Effective September 15, 2017, a new rule went into effect allowing for faster processing of debits from your financial accounts. Virtually all types of electronic payments will now be eligible to be processed on the same day they are authorized.
For example, types of affected payments could include:
- A paper check you write, which is then scanned at the business for electronic processing
- Online payments
- Payments made via the telephone
This means that payments could clear your checking (or savings) account on the same day you write the check or authorize the payment. What does this mean to you? We encourage you to make sure funds are available in your account before you authorize transactions to avoid unnecessary insufficient funds fees.
Please note: This new electronic payment processing rule does not affect how debit card payments are authorized or processed.