NACHA: Same Day ACH Rules – Are You Ready?
NACHA: Same Day ACH Rules – Are You Ready?
New NACHA same day ACH rules are here – are you in compliance and up to date? NACHA is currently implementing same day ACH in hopes to improve the capability for moving ACH payments faster. NACHA has broken the same day ACH rule into 3 phases with the first phase effective September 23, 2016 and the last phase effective March 16, 2018. Receiving Depository Financial Institutions (RDFIs) are required to process same day ACH transactions; however, it is up to the financial institutions to determine if they want to be an Originating Depository Financial Institution (ODFI). Below is a summary of information regarding each of the phases throughout the same day ACH implementation process.
Phase 1 – effective September 23, 2016
- Only applicable to ACH credits, each entry is under $25,000 and not IATs
- Same Day processing deadlines – 10:30 AM ET & 2:45 PM ET
- New Settlement Time(s) – 1:00 PM ET & 5:00 PM ET
- ACH Credit Funds Availability – End of the RDFI’s processing day
Phase 2- effective September 15, 2017
- ACH credits and debits , each entry is under $25,000 and not IATs
- Same Day processing deadlines – 10:30 AM ET & 2:45 PM ET
- New Settlement Time(s) – 1:00 PM ET & 5:00 PM ET
- ACH Credit Funds Availability – End of the RDFI’s processing day
Phase 3 – effective March 16, 2018
- ACH credits and debits, each entry is under $25,000 and not IATs
- Same Day processing deadlines – 10:30 AM ET & 2:45 PM ET
- New Settlement Time(s) – 1:00 PM ET & 5:00 PM ET
- ACH Credit Funds Availability – 5:00 PM RDFI local time
Since Phase 1 is currently in effect make sure your financial institution is up to date and ready for Phase 2 effective September 15, 2017. Also stay tuned for another blog with helpful hints to ensure your financial institution has all aspects of same day ACH covered.
For additional information contact Natalie at nyerger@fosaudit.com.
NACHA: Same Day ACH Rules – Are You Ready? | Natalie Yerger