Which ACH payments are eligible?
Nearly all ACH payments will beeligible. These include both ongoing payments (e.g. a monthly debit for your utility bill) and one time payments.
The only payments not affected will be international transactions and transactions above $25,000.
Will all online payments be processed same day?
No. It depends on the decision of the institution being paid. There is a cost to sending payments for same day processing.
- A major utility may decide it is cost effective to elect same day ACH processing. Members making ACH payments to that utility will see their payments post and clear same day.
- Alternatively, a local health club may decide that it is not cost effective to elect same day ACH processing. Members with ACH payments to that health club will not see them process same day.
Will SECU Debit Card payments clear my account faster?
No. SECU’s Debit Card transactions do not follow the same process as ACH payments. They will not be affected.
However, some Debit Cards from other institutions that link to your SECU account (such as debit cards from Target and Royal Farms) may follow the ACH process. If so, they can clear and post same day.
Will my SECU Online Bill Pay payments clear my account faster?
At this time, SECU’s Online Bill Pay process is not changing. However, this may change in the future.
Will paper check payments be processed faster?
In some cases, yes. Some merchants may convert paper checks to ACH for processing. Those can be affected by Same Day ACH. It depends on the institution processing your paper check.
Will payments for my SECU credit card balances be processed faster?
At this time, payments to your SECU credit card balance are not changing. However, this may change in the future.
What about Paypal?
- Paypal debits to a SECU account are ACH debits. As such, they may affected by this new ACH payment processing schedule.
- Paypal credit card payments are not ACH debits, so they will not be affected.
Will recurring payments be subject to Same Day ACH?
It depends on the insitution receiving the recurring payments. If they decide to process their payments using same day ACH, then the recurring payments will process same day.
Why is SECU doing this?
The ACH network (the National Automated Clearing House Association, or NACHA, manages the network) is making these changing to improve payment efficiency. The new schedule affects all financial institutions, including SECU.
Can SECU continue to process my payments according to the old schedule?
Whether a payment is sent for same day ACH processing is the decision of the institution being paid. It is not determined by SECU. SECU, along with all U.S. financial institutions, is required by NACHA (the manager of the ACH network) to accept same day ACH processing. Therefore, SECU is not able to retain the current debit clearing schedule.
Is SECU changing debit posting order?
No. SECU’s posting order remains the same. We batch process items in the following order.
- ACH credits
- ACH debits (in order received)
- Check debits (in order received) check debits (in order received)
- Debit card debits (in order received)
However, we may now receive ACH debits more frequently throughout the day, and they may clear your account faster than previously.
What is SECU’s Overdraft Policy for ACH payments?
If an ACH is presented to your account and your Available Balance is not sufficient to pay the transaction, SECU will first attempt to make a transfer from a share savings and/or line of credit product if one has been set up as part of your overdraft protection options. If the Available Balance in your Line of Credit and/or Share Savings account is insufficient to cover the overdraft, payment of the item will depend on whether or not your checking account has Courtesy Pay.
Through Courtesy Pay, we may pay the item or return it unpaid at our discretion. Regardless of whether we pay an item or return it unpaid, we will charge an overdraft or NSF fee of $30.00. Although Courtesy Pay may allow you to avoid merchant return items fees, it is our most expensive option and should be used as a last resort.
How can I avoid ACH overdrafts?
You should only make a payment if you have a sufficient Available Balance in your account to cover the payment. Be aware that some electronic payments may post to your account on the same day they are made.
In addition, some payments that you may not think of as electronic may actually be ACH payments. These may include the following:
- Paper checks written to grocery and other big box stores. These are sometimes converted to ACH payments. If so, they can post same day beginning 9/15/17.
- Debit Cards from places like Target and Royal Farms that link directly to another institution’s checking account may follow ACH processing. If so, they can post same day beginning 9/15/17.
To help monitor your Available Balance, check through online or mobile banking. For more information on available balance and how to avoid overdrafts, see our Agreements and Disclosures document.