Credit unions must be prepared for same-day ACH by Sept. 23

first_img 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Credit unions must be ready to receive same-day automated clearing house (ACH) credit transactions on Sept. 23, the NCUA reminded credit unions in a letter (16-CU-06) sent this week. The NCUA’s letter outlines steps credit unions should take for same-day ACH payments, and CUNA’s CompBlog also provides information in a recent entry.According to the NCUA’s letter, moving funds more quickly will require credit unions to closely monitor intraday liquidity needs, and credit unions need to be aware of a potential increase in fraudulent activity.Same-day ACH builds on existing next-day ACH network capabilities and establishes a new option for same-day clearing and settlement via ACH. Both ACH operators will begin delivering same-day ACH credit payments to receiving depository financial institutions (RDFIs) twice each banking day beginning Sept. 23.The morning submission has a 10:30 a.m. (ET) deadline, with 1 p.m. (ET) settlement, and the afternoon submission has a 2:45 p.m. (ET) deadline with 5 p.m. (ET) settlement.Under the new rules, originating depository financial institutions (ODFIs) have the option to send same-day ACH transactions to accounts at any RDFI, making participation in the rule for the receipt of same-day ACH payments mandatory for all RDFIs. continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *