August 8, 2017
Effective September 15, 2017, there will be new rules implemented which will allow for Same Day transfers of ACH payments.
ACH (Automated Clearing House) transfers are the movement of money electronically from one bank to another. These transfers can be credits (money going into your account) or debits (money being sent from your account). Examples of ACH credits are direct deposits from your employer, pensions, or government benefits. ACH debits can be payments of bills online or over the phone, or using third-party services like PayPal or Venmo, to name a few.
Same Day ACH payments mean that there will potentially be a much shorter delay in when an ACH debit is scheduled and when the funds are withdrawn from your account. While a payment now may take a day or two, payments may soon be withdrawn the same day as scheduled.
It is important to be sure that there are sufficient funds in your account at the time when scheduling a payment.
Additional information on Same Day ACH can be found at the Same Day ACH Resource Center on the NACHA website.