Checks & Electronic Payments - Same Day Processing

Same Day Means Same Day!
We wanted to take a moment and let you know about changes that will be taking place in the very near future.

Beginning September 15th 2017, merchants can choose to process a check you write or electronic payment you initiate on the same day that you make it. Any "float" or lag time you may have experienced in the past between the time when you made a payment and when the amount was actually debited from your account will now be removed.

What does this mean for me?

In short, it's important to make sure there are enough funds in your account to cover any transaction you're authorizing to be paid from your account. When you initiate a payment to pull from your account via ACH payment (whether through an online bill payment system, a payment authorized by phone, or in person with a check or debit card) with Same Day ACH, if sufficient funds are not available in your account the same day posting takes place, your account could become overdrawn.
Beginning September 15th, you'll see those transactions post throughout the business day. With Same Day ACH, debit payments may be withdrawn from your account the same day the check is presented or the payment is made when you:

  • Write a check to a merchant who converts it into an ACH item.
    - For example: You write a check to a store or Doctor's office and they process the check immediately, handing back the paper check to you.
  • Make a checking account payment to a business online or by phone.
    - Previously, that debit could have taken as long as 1 or 2 days to process but now it’s likely to clear the same day.

Not all merchants will begin using Same Day ACH processing immediately, but this is the future of payments. This new rule, implemented by the National Automated Clearing House Association (NACHA), goes into effect on September 15, 2017.