COMING FRIDAY SEPT 15, 2017 – FLOATING ELECTRONIC PAYMENTS TO END
As our financial lives move faster than ever before, our members have come to expect faster payments and information as a core component of good service, and we have been working to modernize the systems that allow deposits and payments to move at the pace our members expect.
As one part of this improvement, beginning on Friday, September 15, certain electronic payments may post to our members’ accounts the same day they are made. In short, we’re doing our part to make it faster and easier for our members to make payments, and to update account balance information more frequently during the day.
What Consumers Should Know
All consumers should understand that when they authorize a merchant or biller to debit their account with their financial institution, 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 the merchant or biller intends to collect the funds as quickly as possible.
If consumers 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 their account. As always, consumers’ financial institutions will receive and post these payments normally as designated by the transaction effective date.
Consumers should always have sufficient funds in their account to cover every payment they make, authorize, or initiate, and they should frequently review their account statements and transactions.