The second phase of same day automated clearing house (ACH) rollout begins Friday, and even credit unions not planning to originate same-day debits need to be prepared. All financial institutions must be prepared to receive same-day ACH debits by Friday, even if not originating them.
Glen Sarvady of Best Innovation Group addresses several things credit unions should be thinking about as the deadline approaches in a recent CUNA CompBlog post.
Since all financial institutions need to receive these payments, credit unions and other financial institutions cannot control whether such transactions hit members’ statements.
However, credit unions can and should control the member experience by standing ready to recognize issues and answer questions as they arise.
The largest potential glitch stems from ACH origination files containing “stale dated” transactions. In the past, these payments typically processed on the next available date.
Starting Friday, they could conceivably be misconstrued as a same-day transaction.
A FedACH Services analysis of its existing ACH debit volume found as many as 2 million transactions in this category- small compared to overall ACH volume, but enough to cause some customer service issues.
Receiving CUs must also make operational decisions.
The final rule from the Federal Reserve, outlining federal government participation in ACH, was published in the Federal Register today.