Fed to introduce same-day ACH transfers

Source: Federal Reserve

The Federal Reserve Board on Monday announced posting rules for a new same-day automated clearing house (ACH) service.

The Federal Reserve Banks will be offering an opt-in, same-day settlement service for certain ACH debit payments through the FedACH service effective August 2, 2010. FedACH customers may opt-in to this service by completing a participation agreement. The service will be limited to transactions arising from consumer checks converted to ACH and consumer debit transfers initiated over the Internet and phone.

When new financial services are offered by the Reserve Banks, the Board determines the time that payments will post to an institution's Federal Reserve account so that it may manage and appropriately fund its account. The Board determined that SameDay forward debit transfers will post to institutions' Federal Reserve accounts at 5:00 p.m. ET and SameDay return debit transfers will post at 5:30 p.m

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