Changes made by the National Automated Clearing House Association (NACHA) will require HAPO to process same day ACH Debit transactions. This means bills you pay and checks you write may clear your account the same day you authorize them. Same day clearing will be determined by how a business decides to process your transaction. We encourage you to take a look at some of our most frequently asked questions.
Q: What is ACH?
A: ACH or Automated Clearing House is an electronic network for financial transactions in the United States. ACH transactions include direct deposits and automatic withdrawals.
Q: What is NACHA?
A: The National Automatic Clearing House Association or NACHA manages the development, administration, and governance of the ACH Network, which is how electronic movement of money and data in the United States takes place.
Q: Why has NACHA implemented this new rule?
A: This change will provide a new, universal capability for moving ACH payments faster allowing same-day processing of ACH payments.
Q: When will this take effect?
A: This change will take effect September 15, 2017.
Q: Does this change apply to all banks or credit unions?
A: Yes. All financial institutions must comply with the new ACH rules.
Q: Does this change affect deposits and withdrawals?
A: HAPO already posts same day ACH credits. This change means HAPO will receive same day ACH debits. ACH withdrawals will continue to be withdrawn based on the date authorized by you.
Q: How can I confirm the date my ACH debit will be posted?
A: You will need to contact the vendor or business you have authorized to debit your account automatically to confirm the date your ACH debit will be posted.
Q: If I write a check, how will I know if it will clear the same day?
A: Same day ACH debit processing is determined by the merchant or business.