PSCUnow.com 734.641.8400 March 2018
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2017 PSCU
Board of Directors
 
Frederick W. Morgan
Chairperson

Jeffery King
Vice Chairperson

Dean J. Trudeau
Treasurer

Edward A. Carey, Jr.
Secretary
 
Charles Lowler
 Dale Reaume
Nora Sharpley
 
Credit Committee
Veronica Massey
Huey Ferguson
Juanita Henry
 
Important ACH Info

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.


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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.  


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