Same Day ACH Debits


Same-Day ACH Debits: What This Change Means for You!


Starting September 15, 2017, withdrawals to your account will come out faster than before!

An upcoming change in the way payments are processed through the Federal Reserve will allow ALL payments and deposits in the United States to go through on the same day you pay them. This starts on September 15, 2017.

Same Day Automated Clearing House (ACH) Debits are useful for paying loan payments faster, but this also means any *Ach (electronic) transaction could post to your account immediately. Previously, it might have posted to your account in 2-3 days. The transaction could be deducted from your account the same day. To avoid overdraft or insufficient fund fees, please make sure the balance in your account is enough to pay any debits or withdrawals you have written or authorized.

For example, after September 15, 2017, when paying your utility bill with a check it could be converted to an electronic ACH payment by the electric company. Before, the check could have taken 2 business days to be deducted from your account; after September 15, 2017, the utility company could send the check to your account for payment on the same day it was received or delivered to the utility company.

3 Tips to be Prepared.
1. DON’T ASSUME FUNDS WILL CLEAR THE DAY AFTER PURCHASE: Habits can be hard to break. Get in the habit now of planning for funds to clear at the time you authorize the transaction.
2. CHECK YOUR SHARE DRAFT BALANCE: Keeping a low balance can have a negative impact in the event a same-day ACH debit overdraws your account and incurs a fee. Even with overdraft protection, keeping your account balance at a level that supports your spending is the best way to keep your account in the green.
3. ASK QUESTIONS AT PFFCU: We are here to help! Leading up to and after this change occurs, updates will be provided if necessary. And as always, please contact us by phone, email, or stop into one of our branches to ask any questions you may have!

*ACH Transaction: any transaction that you have given your routing number and account number to a merchant to process an item. (check converted to an electronic payment, credit card payment, utility bill, loan payments, etc…)