Same Day ACH Debits: What You Need to Know Decorah & Cresco – September 1, 2017 – In an effort to improve the U.S. payments system, you may have noticed a change in the times during the day the electronic Direct Deposits post to your account. This recent change was made by NACHA (National Automated Clearing House Association) as part of phase 1 of the Same-Day ACH Rule to help provide you with faster access to your same-day credits. Beginning on Friday, September 15, 2017, phase 2 of the Same-Day ACH Rule will change the times that electronic debit payments post to your account. Once the second phase of this rule goes into effect, any ACH debit can clear your account on the same day it is initiated. ACH debits include, but are not limited to, automatic drafts, check conversions and electronic payments. For example, if you write a check at ABC Store and they turn your check into an electronic payment, that check could clear your Decorah Bank & Trust account the same day you write it. Other things you should know: When you authorize a merchant or biller to debit your account with Decorah Bank & Trust, the merchant or biller should include information or a statement about the timing of the payment. If the merchant or biller offers the consumer the option to make a same-day payment, it might be referred to as a same-day payment, or noted that they intend to collect the funds as quickly as possible. That means that debit may withdraw funds from your account on the same day. You should always have sufficient funds in your account to cover every payment you make, authorize, or initiate. You should frequently review your transaction history and your account statements. If you have pre-authorized a recurring electronic payment, such as a water bill, insurance payment, newspaper subscription, cable bill, etc., there will likely be no change to the time these payments are posted to your account. Decorah Bank & Trust has no control over when these ACH files are received and/or when they post to your account. Same-Day ACH impacts all financial institutions, not just Decorah Bank & Trust. In short, we’re doing our part to make it faster and easier for our customers to make payments, and to update account balance information more frequently during the day. Should you have any questions about how the new Same-Day ACH rule can affect your automatic debits, please contact Customer Support at 563.387.5230.