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As part of our role of serving the Hopkins community, JHFCU has dedicated a section of our site to post information about events at Hopkins and/or in the surrounding community that may be of interest to our membership.  Please complete this form if you wish to request a submission. Note: All submissions will be reviewed by JHFCU and published and/or removed at our discretion.  

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September 2017

Sep, 2017



Same Day ACH to Start 9/15/17 for Debit Transactions

On September 15, 2017, the Federal Reserve will begin processing same-day ACH (Automated Clearing House) debits due to operating rules established by NACHA (National Automated Clearing House). Review the information below to better understand what to expect and how this will affect your account.

As a consumer, when you make a purchase or payment via ACH withdrawal, you are usually prepared for some lag-time between the transaction being made and the money leaving your bank account. With same-day ACH debits this will not be the case any longer. For example, if you make an ACH payment in the morning, the payment could clear from your account before 5:00p on the same day.

Who is involved with same-day processing of ACH debits?
The new rule will allow faster transactions of ACH payments between consumers, businesses, government entities and financial institutions that use the ACH Network.

When will the new rule take effect?
Same-day ACH debit processing will take 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 a day.

What does this mean for you?
Moving forward, transactions such as ACH payments and purchases will post multiple times throughout the business day. To avoid any 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 process 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.

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