The National Automated Clearing House Association (NACHA) recently adopted new rules that govern Same Day ACH processing. The new NACHA operating rules require mandatory participation in Same Day ACH processing. Credit unions that originate ACH transactions (ODFI) can elect whether or not to participate as an originator. However, credit unions that receive ACH transactions (RDFI) must have the ability to accept additional ACH files each day and post any Same Day ACH items to their member accounts.
The new rules for Same Day ACH will impact ALL ACH participants, unlike the current FRB same day service which had optional participation. Additionally, the FRB same day service will be discontinued when the NACHA process is implemented later this year.
The implementation process will occur in the following three phases:
|Phase 1||September 23, 2016||includes credits only with funds availability at the end of RDFI’s processing day|
|Phase 2||September 15, 2017||includes both credits and debits with funds availability at the end of RDFI’s processing day|
|Phase 3||March 16, 2018||includes both credits and debits with funds availability required by RDFI at 5:00 pm local time|