• filter:

Heads up: Same day ACH settlements starting from September 15, 2017

  • Page :
  • 1
  • Text Only
  • Search this Topic »
Voting History
rated:
Heads up: as of September 15, 2017 ACH debits/echecks will hit the accounts in the same day if made by *two* different cut off windows.
https://www.nacha.org/rules/same-day-ach-moving-payments-faster-phase-2

Member Summary
Most Recent Posts
Switch to Ally, they do next day ACH with no fees.  I think you need to make a transfer or two before they bump it up to... (more)

S197 (Aug. 18, 2017 @ 4:13p) |

greling (Aug. 18, 2017 @ 10:40p) |

I guess if you are measuring stability compared to the Venezuelan economy, you have a point.  I, for one, have no troubl... (more)

DavidScubadiver (Aug. 22, 2017 @ 1:43p) |

Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
 

  • A morning submission deadline at 10:30 AM ET, with settlement occurring at 1:00 PM.
  • An afternoon submission deadline at 2:45 PM ET, with settlement occurring at 5:00 PM.

Virtually all types of ACH payments, including both credits and debits, are eligible for same-day processing.
Only international transactions (IATs) and high-value transactions above $25,000 are not eligible.

rated:
But do we know which banks are going to actually offer this?

rated:
Or will they charge for this? I still have cu that take 5 days for ACH xfer & Charge $3 for overnight.

rated:
jtownsucks46 said:   But do we know which banks are going to actually offer this?
  All of them. It is a feature of the network.

rated:
Stubtify said:   Or will they charge for this? I still have cu that take 5 days for ACH xfer & Charge $3 for overnight.
  That's why I dumped cus.  Take forever and unreasonable long holds for deposits (at least in my limited experiences)

rated:
EvilCapitalist said:   
jtownsucks46 said:   But do we know which banks are going to actually offer this?
  All of them. It is a feature of the network.

  Not necessarily - the link with info basically indicates scheduling will be at the bank's discretion. 

rated:
Bend3r said:   
Stubtify said:   Or will they charge for this? I still have cu that take 5 days for ACH xfer & Charge $3 for overnight.
  That's why I dumped cus.  Take forever and unreasonable long holds for deposits (at least in my limited experiences)

Alliant FCU?

rated:
marcopolomle said:   
Bend3r said:   
Stubtify said:   Or will they charge for this? I still have cu that take 5 days for ACH xfer & Charge $3 for overnight.
  That's why I dumped cus.  Take forever and unreasonable long holds for deposits (at least in my limited experiences)

Alliant FCU?

  I'm not looking for anywhere new right now, no reason to.

I have 2 checking accounts at a local Bank with ~3-5 branches, only $500 min balance required to avoid fees.  Also got some Sig Guarantees there in the past when needed, which the 2 CU's I have accounts with don't even offer those..  
I've deposited CC checks and they were available for withdrawal ($5-$15k) next day.  Cashiers checks and teller waived fees without me asking.

The only reason i'd switch to a CU would be better convenience.  There's one in walking distance for me, but at that one they said 10 business days hold on checks (in this case, a small ~$1k disbursement from my mortgage lender).  I took that check to the bank where I had a ~$600 account balance and deposited and the full amount was immediately available for withdrawal.

Edit:I'd also lump mega-CUs (USAA, etc) in with banks.  Because hey aren't really a local community owned credit union.

rated:
I wonder how this will work with banks that put holds on incoming transfers (i.e. Charles Schwab) - the ACH might go through same day, but if there's a hold for 4 business days, what's the point?

rated:
vnuts21 said:   I wonder how this will work with banks that put holds on incoming transfers (i.e. Charles Schwab) - the ACH might go through same day, but if there's a hold for 4 business days, what's the point?Is the hold on transfers that were initiated outside Schwab (initiate at another bank to ACH push into Schwab))? That would be unusual. If the transfers were initiated from Schwab (to ACH pull from another bank into Schwab), that's normal.

rated:
For comparison (from the same website):

"90 Minutes - Amount of time it takes. Same Day ACH to clear and settle in Holland."

Source:
https://resourcecenter.nacha.org/sites/resourcecenter.nacha.org/...

rated:
That would put a kink in some autotransfers ACH/DD I have set up. Last day of the month scheduled to arrive in the new month to meet some ACH/DD rules to avoid fees. That way, I do not forget and incur monthly fees. Yes, I can adjust if I have to.

