Same Day ACH Debits Start September 15

With Same Day ACH debits, members will now be able to authorize a payment due the same day it comes out of your credit union account.  In the past, those payments may have taken a day or two to clear your account.  The conversion will enable faster crediting when moving money among transactions at different financial institutions. Similarly, business to business payments will process more quickly – providing faster processing of invoices and payments.

Currently credit transactions are posted multiple times per day while debit transactions are posted to accounts only once per day. As of September 2017, debit transactions will also be processed multiple times per day.

To avoid any overdraft fees, ensure your account has sufficient funds to cover any Same Day Debits that you may have authorized to be posted to your account. You may want to review authorizations for current pre-authorized drafts to ensure the desired debit date is provided to the biller/retailer.

If you have any questions or need more information on Same Day ACH Debits, please talk to a Member Service Representative.

Frequently Asked Questions
All consumers, businesses, government entities and financial institutions that use the ACH Network to move money between bank accounts will benefit from the option to move ACH payments faster.
What’s changing?
Currently credit transactions are posted multiple times per day while debit transactions are posted to accounts only once per day. As of September 2017, debit transactions will also be processed multiple times per day.
How does this affect me?
Previously, you may have seen debits posted to your LG&W Federal Credit Union checking/share draft or savings account once per day. Going forward, transactions such as check clearing (only checks to ACH), and bill payments will post multiple times throughout the business day.
What are the benefits of same day ACH debits?
The conversion to ‘same day ACH debits’ will enable you to make easier on-time bill payments as well as faster crediting when you are moving money among transactions that you own at different financial institutions. Similarly, business to business payments will process more quickly – providing faster processing of invoices and payments.
Will my direct deposit be affected?
No. Your direct deposit will continue to be credited to your account on the correct posting date.