Beginning September 15, 2017, merchants can choose to process a check you write or electronic payment you initiate on the same day that you make it.
What is ACH?
Automated Clearing House (ACH) is the network for electronic fund transfers for debit and credit transactions in the United States. Instead of using paper, such as cash or checks, ACH transactions are transmitted electronically, allowing for faster processing times. Direct deposit, bill-pay, or DPX Pay are all common examples of ACH transactions.
Currently, the credit union posts all electronic debit transactions once per day, usually by mid-morning. As of September 15, the credit union will post all electronic debit transactions twice per day, once mid-morning, and again before the close of business.
How will this affect me?
Whenever you make an electronic payment to a person or business, the money might be taken out of your account sooner than you have experienced in the past. If the merchant or person that you are paying pays an extra fee, they can choose to receive their money faster. This will decrease the lag time experienced between making a payment, and seeing the money actually leave your account. If you have your payroll check direct deposited to GCEFCU, it will not be affected.
Source: Sonia Ponchak, VP Assistant Controller
September 8, 2017