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Changes to Electronic Payments (ACH)

The Federal Reserve has begun processing same-day ACH (Automated Clearing House) debits due to operating rules established by the National Automated Clearing House Associated (NACHA). Review this information to better understand how this will affect you.

As a consumer, when you make a purchase or payment electronically via ACH, you are usually prepared for a delay between the transaction being made and the money leaving your account. This change took place September 15, 2017. For instance, if an ACH payment is made from your account in the morning, the payment could clear your NuMark Credit Union account before 4:00pm on the same day.

Why is there a change?
The new rule allows faster transactions of ACH payments between consumers, businesses, government entities and financial institutions that use the ACH Network. The new operating rules affects all financial institutions, including NuMark Credit Union.

When will the new rule take effect?
Same Day ACH Debit Processing takes effect September 15, 2017.

What will change?
Currently, credit transactions are posted multiple times a day, while debit transactions are only posted once a day. With the new rule, debit transactions will be posted multiple times throughout the day.

What does this mean for you?
Going forward, transactions such as ACH payments and purchases will post multiple times throughout the business day. To avoid overdraft fees, ensure that your account has sufficient funds to cover any same-day debits that you may have authorized to post to your account.

What are the benefits of same-day ACH debits?
Same-day debits will make it easier for bill payments to be processed on time, as well as faster crediting when you are making a transfer between accounts at other financial institutions. Also, business-to-business payments will process more quickly, allowing faster processing of invoices and payments.

ACH Quick Tips

  • ACH debits include electronic payments, automatic drafts, paper check conversions or any electronic withdrawal from your account that uses NuMark Credit Union’s routing and transit number.
  • ACH payments should not be scheduled when sufficient funds are NOT in your account to cover those amounts. Always make sure there is enough money in your account before making a payment.
  • Don’t assume funds will clear your account the day after a purchase or payment. Get in the habit of planning for the funds to clear at the time a purchase or payment is made.
  • If you have automatic drafts, such as an electric bill, cable bill, phone bill, etc., this would be a good time to verify with your service provider the effective date of payment (what date the payment will be deducted from your account).
  • NuMark Credit Union has no control over when received transactions post to your account. This depends on the company accepting the payment and when they process their transactions for the day. We also don’t control direct deposits and when they post to your account.

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