Effective September 15, 2017, the National Automated Clearing House Association (NACHA) has implemented a process that will reduce payment processing times for electronic payments and is required by all financial institutions.
How does this affect you?
If you make your payments electronically either online, over the phone, or with a retailer by providing your account number and routing number, there is a possibility that your payment may be processed and withdrawn from your account faster than normal. You may end up having your funds withdrawn from your account as soon as the same day as the payment was made.
How will you know if any of your payments will be affected?
The best way for you to know if any of your payments will be affected is to contact the merchant or retailer that you are making your payment to. You should ask what their timeline is for processing your payment and if it will be withdrawn from your account that same day.
Please be aware of these changes and how it may affect your account balance.
Any payments made with a debit card or credit card will not be affected. For more information, please contact us at 210.673.5610 or toll free at 800.227.5328.