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Same day processing of Automated Clearing House (ACH) Debits

The world is getting faster! In this 24/7, real-time society, shouldn’t your money move faster too? Well, now it does.

This means any payments made by writing a paper check or by telephone could clear you checking or savings account on the same day you write the check or authorize the payment (online, in-person, over the phone, etc.).

What is happening?

  • All consumers, businesses, government entities and financial institutions that use the ACH Network to move money between financial institution accounts will benefit from the option to move ACH payments faster.

What’s changing?

  • As part of an effort to improve and modernize the U.S. payments system, you may have already noticed a change in the times during the day that we apply electronic Direct Deposits to your account.  This change was made to help provide you with faster access to funds for the same-day Direct Deposits to your account.

What should you know?

  • You should understand that when you authorize a merchant or biller to debit your account with Maine Savings, the merchant or biller should include information or a statement about the timing of the payment and debiting funds from your account. If the merchant or biller offers you the option to make a same-day payment, it might be referred to as a same-day payment, or noted that the merchant or biller intends to collect the funds as quickly as possible.
  • If you have pre-authorized an electronic payment, such as a recurring mortgage or insurance payment, then very likely there will be no change to the time that these payments are posted to your account. As always, Maine Savings, will receive and post these payments normally as designated by the transaction effective date.
  • You should always have sufficient funds in your account to cover every payment you make, authorize, or initiate, and you should frequently review your account transactions through mobile and online banking to track payments, check clearing and posted payments and pending payments to and from your account.

How does this affect me?

  • ACH debit and payment transactions such as checks clearing as ACH as well as electronic payments clearing as ACH and bill payments may post multiple times throughout the business day.

How do I adapt my account balancing and payment habits to this change?

  • As money moves faster you want to stay on top of it, so you know where it’s going and how much you have at your fingertips to use and spend.
  • Maine Savings, encourages you, our members, to Check@5. If you get into the habit of checking your account balance at 5 p.m. every day, you always know where you stand with money.

What are the benefits of same day ACH debit and payment transactions?

  • Many merchants and billing companies may offer you the option to make a same-day electronic payment, such as to pay a bill or to transfer funds. If you agree, then the funds might be debited from your account as soon as that very same day.
  • For example, if you have a bill due on the 25th of the month, the billing company might allow you to call or use its website on the morning of the 25th to make an on-time payment, and also have funds debited from your account on the 25th.
  • While these types of payments won’t be reflected on your account balance as quickly as your debit card and ATM transactions, you will have access to more accurate information about your actual available account balance more frequently throughout the business day.
  • The conversion to same day ACH debit and payment transactions will enable you to make easier on-time bill payments as well as faster crediting when you are moving money between different financial institutions. Similarly, business to business payments will process more quickly, providing faster processing of invoices and payments.

Will my direct deposit be affected?

  • No. Your direct deposit will continue to be credited to your account on the correct posting date.