Removing Barriers Blog

Same-Day ACH Effective Today
Posted September 23, 2016 by Chandler Schuette

Beginning today, new rules by both NACHA and the Federal Reserve require that all receiving depository financial institutions (RDFI)—including credit unions that are RDFIs—be capable of receiving same-day ACH payments. The rule changes make it possible for consumers to be sure a transaction initiated by an originating depository financial institution (ODFI) will in fact be received and accepted by the RDFI.  

ODFIs must pay an interbank fee of 5.2 cents per transaction to the RDFI for each same-day ACH forward transaction. This fee will allow RDFIs to recover some of the costs associated with enabling and supporting mandatory receipt of same-day ACH transactions. 

Last week, NCUA sent a letter to credit unions on how to prepare for the same-day ACH changes. Two takeaways from the letter as noted in a CompBlog post from last week: 

  • Moving funds more quickly will require credit unions to closely monitor intraday liquidity needs. 
  • Because of the accelerated timeframe for transactions, credit unions need to be aware that there is the possibility of an increase in fraudulent activity. 

For a list of 5 things to be aware of about the same-day ACH rule, see a CompBlog post from August.