Product Updates August 2016

Revised Policy Templates for August 2016

Automated Clearing House Policy Template

The update to this product is in response to NACHA’s Same-Day ACH Rule to provide a new, ubiquitous capability for moving ACH payments faster.  This NACHA rule change will enable ACH Originators that desire same-day processing the option to send same-day ACH transactions to accounts at any receiving financial institution (RDFI).  Phase 1 of the rule becomes effective 09/23/16, whereas Phase 2 becomes effective 09/15/17, and Phase 3 becomes effective 03/16/18.


Overdraft Policy Template

The update to this product is in response to the Federal Reserve’s Press Release dated 07/21/16 that announced the adoption of changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) to conform with enhancements to the Reserve Banks’ same-day automated clearing house (ACH) service previously announced by the Board on September 23, 2015.  The PSR policy changes become effective September 23, 2016, concurrent with the Reserve Banks’ enhanced same-day ACH service.

Specifically, the Federal Reserve Board adopted a second posting time for forward same-day ACH transactions at 1:00 p.m. Eastern Time (ET) to supplement the current 5:00 p.m. ET posting time for forward same-day ACH transactions.  In addition, the Federal Reserve Board established that all returns of future-dated and same-day ACH transactions will post at the next available posting time or following the settlement of the associated forward transactions.  The adopted ACH return posting times include 8:30 a.m., 1:00 p.m., 5:00 p.m., and 5:30 p.m. ET, with the specific posting time determined by when the item is received by the Reserve Banks.