What Same-Day ACH Debits Means for You
Have you gotten used to some lag-time between the transaction and the money clearing your account when using your debit card, writing a check, or paying bills online or over the phone? This delay will be going away— for example, if you pay your cable bill by telephone in the morning, the funds clear from your account before 5:00 the same day.
On September 15, the Federal Reserve will start processing same-day ACH (Automated Clearing House) debits. These can originate from your Credit Union transactions, shopping at your local supermarket, or paying bills online. Whether you choose to use your debit card or a check won’t matter, as large retailers can opt to convert checks to same-day ACH electronic debit clearing.
Three Tips to be Prepared
- Don’t Assume Funds Will Clear the Day After Purchase. Habits can be hard to break. Get in the habit now of planning for funds to clear at the time you make a payment.
- Monitor Your Checking Account Balance. Keeping a low balance can have a negative impact in the event a same-day ACH debit overdraws your account. Even with courtesy pay or overdraft protection, keeping your account balance at a level that supports your spending is the best way to keep your account from going negative and possibly incurring fees.
- Ask Questions at Cumberland County FCU. We are here to help! As always, please contact us with any questions that you may have!