Beginning today, September 23, 2016, there is new regulation going into effect that may impact your account. The regulation is referred to as “Same Day ACH” or SDACH. The purpose of SDACH is to help consumers and businesses transfer funds more quickly.
- How will SDACH change the way electronic payments are posted to my account?
Prior to SDACH, the Federal Reserve allowed for only one “window” deadline to transmit their electronic payment files. Effective September 23, 2016, the Federal Reserve will now be allowing for two “windows” for companies and financial institutions to transmit their files. This will mean that companies and financial institutions can send a file in the morning to the Federal Reserve for posting to your account in the afternoon.
- Who controls when items are posted to my account once SDACH goes into effect?
With two windows for companies and financial institutions to transmit files to the Federal Reserve, Alta Vista Credit Union will have two opportunities to post items to your account. The posting to your account will be dependent upon when the files are sent to the Federal Reserve and then forwarded to Alta Vista Credit Union.
- Will SDACH affect both debit and credit to my account?
Implementation of SDACH is being implemented in phases with the first phase applying only to credits to accounts. The second phase will be for debits and will not go into effect until September 2017.
- Will this affect my payroll deposit?
There is a possibility this may affect your payroll deposit. With the implementation of SDACH, some companies and financial institutions may elect to send payroll files to the Federal Reserve on the day of your pay date as opposed to the day before, as they are doing now. Alta Vista Credit Union will not be able to control when a file is sent to the Federal Reserve; however, once a file is received from the Federal Reserve, Alta Vista will be posting the credits to member accounts.
Should you have any additional questions or concerns, please contact one of our Call Center representatives at 909.809.3838. Our staff will be happy to assist you.