What are ACH payments?
Payments that are created when you give an originating institution, corporation, or other person authorization to debit directly from your checking account, by paper check, over-the-phone phone payment or electronically.
What are Same Day ACH payments?
Payments that may be withdrawn from your checking account as soon as the very same day you authorize them. As an effort to improve and modernize the U.S. payments system, the federal government has made changes to encourage Same Day ACH payments beginning September 15, 2017.
How does this affect me?
Any ACH payment you make, such as to pay a bill or to transfer funds, could clear your account on the same day you write the check or authorize the payment. You must ensure that you always have sufficient funds in your account to cover every payment you make, authorize, or initiate.
What are the benefits of of this change?
This conversion will enable you to make easier on-time bill payments and faster crediting when you move money among accounts that you own at different financial institutions.
Will these transactions post automatically?
While these types of payments won't be reflected on your account balance as quickly as your debit card and ATM transactions, you will have access to more accurate information about your actual available account balance more frequently throughout the business day.
Will my direct deposit be affected?
No, your direct deposit will continue to be credited to your account on the correct posting date.