Sep 5, 2017

What You Need To Know About Same Day ACH Debits

same day ACH debits

It seems that in 2017 almost everything can be delivered same-day and starting this month, one more feature will be added to that list. 

On September 15, Hughes Federal Credit Union will be adopting the Same Day ACH rule. All financial institutions and account holders that receive ACH transactions will be affected by this new rule, but there's nothing to worry about and most people won't even notice a change.  

Got questions? We've answered the top five questions regarding Same Day ACH Deposits and why they matters to you as a member of Hughes!

1. What do I need to do differently? 

You won't need to do anything differently as of September 15, but we do strongly suggest that you ensure you have enough funds in your account to cover the costs of the purchases you make because Same Day ACH Debits are just that, same day! There won't be any grace period between the time you swipe your debit card or schedule payments and when the money will leave your account. 

2. Will all my bills still be paid? 

Yes. There's no need to change your billing when it comes to your electrical, phone payment, or other miscellaneous bills that are set up to withdraw automatically. You should, however, check with your service provider to see what day the bill is actually scheduled to post because once Same Day ACH Debits take affect, those funds will be removed that same day (as opposed to the previous hold of two or three days of processing/pending payments). 

3. What about my scheduled direct deposits? 

Your scheduled deposits won't be affected because of this new rule. The money will still be credited to your account on the correct posting date. 

4. Will I notice a difference on my banking statement? 

No, you won't notice a difference on your banking statement. The funds will leave or be deposited into your bank account the same as before, only now the transaction will be completed faster. At some stores and businesses you might see a disclosure that funds will be withdrawn as soon as possible, this is referring to the new ACH rule. 

5. Will I be charged a late fee or insufficient funds because of a Same Day ACH Debit? 

At Hughes Federal Credit Union regular fees may apply when a member overdrafts on their account. Be sure to look at your account balance online and note the "available balance," versus the "current balance." Your available balance will reflect most closely the funds you have in your account. 

Want more info? Check out this video posted by the Electronic Payments Association.