Phase 2 of same-day ACH processing was implemented on Sept. 15, 2017. As of this date, ACH debits, in addition to credits, are eligible for same day origination and settlement.
TruMark Financial has implemented the second phase of mandatory changes in the way payments are processed through the ACH network. These changes allow same day ACH payment capability across the entire ACH network. Under the new rule, virtually all ACH transactions are eligible for same-day processing and settlement in various phases through 2018. Phase 1, which allowed for same day ACH credits, was implemented in September of 2016.
The changes may impact how quickly withdrawal transactions post to your account. It is possible for an ACH payment to post on the same day as the transaction is conducted. Posting of funds from same-day ACH payments is solely dependent on the originating institution.
- ACH debits include electronic payments, automatic drafts, paper check conversions or any electronic withdrawal from your account that uses TruMark Financial’s routing and transit number.
- The credit union has no control over when transactions post to your account. This depends on the company accepting the payment and when they process their transactions for the day.
- ACH payments should not be scheduled when sufficient funds are not in your account to cover those amounts. Always make sure there is enough money in your account before making a payment.
- Don’t assume checks or debit card purchases will clear your account within a few days. You should be prepared for funds to clear your account the day of purchase.
- If you have automatic drafts, such as an electric bill, cable bill, or phone bill this would be a good time to verify with your service provider the effective date of payment (what date the payment will be deducted from your account).
- Access your account at any time with TruMark Financial's online banking and mobile app to track spending
Frequently Asked Questions:
- What does the same-day ACH rule change mean?
The National Automated Clearing House Association (NACHA) has implemented new processing rules in an effort to improve settlement times for transactions and improve consistency between financial institutions.
- What is ACH?
ACH stands for Automated Clearing House, which in summary means the electronic transaction that moves between institutions and post to accounts in the form of deposits and withdrawals. An example of an ACH transaction is direct deposit.
- Will other banks or financial institutions be doing the same thing?
Effective Sept. 15, 2017, the National Automated Clearing House Association (NACHA) implemented phase 2 of new mandatory ACH Rules, for all institutions. However, internal processing changes may vary between financial institutions as they comply with the new rules.