Same Day ACH
To meet business needs in a fast-paced world, the National Automated Clearinghouse Association (NACHA) has implemented Same Day ACH. While standard ACH payments process on a next-day or two-day basis, Same Day ACH lets you initiate payments and receive funds faster.
Advantages of Same Day ACH
Businesses and consumers can both benefit from Same Day ACH debits.
- Faster business to consumer payments– Same day payroll, insurance payouts, emergency funds, or refunds.
- Business to business payments – Improved settlement of payments between businesses for invoice processing and release of goods.
- Consumer to business bill payments – Customers can make payments “due today” for their mortgage, car, utility, credit card, or other payments if offered by the Payee or business. This can assist with accelerated crediting of late payments.
- Person to person payments – Sending emergency funds to a family member, payments to the babysitter, or for reimbursement of a shared expense can now be processed and posted even quicker to the person’s account.
- Account to account transfers – Provides for faster movement of funds between accounts.
What you should know
- Single transactions are limited to $25,000.
- International ACH transactions are not eligible.
- Additional fees are incurred to originate payments.
- Cut-off times matter – Payments designated as Same Day received after the cut-off times will be processed and settled the following day.
- To avoid overdrafts, funds should be in your account before you authorize any payment.
To get started, call us at 1-888-4TSB (4872) or visit any TSB Office.