Important change to ACH payment processing
Today, all payments are moving faster, from same-day to real-time. That means money is moving into and out of bank accounts with increasing speed.
On September 15, the Federal Reserve will start processing same-day ACH (Automated Clearing House) payments. This is an option that allows funds to move more quickly than in the past, further modernizing current payment systems. Payments may be pulled from consumer accounts on the very same day, shortening the time frame for "pending" transactions.
What is ACH?
ACH is also known as electronic payments created when consumers authorize a debit directly from their checking or saving account.
Retailers can opt to convert the checks you write to ACH by using the same system that is used for bill payments. Payments you schedule via websites, telephone or mobile apps where you provide your account number could also be affected by this change.
Helpful tips to stay on top of your money:
Get in the habit now of planning for funds to clear at the time of payment.
Moving forward, transactions such as ACH payments and purchases will post multiple times throughout the business day, which will have an immediate impact on your balances.
Check your account activity and balances regularly.
Savers Bank offers tools to help you stay on top of your account balance, including Online and Mobile Banking and Instant Balance.
Ensure that your account has sufficient funds to cover any same-day debits that you may have authorized to post to your accounts.
Keeping your account balance at a level that supports your spending is the best way to take charge of your finances.
Call or email us with any questions.
As always, we are here to help!