In accordance with new national regulations, TruStone Financial will begin processing both inbound and outbound Same Day ACH -electronic transactions – beginning September 15, 2017.
We’ve laid out everything you need to know below!
What is an ACH?
ACH transactions are electronic transactions into or out of an account.
Inbound ACH transactions:
- Direct deposit payroll
- Electronic transfers from another financial institution
Outbound ACH transactions:
- Electronic loan payments from one financial institution to another
- An electronic transfer of funds from one financial institution to another
- An electronic bill pay from one financial institution to another
What is Same Day ACH?
Same Day ACH allows for electronic transactions to be processed within 1 business day, rather than the next day or day after. In the past, with standard ACH, electronic transactions were processed within 2-4 business days.
What This Means for You
TruStone Financial has been processing incoming Same Day ACH transactions since September 23, 2016, meaning some of you have received your incoming deposits faster than before.
The credit union will begin processing outbound Same Day ACH transactions on September 15, 2017. Move forward, it is possible that you may have your scheduled payment or transfer come out of your account sooner than it has in the past.
If you are concerned about the timing of your electronic transaction, please contact your receiving company (such as a cable provider) or financial institution where the payment was initiated. TruStone Financial has no control over whether or not a transaction is processed through Same Day ACH.
Words of Wisdom
When scheduling payments or transfers with a company or through another financial institution, pay close attention to the ‘effective date’ of the payment or transfer. The company may charge you a fee for Same Day ACH processing. Establishing scheduled payments in advance of the due date and selecting a later ‘effective date’ can help you avoid these fees.
We also recommend monitoring your account balance and maintaining a balance to cover all future scheduled payments and transfers. Set up account alerts within your TruStone Financial Online and Mobile Banking for even easier account monitoring!