WASHINGTON (1/21/16)--Federal Reserve Bank Services has added a FAQ page regarding the same-day automated clearing house (ACH) rule, which is effective Sept. 23. The Fed finalized its same-day ACH rule in September, following approval of the rules by the membership of the NACHA-The Electronic Payments Association last May.
The rule requires requiring mandatory participation by receiving depository institutions (RDFIs) and an interbank fee paid by the originating depository financial institution (ODFI) to the RDFI for each same-day ACH forward transaction.
The interbank fee is set at 5.2 cents per transaction, which the Credit Union National Association (CUNA) has argued is too low to provide relief for the costs imposed on RDFIs. CUNA believes that a higher fee would be appropriate for credit unions that will incur higher implementation and ongoing costs relative to a small number of same-day ACH payments they will receive.
Sept. 23 marks the first phase of implementation, which includes credit only with funds availability at the end of the RDFI’s processing day. Phase two will be implemented Sept. 15, 2017, and includes both credits and debits with funds availability at end of RDFI’s processing day.
Phase three will be implemented March 16, 2018, and includes both credits and debits with funds availability required by RDFI at 5 p.m. local time.
The Fed’ FAQ page covers topics such as:
It also includes five sample scenarios and information on how the changes affect current FedACH SameDay Service.
According to a report in American Banker, the Atlanta Fed has signed an eight-figure contract with IBM to modernize the Fed's ACH services as payments get faster.