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Starting September 15, 2017, new Federal Reserve rules for Automated Clearing House (ACH) debits and credits will go into effect.

As of this date, electronic debits and credits (including checks that you issue which are subsequently processed as electronic debits), may be processed on the same day that they are authorized by you.

This change applies to all financial institutions and merchant/vendors offering ACH service and all account holders receiving ACH transactions.

How will these changes impact me?
These changes will result in a faster payment system. This means ACH payments you are receiving may post to your account quicker. However, it also means that ACH payments you are sending may clear your account quicker than you are accustomed to. Where in the past, ACH transactions may have taken 1-2 days to process, such transactions – starting on September 15, 2017 – may post on the same day in which you authorized them.

What should I do?
It is very important to make sure that funds are available in your account before you make any payments from your account – whether in-person, online (including mobile) or via telephone. Doing so will help you avoid incurring insufficient fund (NSF) or overdraft fees.

Therefore, the NIHFCU urges you to never issue a check nor schedule payments if your account lacks the necessary funds to cover the payment.

At this time, we would also recommend you consider the following before these changes go into effect and to support enhanced management of your NIHFCU accounts.

For additional assistance, please contact us at 800.877.6440 or stop by any NIHFCU branch location.