Same Day ACH Phase 2 - September 15, 2017
August 17, 2017
Same Day ACH regulation became mandatory when Phase 1 rolled out in September 2016 with the ability to recieve and process CREDIT transactions in the same day. Effective September 15, 2017, Phase 2 will be implemented to include DEBIT transactions availability on the same day. What does this really mean?
As an example, if you were to call your power company today and make your payment using your debit card or bank account number, they have the right to collect those funds from your account on the same day. In the past, these types of transactions could take a couple of days to process.
Another example would be a consumer expecting funds to their account from your Direct Deposit payroll will made available to you faster than before.
Maybe you forget to make a payment and it's due today. With Same Day ACH, you could call make your payment and avoid late charges while the vendor gets their money on time. The downside, is that if you are one who counts on that 2-4 day processing time and you don't have the funds available in your account at the time of the transaction, you more than likely will incur fees.
Ultimately, everyone wants the money that is coming to them without having to wait days to get once it has been processed. For further information, click here.