Under the current arrangements, I can instruct Wells Fargo to make the desired transfer in one or two days. I have the control. IF they continue to offer such a choice, then all will be well. Usually, there is no fee either way. Currently, there are some exceptions.  The article says the US Treasury has been and continues to be one.

rated:
jtownsucks46 said:   
EvilCapitalist said:   
jtownsucks46 said:   But do we know which banks are going to actually offer this?
  All of them. It is a feature of the network.

  Not necessarily - the link with info basically indicates scheduling will be at the bank's discretion. 

  That's not correct:

All RDFIs are required to receive same-day ACH payments, thereby giving ODFIs and Originators the certainty of being able to send same-day ACH payments to accounts at all RDFIs.

rated:
jtownsucks46 said:   
EvilCapitalist said:   
jtownsucks46 said:   But do we know which banks are going to actually offer this?
  All of them. It is a feature of the network.

  Not necessarily - the link with info basically indicates scheduling will be at the bank's discretion. 

  
Yep. "Note: The actual ACH Operator schedules are not determined by the NACHA Operating Rules."

rated:
EvilCapitalist said:   
jtownsucks46 said:   But do we know which banks are going to actually offer this?
  All of them. It is a feature of the network.

Does it include banks that does it with PopMoney (or something like that)?  And is the same day availability a requirement?

TIA  

rated:
EvilCapitalist said:   jtownsucks46 said:   EvilCapitalist said:   jtownsucks46 said:   But do we know which banks are going to actually offer this?All of them. It is a feature of the network.Not necessarily - the link with info basically indicates scheduling will be at the bank's discretion. That's not correct:

All RDFIs are required to receive same-day ACH payments, thereby giving ODFIs and Originators the certainty of being able to send same-day ACH payments to accounts at all RDFIs.
I'm pretty sure you are wrong, OP:
"Receipt of Same Day Entries is not optional for RDFIs." (RDFI = Receiving Depository FI)
"Offering Same Day ACH products and services is optional for ODFIs." (ODFI = Originating Depository FI)
So the bank can't deny same-day incoming ACH (be it debit or credit), but they are not required to offer their customers the ability to originate same-day ACH transactions. Since most banks place a hold on funds credited via ACH pulls (pull money from another institution), the end result is that your bank will get your money faster (perhaps same day), but they don't have to let you take it out any faster than before. So this feature will do absolutely nothing for most of us unless and until banks either reduce the holds on pulls (that would only save us one day) or start offering free same-day outgoing ACH.

rated:
scripta said:   
EvilCapitalist said:   
jtownsucks46 said:   
EvilCapitalist said:   
jtownsucks46 said:   But do we know which banks are going to actually offer this?
All of them. It is a feature of the network.

Not necessarily - the link with info basically indicates scheduling will be at the bank's discretion. 

That's not correct:

All RDFIs are required to receive same-day ACH payments, thereby giving ODFIs and Originators the certainty of being able to send same-day ACH payments to accounts at all RDFIs.

I'm pretty sure you are wrong, OP:
"Receipt of Same Day Entries is not optional for RDFIs." (RDFI = Receiving Depository FI)
"Offering Same Day ACH products and services is optional for ODFIs." (ODFI = Originating Depository FI)
So the bank can't deny same-day incoming ACH (be it debit or credit), but they are not required to offer their customers the ability to originate same-day ACH transactions. Since most banks place a hold on funds credited via ACH pulls (pull money from another institution), the end result is that your bank will get your money faster (perhaps same day), but they don't have to let you take it out any faster than before. So this feature will do absolutely nothing for most of us unless and until banks either reduce the holds on pulls (that would only save us one day) or start offering free same-day outgoing ACH.


*Every single ACH* will clear in one day. Every. Single. One. If your bank puts a *hold* on an ACH pull or push, it is not an ACH issue - they hold a transaction before it enters the ACH. Someone who has cash management enabled account in your bank *will* have the same capability because in order to implement one day settlement on a receiving end one must implement settlement on a sending end.
 

rated:
Lots of good information here, but I suggest people check with their own institutions to verify their policies. It's not an ongoing issue for me, but I know I will check anyway.

rated:
Conversation on Reddit also indicates changes are about to happen in the settlement of stock and bond trades from three business days to just two business days effective Labor Day.

https://www.sec.gov/news/press-release/2017-68-0 

More SEC provided details

http://www.ust2.com/pdfs/ssc.pdf 

rated:
vnuts21 said:   I wonder how this will work with banks that put holds on incoming transfers (i.e. Charles Schwab) - the ACH might go through same day, but if there's a hold for 4 business days, what's the point?
  
