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March/April 2017 Issue: Front Page > Feature

Same Day ACH: Phase 1 Update and Considerations for Phase 2
Same Day ACH For many, it may be hard to believe that nearly six months have passed since Same Day ACH payments became a reality for all U.S. financial institutions that participate in the ACH network. The first phase was highly anticipated and caused many credit unions to make significant changes to their ACH processes and procedures.

Same Day ACH has proven to be a highly utilized payment method, and most credit unions have likely received a number of same day credits since Phase 1 went into effect on September 23, 2016. Between then and December 31, 2016, more than 13 million transactions totaling nearly $17 billion have been processed as same day ACH transactions. Most financial institutions report that the number of same day ACH transactions has been higher than anticipated. (Source: NACHA)

So what happens next?

Same Day ACH Phase 2 begins on September 15, 2017. The second phase is being considered a “minor rule change” compared to Phase 1. The only change associated with the second phase is the addition of ACH debits to same day processing. The introduction of debits to same day ACH eligibility will truly allow same day processing of virtually all ACH transactions. International ACH transactions (IATs) and individual transactions greater than $25,000 will remain ineligible. Processing times and funds availability requirements will not change during Phase 2.

Key considerations for the addition of debits – Posting Order and Returns Processing
  1. Have you included information about the order you post debits and credits to your member?

  2. Are you currently posting same day ACH credits as soon as you receive them? If so, will you do the same when debits become eligible for same day processing? What if your member receives a same day debit in the early afternoon file and a credit in the late afternoon file? How could this affect your members account and the assessment of NSF fees?

  3. Does your processor have the capability to hold debits for posting until later in the day? If so, is this something your credit union needs to consider?

  4. Will you change when you process returns? Do you prefer to return same day debits the day you receive them, or wait until the following day?

For more information regarding the preparations for Same Day ACH Phase 2, please contact VolCorp’s Director of Operations, Karen Clabough, AAP, at (800) 470-3444, extension 7957 or kclabough@volcorp.org.

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