Important Information Regarding the Equifax Data Breach
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What is ACH?
ACH stands for Automated Clearing House, which in summary means the electronic transaction that moves between institutions and post to accounts in the form of deposits and withdrawals. An ACH debit is sometimes called a Direct Payment, Direct Debit, Electronic Check or eCheck.
Currently, electronic withdrawals, such as third-party bill payments are processed only once per day. Beginning September 15, 2017, all financial institutions must begin to process these transactions multiple times per day. This change will allow third-party payment transactions to process more quickly.
What are the benefits of same day ACH debits?
The conversion to ‘same day ACH debits’ will enable you to make easier on-time bill payments as well as faster crediting when you are moving money among transactions that you own at different financial institutions. Similarly, business to business payments will process more quickly – providing faster processing of invoices and payments.
Who offers same-day payments?
Merchants and billing companies may have an option for same-day payment. As soon as that same day, funds may be debited from your account.
What does this mean for you?
Moving forward, transactions such as ACH payments and purchases will post multiple times throughout the business day. To avoid any overdraft fees, ensure that your account has sufficient funds to cover any same-day debits that you may have authorized to post to your account.
Will my direct deposit be affected?
No. Your direct deposit will continue to be credited to your account on the correct posting day.
Will this affect payments made using my credit card or debit card?
No. Payments using your debit card or credit card will not be impacted by this rule change.
What’s the best way to keep track of my Aventa account balance?
Sign up for Online Banking and use Mobile Banking to set up e-alerts to help you easily track your account each day.
During times of unforeseen circumstances such as emergencies, how do I avoid NSF fees and make sure my ACH payment is made?
Contact us about our Opt-In Overdraft Protection Program.