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Phase I Same Day ACH: Are You Ready?

November 10, 2016

The deadline for phase I of Same Day ACH implementation was Sept. 23, 2016. This phase allows forward credits to be sent by an Originating Depository Financial Institution (ODFI) and received by a Receiving Depository Financial Institution (RDFI) in the same business day. ACH returns not future-dated may also post same day.

All RDFIs are required to participate and may need to alter their end-of-day processing schedule. Same day files will be available from the FED by 4 p.m. EST. This file must be made available to your customers no later than the end of your processing day to offset any debits presented on that business day. The funds do not need to be available for cash withdrawal until the next business day. If you utilize a correspondent financial institution or data center for receiving your ACH files, please clarify with them as to when your file will be available and/or posted to ensure compliance.

Origination of same day ACH entries are optional for ODFIs.  However, there are some stipulations on the type and dollar amount of the entries originated. Applicable fees will be assessed to the ODFI for each forward same day ACH transaction and payable to the RDFI. Origination files must be received by the FED by 2:45 p.m. EST to qualify for same day delivery.

Phase II is scheduled for Sept. 15, 2017, which will allow debits to be initiated as same day. Phase III is scheduled for March 16, 2018, which will extend the RDFIs processing day to at least 5 p.m. local time.