Beginning September 23, 2016, the ACH (Automatic Clearing House) network will require support of same-day posting of ACH credits. This is the first of three phases over the next two years to enable all deposits and withdrawals to be posted the same day, if directed by the ACH originator.
To be able to support same-day credits – or deposits to your account, LSCU will change the frequency of posting our ACH files on Wednesday, September 21st. Starting that day we will post ACH credits and debits twice per business day, once in the morning and once in the late afternoon.
What does this mean for you?
Most paychecks, direct deposits, refunds, and electronic transfers from other financial institutions are done through the ACH network. Because there is a cost associated with sending an ACH credit, the ACH originator must specify same-day posting for LSCU to be able to apply the credit to your account that day.
For example, if your employer specifies same-day posting when submitting your direct deposit, then your paycheck will be deposited to your account that same business day. If they did not specify same-day posting, then your paycheck may not be deposited until the following business day.Effect on NSF (Non-Sufficient Funds) Items
When an ACH debit is received and there is not enough funds available in your account to cover the debit amount, it becomes a non-sufficient funds item (NSF) and is normally returned to the payee unless a deposit is made to pay the debit amount. By posting ACH files twice per day, this will have a slight effect the way we return or pay NSF items.
For the ACH debits posted in the morning, Members will have until 1:00 pm (CST) the same business day to make a deposit. This is the same way ACH debits are processed now, so there is no change. For the ACH debits posted in the afternoon, Members will have until 1:00 pm (CST) the next business day to make a deposit for the item to be paid. This is similar to the way we process checks.
For example, if your insurance payment posts at 2:00 pm (CST) and your direct deposit posted at 9:00 am (CST) the next day, your insurance payment will be paid. Please note that although we may pay items instead of returning them, an NSF fee may still apply if the funds were not available at the time the ACH debit was received.
Questions?
We understand this is fairly technical and may be a bit confusing, but we are here to help! If you have a question or concern about the changes in ACH postings, just give us a call, contact us online, or stop by your nearest branch.
