(I must assume it applies to other financial institutions, as well!)
ACH PAYMENTS ARE CHANGING
Beginning September 15th, 2017, the Federal Reserve will start processing most ACH debits (also known as electronic payments) on the same day that the transactions are made. This means that some of your payments could come out of your account faster than they have in the past.
To avoid overdraft charges or insufficient fund fees, please ensure that your available account balance is enough to pay any debits or withdrawals at the time you write or authorize them.
3 TIPS TO BE PREPARED
1 Plan for immediate transactions: Whenever you pay for something, the best practice is to expect that your transactions will be processed the same day.
2 Know your balances: It makes good financial sense to make sure that your balances can support your spending. Keep on top of them with online banking or with the (Credit Onion) app for Apple or Android!
3 Be aware of different kinds of ACH debits: ACH debits can also be things like writing paper checks to grocery stores or using debit cards from retailers, such as Target or Nordstrom.
For those of you out there of limited means who ‘use the float’, as they said in check kiting days of yore!
(Not that I’ve ever done that! 😉 )