What is the same-day ACH rule?
On September 23, 2016, NACHA (the National Automated Clearing House Association) implemented a new rule allowing same-day settlement for eligible ACH credit transactions and non-monetary transactions that are processed by the ACH Network. This new rule will allow for faster funds availability, reduced risk, and new payment opportunities.
Are there limits for same-day ACH payments?
Yes. Individual transfers will be limited to $25,000 for qualifying standard entry class codes, such as PPD (used for corporate-to-consumer payments) and CCD (used for corporate payments). This limit applies to individual transactions and not to the ACH batch total. If a same-day ACH batch includes items that are under $25,000 and items that are over $25,000, the items that are over $25,000 would be originated with an effective date equal to the next processing day.
Are banks required to participate in same-day ACH processing?
No. The rule requires that banks are able to receive and process same-day transactions, but the ability to send same-day ACH transactions is not a requirement.
Is there a fee to process same-day ACH transactions?
Yes. To support the new same-day ACH rule, the originating company will be assessed a fee per same- day ACH processed.