Same Day Payments
As our financial lives move faster than ever before, customers have come to expect faster payments and information as a core component of good service. To that end, the financial services industry has been working to move money at the pace our customers expect.
You may have already noticed a change in the time of day when electronic Direct Deposits are applied to your account. This provides you with faster access to funds for same-day Direct Deposits.
Beginning on Friday, September 15, 2017, we will also change the times when certain electronic debit payments are applied to your account. Electronic debit payments are also known as Direct Payment, Direct Debit, ACH Debit, Electronic Check, e-Check, and similar terms. This does not include debit card payments or ATM transactions.
What You Should Know
- When you authorize a merchant or biller to debit your account, the merchant or biller should include information or a statement about the timing of the statement. They might offer the option to make a same-day payment or note that they intend to collect the funds as quickly as possible.
- If you have pre-authorized an electronic payment, such as a recurring mortgage or insurance payment, it is very likely there will be no change to the time these payments are posted to your account. As always, we will receive and post these payments normally to your account, as designated by the transaction effective date.
- Make sure you have sufficient funds in your account to cover any payments you make, authorize, or initiate and review your account transactions frequently.
Questions? Give us a call at 608.643.3393 to discuss the upcoming change in same day payments.