Federal Reserve to Change ACH Processing Rules Sept. 15th
Beginning September 15th, 2017, the Federal Reserve is changing the rules for the processing of ACH Debit transactions. Same Day ACH Debits allow for faster payments to be processed to your account. There are two ways in which this may impact you, depending upon how you pay merchants/vendors/bills:
- If you authorize a vendor (phone/cable provider, etc.) to withdraw a payment by providing your bank routing and account number, the vendor may process the payment and withdraw the funds from your account on the same day
- If you write a check to make a purchase in a store, the store may process that check electronically the same day; therefore the funds to cover that check will need to be in your account on that day
There are several tools available to help you manage your account and keep a watchful eye on your balance, simply sign up for Online Banking and then download our Mobile App. You may also sign up for balance or transaction alerts to help monitor your account.
If you have any questions, feel free to stop in to your local branch office or call our Customer Care Team at 844-533-9211 and we would be happy to assist you.