You can still use the funds, you just can't transfer them out or make payments with them.  (Schwab pays interest and/or you can use the funds to trade with)  Unless it has changed that doesn't apply if you have a margin account with enough marginable securities to cover the deposit.

I don't keep securities in my primary account so I don't have margin anymore.  Note that I only have a Schwab One account, and never linked a Schwab Bank account.  Which is ironic since I use it as a bank account -- I never saw a benefit to adding the bank account.   

rated:
Still doesn't beat Bitcoin. I can have my money in 15 seconds. When is traditional banking technology ever going to catch up? They still program machines in Fortran and COBOL.

rated:
jtownsucks46 said:   
EvilCapitalist said:   
jtownsucks46 said:   But do we know which banks are going to actually offer this?
  All of them. It is a feature of the network.

  Not necessarily - the link with info basically indicates scheduling will be at the bank's discretion. 


From the "Impact" tab on the linked NACHA page.

"Offering Same Day ACH products and services is optional for ODFIs (Originating financial institutions)". 

Which means that the feature is available in the ACH network, but the banks still need to adjust their inrternal processes and systems to work with the new schedule before they can offer it.  If they chose to do so.  Most importantly, the availability of the funds will still be driven by anti-fraud policies, which vary by bank, account history, etc.  In other words, don't hold your breath.  

rated:
confused200 said:   Does it include banks that does it with PopMoney (or something like that)?  And is the same day availability a requirement?

TIA  

  I honestly do not know how PopMoney actually operates. If they are book-to-book marking network between participating banks, it wont' affect them. 

rated:
I"ll believe it when I see it, Ally downgraded me from 1-day transfers back to 3-day

rated:
EvilCapitalist said:   
confused200 said:   Does it include banks that does it with PopMoney (or something like that)?  And is the same day availability a requirement?

TIA  

  I honestly do not know how PopMoney actually operates. If they are book-to-book marking network between participating banks, it wont' affect them. 

  
PopMoney is primarily ACH, but I believe they will offer Zelle to customers as an option.

http://www.thepaymentsreview.com/a-look-at-p2p-payments
https://www.popmoney.com/more-info.html

I think most get PopMoney for free from member banks (not through their direct service). There will perhaps be a place for PopMoney to survive, but I think it will mostly go away except for being hooks to online bill payment. Once PNC, Citi and US Bank embraced Zelle, I think it is hard to offer a service that is more costly than Zelle. Zelle does offer customers who don't have a Zelle member account free access as well to send/receive (https://www.clearxchange.com/get-started#/).

Rasheed

rated:
greling said:   Still doesn't beat Bitcoin. I can have my money in 15 seconds. When is traditional banking technology ever going to catch up? They still program machines in Fortran and COBOL.
  Absolutely.  Bitcoin offers the same security, stability and flexibility as cash.

rated:
Isn't the biggest problem with accepting ACH for payment is that someone can reverse it up to 60 days later?

rated:
Bend3r said:   
Stubtify said:   Or will they charge for this? I still have cu that take 5 days for ACH xfer & Charge $3 for overnight.
  That's why I dumped cus.  Take forever and unreasonable long holds for deposits (at least in my limited experiences)

  
Switch to Ally, they do next day ACH with no fees.  I think you need to make a transfer or two before they bump it up to next day but eventually you get the upgrade. 

rated:
DavidScubadiver said:   
greling said:   Still doesn't beat Bitcoin. I can have my money in 15 seconds. When is traditional banking technology ever going to catch up? They still program machines in Fortran and COBOL.
  Absolutely.  Bitcoin offers the same security, stability and flexibility as cash.

  
Yep...
Bitcoin Helps Venezuelan Families Avoid Starvation

rated:
greling said:   
DavidScubadiver said:   
greling said:   Still doesn't beat Bitcoin. I can have my money in 15 seconds. When is traditional banking technology ever going to catch up? They still program machines in Fortran and COBOL.
  Absolutely.  Bitcoin offers the same security, stability and flexibility as cash.
 

  
Yep...
Bitcoin Helps Venezuelan Families Avoid Starvation

  
You link said: Thanks to the rising price of Bitcoin and its relative stability (compared to the Venezuelan economy) my family is part of a very small fortunate minority that can afford to help feed their community and also potentially emigrate to another country.
                                            * * *
The post also explains that many people are trading bitcoins underground to acquire either Bolivars or USD to purchase food and living necessities. 
 


I guess if you are measuring stability compared to the Venezuelan economy, you have a point.  I, for one, have no trouble acquiring U.S. Dollars.

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017