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You may see a change in the way automatic debits clear your account, due to the second phase of the Same Day ACH rule enacted by the National Automated Clearing House (NACHA). NACHA administers operating rules for Automated Clearing House (ACH) payments processed by financial institutions, including Eastman Credit Union (ECU). The first phase of this rule was effective September 23, 2016 and concerned ACH credits. This second phase of the Same Day ACH rule allows for same day processing of ACH debits. ACH debits include electronic payments, automatic drafts, paper check conversions, or any electronic withdrawal from your account utilizing ECU’s routing and transit number. Once this rule is in effect, any ACH debit can clear on the same day it is initiated. For example, if you write a check at a retailer and it is converted into an electronic payment, it can clear the same day it is written.
Please take this rule into consideration when you have ACH debits deducted from your account. ECU has no control over when the ACH files are received and you may need to make changes to ensure funds are available in your account to cover your automatic debits.
If you have automatic drafts, such as your water bill, power bill, cable bill, etc., this would be a good time to review your agreement with the service provider and verify the effective date of your payment, as it will be deducted from your account on that day.
If you have questions about how the new Same Day ACH rule can affect your automatic debits, please call us at 423.229.8200 or 800.999.2328 and we will be happy to assist you.
Thank you for your continued loyalty to ECU. We appreciate your business.
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