Did you know?
Starting 03/16/2018, same-day credits and debits may post to your account the same day they are initiated, due to regulation changes.
Merchants will now have the option to send payroll, clear payments for bills, or convert written checks via ACH (Automated Clearing House) and could send the credit or debit with a settlement that will post to your account by 5:00 PM the same day.
What does this mean for you?
Payroll providers and employers could prevent printing checks when errors occur and send payroll credits to post to your account by 5:00 PM on your payday.
Merchants could decide to take away the “float” that some members used to rely on in the past. For example, a check that was presented to a merchant at 9:00 AM, could be converted to ACH and sent to your PSCU account to post by 5:00 PM.
Please remember, debits should not be initiated unless funds are in your account and available for items to clear.
Will all items clear quicker?
Not necessarily. The merchant, employer or place that initiates the credit or debit has the choice to process the items same-day or the traditional ACH method with a two-day settlement timeframe.