No matter if it’s a simple account transfer, your direct deposit payment, or a bill payment, most financial transactions take a few days to process. With Same Day ACH, that is about to change.
All financial institutions process transactions through the Automated Clearing House network, or ACH. According to NACHA, the administrator of the ACH, this system processes 90% of all funds transferred in the United States. On top of that, over $40 trillion moves through this system every year. Financial institutions only submit their ACH file once per day, which is why the transactions typically take anywhere from 2-4 days to completely process. If you miss the daily processing window for your financial institution, the transaction won’t begin processing until the following day.
What is Same Day ACH?
Same Day ACH is a new rule adopted by NACHA that requires payments to be processed within one business day, allowing money to be moved faster across the board.
Under this rule, two new settlement windows will be added to the ACH network, meaning financial institutions will now process ACH payments three times a day instead of one. With this new rule, you could start seeing your payments come out of your account on the same day you make them.
Nearly all types of ACH payments, including both credits and debits, are eligible for same-day processing. The only exclusions are international transactions and transactions above $25,000.
The online payments and transfers listed below may soon be processed within one business day:
- Online bill payments (BillPayer)
- Online account transfers
For more information, NACHA has a resource page dedicated to this Same Day ACH change. Or, as always, you can give us a call at 800-926-0003 if you have any questions.