As part of an effort to improve and modernize the U.S. payments system NACHA (the National Automated Clearing House Association) has been making some changes. You may have already noticed a change in the times during the day that electronic Direct Deposits are applied to your account. This change was made to help provide you with faster access to funds. Beginning on Friday, Sept. 15, 2017, the times that certain electronic debit payments post to your account may also be changing. *
Many merchants and billing companies may offer you the option to make an electronic payment, such as to pay a bill or to transfer funds. If you agree, then the funds might be debited from your account as soon as that very same day. For example, if you make a payment on the 25th of the month, for the date of the 25th, the funds can be debited from your account on that day. There will no longer be a guaranteed overnight to a few days processing time for payments to post to your account. If the funds are not available in your account, your payment may be returned. 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.
* These electronic debits are commonly known as Direct Payment, Direct Debit, ACH Debit, Electronic Check or e-Check, and similar terms. They are different from your debit card payments and ATM transactions.