Notice of Same Day ACH
Changes in the rules for Automated Clearing House (ACH) debits are taking effect as of September 15, 2017. What this means to you is that virtually all types of electronic payments for debits will become eligible to be processed the same business day they are originated. This will speed up the payment system throughout the banking industry. If you initiate an electronic debit, this means when you are making an electronic payment and it may clear sooner than you were expecting. Many times a check you write to a merchant or service provider is converted to an electronic ACH by scanning your check and returning the original to you. Beginning September 15, 2017, these transactions may be deducted from your account on the same business day. Same Day ACH was effective on September 23, 2016.
What does this mean to you?
Make sure funds are available in your account for payments you make online or via telephone to avoid incurring insufficient funds (NSF) fees. Float times will be greatly reduced, if not eliminated altogether.
If you have questions, please contact our Bookkeeping department at 205-695-7141.
Options We Offer to Monitor Your Accounts
- Online & Mobile Banking www.bankofvernon.com
- Xpress Banking 205-695-7148