Important Change – Faster Payments Coming
Starting September 15, 2017, the National Automated Clearing House Association (NACHA) is implementing “Same Day ACH Debits”. This means payments you make via ACH may post to your account the same day you authorize them. It also means you will be able to make easier on-time bill payments and recognize faster crediting when you move money between financial institutions.
To assist you, we have prepared tips and answers to frequently asked questions. If you need more information, please contact us at 817-882-0800.
Check your balance through online or mobile banking or by calling us or visiting a branch. If you go online or use mobile banking, make sure you look at the “Available” amount, not the “Balance”. The “Available” amount includes any debit or transactions that you make with a debit card that are on “hold” until the debit clears your account.
Make sure you have sufficient funds in your account to cover the transaction before making a payment so you don’t overdraw your account or incur an Overdraft or Nonsufficient Funds fee.
Sign up for Account Alerts to receive notifications by text or email for low balances, large transactions, account activity, and more. It’s easy to enroll – simply login to Online Banking, click on Additional Services, then choose e-Alerts & Text Banking to get started.
What is changing?
Currently, credit transactions are posted multiple times per day, while debit transactions are posted to your account once per day. Effective September 15, 2017, debit transactions will be processed multiple times per day as well. This includes paper checks converted by merchants to an electronic transaction.
How does this affect me?
In the past, payments may have taken a day or two to clear your account. Going forward, bills you pay or checks you write may post to your account the same day you authorize them.
(Checks you write are only affected if the receiving merchant or retailer opts to converts them to an ACH item.)
What are the benefits of this change?
The switch to same day ACH debits will allow you to make easier on-time payments and enable faster crediting when moving money between financial institutions with whom you do business.
What are the drawbacks of this change?
The “lag time” or “float” between when you make a payment and when it posts to your account is being eliminated.
When will this take effect?
This change will become effective September 15, 2017.
Does this change apply to all credit unions and banks?
Yes, all financial institutions must comply with the new Same Day ACH Debit rules.
Will my direct deposit be affected?
No. Your direct deposit will be credited to your account on the normal posting date.
What is an ACH?
ACH or Automated Clearing House is an electronic network for financial institutions in the United States, and includes credit and debit transactions such a direct deposits and automatic withdrawals. It can also include paper checks converted by a merchant or retailer to an ACH item. These types of ACH transactions and clearing date are set by the payer or merchant, not EECU.
What is NACHA?
The National Automated Clearing House Association (NACHA) manages the development, administration, and governance of the ACH Network.
Have a question?
Call 817-882-0800 Monday through Friday from 8:00 am to 6:30 pm CT, and Saturday 9:00 am – 1:00 pm CT.
Chat online with a Member Service Representative at www.eecu.org or send a secure email to Member Services through EECU online banking.
Stop by a local EECU branch for in-person assistance; branch locations can be found at eecu.org/locations.