Same-Day Processing and Automated Clearing House (ACH) Debits
What's New: Beginning September 15, 2017 the ACH network will begin moving debit transactions between bank accounts faster for all consumer and business accounts.
What does that 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 be posted multiple times throughout the day also.
How will that affect me? It means, for example, if you make a last minute payment online to pay a bill that is due today, that payment could come out of your account at your bank today. In the past, the earliest the payment would have been debited from your account would have been tomorrow, but with Same Day ACH, the payment could arrive at the bank today and debit your account today.
Is there any benefit for me? Yes. Same Day ACH should make it easier for you to pay your 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 by all financial institutions that handle ACH transactions under the guidance of NACHA (National Automated Clearing House Association)