SAME-DAY ELECTRONIC PAYMENTS
The financial services industry has been working to modernize the systems to make it faster and easier for customers to make payments, and to update account balance information more frequently during the day. Beginning September 15, 2017, you will be able to make same-day payments for electronic transactions. For example, this means members can make on-time payments on the exact due dates and then have the transactions reflected on their account that same business day.
Here are a few things you should know:
- Acceptance of same-day payments varies. Not all merchants or billing companies may offer the option to make a same-day electronic payment with them.
- Because electronic payments may post to your account the same day they are made, it is important to make sure you have sufficient funds in your account to cover every payment made that day.
- Before this change, electronic debits would post in the morning. This will no longer be the case with same-day payments. Electronic debits can now post at any time during the day.
- Electronic debits are commonly known as Direct Payment, Direct Debit, ACH Debit, Electronic Check or e-Check, and similar terms. They are different from your debit card payments and ATM transactions.
If you have any questions regarding same-day electronic payments, please contact one of our Financial Service Representatives.