How Same Day Payment Processing May Affect You

New capabilities to move payments faster go into effect on September 15, 2017. Some payments that typically took 1-2 days to clear your account may now be processed and debited from your account on the same day you make them. This expedited step in the payment processing environment may change the way you manage your account, and we want to make sure you are ready. 

How might this impact you?
  • When performing ANY account transfer, you can expect your funds to be debited from your account as early as the same day you do the transfer.
  • When your check is converted by a merchant for payment electronically, it may be debited from your account as early as the same day you make your purchase.
  • When using store-issued debit cards, you can expect your purchase to be debited from your account as early as the same day you make your purchase.
    • Examples of store-issued debit cards include: Target REDcard™, Nordstrom debit card and Shell Saver Card.
 What else does this mean?
  • You’ll want to make sure you have the funds available in your account before performing any account transfer or payments to avoid NSF or Overdraft charges.  If you have insufficient funds, your payments may be returned.

If you have any questions or would like more information, please call our Client Contact Center at 800-359-BANK (2265), Monday – Friday from 8:00AM – 7:00PM and Saturday-Sunday from 8:30AM – 5:00PM.

 
Posted by: Christina Valdez, Marketing Specialist I, Associate since 2014
9/4/2017 8:55:00 AM | with 0 comments
Filed under: Banking, Education, News
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