1-800-724-2240
SHARE
THIS
Customers that sign up for and are approved for Same Day ACH Debit Origination need to pay attention to the Effective Entry Date of their ACH files. The Effective Entry Date needs to be the same date as the current date.
Customers should review the authorization language that is included with their agreements in order to ensure that the terms are clear and easily understandable regarding the timing of such debits. Customers should consult with their legal counsel for any questions they have surrounding the authorization terms within their agreements.
With this industry change coming into effect, same-day debit transactions will now post and debit Receivers’ accounts on the same day they were originated. This means that Receivers need to ensure that their accounts have adequate funds to cover any Same Day ACH Debits that may post a day sooner than previously expected.
Corporate clients that are enrolled in ACH Fraud Review and Approval need to ensure they log on to ACH Monitor on a regular basis to review payments and make appropriate decisions within the allotted timeframe.