Coming Soon! Payments may clear your account on the same day.
Will you be ready?
Effective September 15, 2017, a new national standard in banking will allow payments to be withdrawn from consumer’s account the same day the purchase is made. It is referred to as “Same Day ACH”.
Why Does This Matter to You?
When you make a payment using a check, debit, credit, and of course with cash - it can now be taken from your account in the same day, or possibly instantaneously.
SNBT wants to proactively make its customers aware of the changes that will be coming in the future. It is important to stay ahead of your finances by:
- Monitoring Bank Online
- Enrolling in Mobile Banking
- Keeping a Registry; it will help prevent Overdrawing your account.
Confused? Here are Some Examples!
Example: You go to a store and write a paper check, and the cashier scans your check and hands it back to you. That store is processing that payment as an ACH transaction.
Example: You forget that your bill is due today. Because of Same Day ACH, you are able to make a payment the same day your statement is due, while avoiding late fees from the company.
In the past, merchants cleared their paper and electronic checks with about a 2-day lead time. Now, any payments made by writing a paper check, over the telephone, or online, can be credited or debited from your account at approximately 11:30 am or 3:30 pm on the same day you write the check or authorize the payment.
Still Have Questions?
What is Same Day ACH?
- That is a banking term for an electronic payment that may be withdrawn from, or deposited to, your account on the same day in which it was made. Technology is increasing the speed at which transactions are taking place. You may start seeing more and more merchants adopting Same Day ACH.
What time can Same Day ACH items come out of my account?
- ACH transactions sent for Same Day settlement can be credited or debited from your account at approximately 11:30am or 3:30pm.
Will I be able to see the transaction on my bank online?
- Yes. Same Day ACH transactions will display on bank online as they are posted to the account.
I was just the store this morning, why did this payment come out of my account today when it usually comes out the next day?
- Some transactions may now be settled the same day. The store processed your check as a Same Day ACH transaction.
What types of items can come out of my account the Same Day?
- Any payments that are made by writing a paper check, or by telephone, could clear your account the same day you wrote the check or authorized by phone. Some examples would be: a payment to a company that you authorized over the phone: paying by check at a store that scans your check and gives it back to you: or an online bill payment that you authorized for Same Day payment.
Will I get an overdraft charge because of Same Day ACH?
- Since it is an electronic “ACH” transaction, the payment may be withdrawn from your account sooner than expected. If you do not have enough funds in your account to cover the payment, an overdraft charge may apply as normal. However, if you deposit funds today to cover the transaction, you may not incur an overdraft charge. Please remember, in all circumstances that if your account has a negative balance at the end of the processing day, overdraft charges may be applied. The best rule of thumb for avoiding overdraft charges is to consider the payment withdrawn immediately and update your check register to reflect the transaction.
I have overdraft protection on my account. Is it affected in any way?
- Overdraft protection will still transfer funds as needed/available during overnight processing.
Can I put a stop payment on a Same Day ACH transaction?
- Stop payments are handled on a case by case basis and must be requested so that there is a reasonable opportunity to act upon your request. At the time the stop payment is requested, you will be advised whether a stop payment is able to be placed on the transaction.
Can I choose not to have my transaction occur Same Day?
- The adoption of Same Day ACH is happening at the merchants, consumers may not even know until the payment is processed that it was a Same Day ACH payment. A best practice is to consider that all transactions occur real-time, and not rely on processing at a later time.
*Please be advised that Same Day ACH Debits will become effective on September 15, 2017. This means any payments made by writing a paper check, made by telephone or payments authorized can be credited or debited from your account at approximately 11:30am or 3:30pm on the same day you write the check or authorize the payment. *