Electronic Payments Are Getting Faster

On Friday, September 15th, all financial institutions in the US, including PCCU, will begin receiving Same-Day ACH debits. This means that when you pay a bill electronically, it could come out of your account that same day instead of coming out a day or more later.

ACH payment allows you to pay bills directly out of your credit union and/or bank accounts, and is the flip side to direct deposit. When you give your account and routing numbers to pay a bill, you are using ACH.

Same-Day credits have been in place for the past year, and have allowed people to receive their direct deposits more quickly. Starting this Friday people will see money come out of their accounts more quickly as well.

Same-Day ACH debits will affect members in two ways:

First, debits will post to members' accounts in the afternoon as well as in the morning, so the balance someone has in their account at noon may not be the same as what's in their account at 5:00 pm.

Second, the time between paying a bill and the bill coming out of their account will get shorter, and bills paid in the morning could come out of the member's account in the afternoon. If you've been able to pay bills a couple of days before payday without having any payments bounce you'll likely find those bills posting much more quickly after Same-Day ACH goes into effect. You shouldn't count on any time between agreeing to the ACH payment and depositing money into your PCCU account. You should only authorize payments that you have enough funds in your account to cover at the time you authorize the payment. If you don't have sufficient funds you may be charged Courtesy Pay fees or Insufficient Funds fees and the payment may be returned, depending on your account and the amounts involved.

The best advice we can give you is to make payments after the money is in your account. We have no way of knowing which companies will take advantage of Same-Day ACH, or how much faster their payments will be. We are on the receiving end, and can't tell anything about a payment until it gets to us. You should assume that any payment your authorize will clear that day, and you should have sufficient funds to cover it at the time you authorize it.

The PCCU Management Team

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