Update to Services: Automated Clearing House (ACH) Payment Processing Changes

NACHA (The National Automated Clearing House Association) is implementing a same-day ACH rule that allows financial institutions to provide a faster option for ACH processing. All consumers, businesses, government entities and financial institutions are eligible for both credit and debit ACH same-day payment processing under the new program. International transactions and transactions above $25,000 will NOT be eligible under the same-day rule.

In order to receive ACH same-day processing, members must also meet the following timeframe requirements:

  • A morning submission deadline at 10:30 AM ET, with settlement occurring at 1:00 PM ET.
  • An afternoon submission deadline at 2:45 PM ET, with settlement occurring at 5:00 PM ET.

The same-day processing program will be rolled out in three phases to help institutions ease into the implementation effort. The rollout schedule will be as follows:

ACH Timeline

Phase 1

(Effective Sept. 23, 2016)
  • Same-day ACH enabled for domestic ACH credit transactions $25,000 and below
  • Funds available by the end of the receiving depository financial institution (RDFI) processing day

Phase 2
(Effective Sept. 15, 2017)

  • Will include domestic ACH debit transactions $25,000 and below
  • Funds available by the end of the RDFI processing day

Phase 3
(Effective Mar. 16, 2018)

  • All funds must be made available to the receiver by 5:00 p.m. RDFI local time

Firstmark will not be charging a fee for Same Day ACH origination, however this policy will be reviewed annually for the next two years as the other phases of the program are rolled out. There are currently no plans to ever charge a fee for receipt of Same Day ACH into a member’s account.

The above outline of the Same-Day ACH rule provides an overview of the entire program through 2018. Currently, Firstmark is only receiving Same-Day ACH files and will not be originating any Same-Day ACH files.

To learn more regarding ACH same-day processing, please visit the NACHA website or these frequently asked questions.