WASHINGTON (1/8/14)--The Credit Union National Association is currently seeking comments on a proposed same-day automated clearing house (ACH) transactions rule. The rule has been proposed by NACHA--The Electronic Payments Association.
The proposal would amend the NACHA operating rules to enable an option for same-day processing of virtually any ACH payment. The exceptions would be international transactions and individual transactions of more than $25,000.
All receiving depository financial institutions (RDFIs), including credit unions, would be required to receive same-day ACH payments in order to provide certainty to originators desiring same-day transactions. RDFIs will incur implementation and ongoing operating costs if the proposal is adopted in its current form.
According to NACHA, this change would benefit consumers and businesses, especially those involved in business-to-business, same-day payroll, expedited bill and account-to-account payment transactions. Currently, most ACH payments are settled the next business day.
NACHA has proposed a phased implementation approach, starting in September 2016, to allow financial institutions and businesses to acclimate to the faster processing, and to ease implementation efforts.
Among the questions CUNA would like answered by credit unions are:
The full list of questions is available on CUNA's detailed summary of the proposal. Next week, CUNA's Payments Policy Subcommittee will be discussing the proposal in detail on a call with NACHA staff.
Comments are due to NACHA by Feb. 6.