What is Same Day ACH?
NACHA, the governing body that controls rules connected to how businesses process electronic transactions, has made available Same Day ACH, or same-day automated payment processing, effective September 15, 2017. That means the automated payment could be taken out of an account and credited to the receiving business on the same day, instead of the next day, which is current standard practice. This also applies to any checks you write that get processed as electronic payments.
Many TTCU members have authorized outside companies or financial institutions to deduct payments from their TTCU checking account by providing their account number and TTCU routing number. Due to a processing change made available by the National Automated Clearinghouse Association (NACHA), the national electronic payments association, those outside companies and financial institutions can now withdraw those funds from your account in one day, where it used to take at least two.
People who have automated payments set up may find their payments coming out of their account a day earlier than in the past. For example, if your agreement with your insurance company is to deduct your premium each month on the 10th of the month, but you’re used to seeing it come out on the 11th or 12th, it could actually clear your account on the 10th when this change becomes effective. Additionally, if you make a payment online by supplying your TTCU account and routing number to a company, that payment may be withdrawn that same business day from your TTCU account.
How does this affect you?
If you have authorized automated or online payments, you don’t have to do anything because of this new processing change. We just want you to be aware of the potential for your payments to start coming out earlier than expected.