The financial services industry is constantly evolving. This evolution is based on the ever changing needs of members, customers and consumers. As our financial lives move faster than ever before, our members have come to expect faster payments and information as a major component of good member service.
Over the past few years the industry has been working on modernizing the system to allow deposits and payments to move at the pace our members expect. One change that began earlier this year was the posting of “Same Day ACH” deposits each afternoon. Beginning Friday, September 15, certain “Same Day ACH” payments will also post in the afternoon.
What this means for you is that items may begin posting to your account several times throughout the day starting this fall. You will be able to see these “Same Day ACH” transactions within your Online Banking account as soon as they post.
Please use caution when you authorize online, automatic and electronic items going forward. Many merchants will offer “Same Day” payment services. We recommend verifying your account balance in your register, or online, before you authorize payments. The theory of “float time” no longer exists.