  Even when using a check, retailers can opt to convert checks to ACH and that payment can clear the same day.  In the past, the earliest the payment would clear your account would have been tomorrow.  With Same Day ACH, the payment could arrive at the bank today and debit your account today.

To avoid possible overdraft charges, please make sure the available balance in your account is enough to pay any debits you have authorized or checks you have written.

Is there any benefit for me?  Yes.  Same Day ACH should make it easier for you to pay bills on time and also make it quicker to move money to and from different financial institutions.  The payments will be quicker for both consumer and business accounts.

Do I need to do anything?  No, this will happen automatically at all financial institutions that handle ACH transactions under the guidance of NACHA (National Automated Clearing House Association).

Frequently Asked Questions:

  • What does the ‘same day’ ACH rule change mean? The National Automated Clearing House Association (NACHA) has implemented new processing rules in an effort to improve settlement times for transactions and improve consistency between financial institutions.
  • What is ACH? ACH stands for Automated Clearing House, which in summary means the electronic transaction that moves between institutions and post to accounts in the form of deposits and withdrawals. An example of an ACH transaction is direct deposit.
  • Will other banks or financial institutions be doing the same thing? Effective September 15, 2017, the National Automated Clearing House Association (NACHA) will implement phase 2 of new mandatory ACH Rules, for all institutions. However, internal processing changes may vary between financial institutions as they prepare to comply with the new rules.

Marion County Bank provides customers with easy tools that you can use to manage your accounts and monitor your account balances.  Enroll in Internet Banking here or download the Marion County Bank app to your mobile devices.