7 Cooperative PrinciplesEducationHomepage-Featured

Same Day Electronic Payments Are Here

By September 15, 2017 No Comments

Beginning Friday, September 15, all electronic payments (or ACH withdrawals) will now process the same day.

Beginning Friday, September 15, all electronic payments (or ACH withdrawals) will now process faster than they used to—the same day in some cases—meaning you can make payments faster than ever before.

The payment processing speed change comes from a new ruling from the National Automatic Clearing House Association, which manages the electronic movement of money and data in the U.S. The speed at which payments are processed remains at the discretion of the merchant—meaning your favorite store might process your payment the same day you make a purchase.

Payments made in a flash.

Click submit and your payment is made—it’s that fast! If you schedule a payment to occur on the 15th of each month, it may post on the 15th, not a day or two after, so no more watching your account and waiting to see the payment go through.

Any electronic payment that uses your routing and account numbers—such as a loan payment, utility bill or a check that is scanned at a retailer and handed back to you—may be impacted by the quicker payment processing speed, so be sure the money is in your account before you hit submit.

It’s Verve’s goal—in line with our guiding 7 Cooperative Principles—to provide education, training and information to help our members stay financially fit. Verve is committed to keeping our members educated when it comes to their finances by providing details on changes in the way electronic payments are handled.