WASHINGTON (2/9/15)--While same-day automated clearinghouse (ACH) payments would create a faster payments option, CUNA has significant concerns about the same-day ACH proposal issued by NACHA--The Electronic Payments Association. The proposal would enable the option for same-day processing of virtually any ACH payment.
Currently, most ACH payments are settled on the next business day. Under the proposal, all Receiving Depository Financial Institutions (RDFIs) would be required to receive same-day ACH payments in order to provide certainty to originators desiring same-day processing and settlement.
CUNA continues to have "significant concerns regarding the cost and impact associated with the proposed requirement that all RDFIs accept same-day ACH payments," reads CUNA's comment letter, filed Friday. "RDFIs, including smaller credit unions, will incur increased costs in numerous areas under the proposal and will generally receive only a limited number of same-day ACH transactions and limited benefits."
CUNA also made several recommendations to improve the proposal, including: