Reprinted from Fedflash
Effective September 23, 2016, with Phase 1 implementation of the Same Day ACH Rules change, a current-day or stale-day date in the effective entry date field of a credit entry will trigger same-day processing (provided the other requirements are also met).
Every Automated Clearing House (ACH) network participant should be aware of the Same Day Entry Fee of 5.2 cents per transaction that will be assessed to originating depository financial institutions (ODFIs) and credited to receiving depository financial institutions (RDFIs). Effective September 23, 2016, provided all other requirements are also met, each stale-dated credit entry that comes into the network will be processed and settled as Same Day ACH and will result in a 5.2 cent fee being charged to the ODFI.
Between now and September 2016, it may be worthwhile for ODFIs to determine how much stale-dated transaction volume they may be originating and to work with their originators to address the situation before it costs them.
The impact could be significant. An analysis of FedACH volume from October 2015 revealed the following:
- Nearly 3,200 ODFIs, with 28,000 distinct company names, had stale-dated batches.
- In a sample size of approximately 156,000 batches, 45 percent were processed at a time that would result in same-day settlement after September 23, 2016.
- With more than 70,000 credit entries in the analysis eligible for same-day settlement, approximately $3,600 in fees would have been passed from ODFIs to RDFIs had phase 1 of Same Day ACH been implemented.
With just over six months remaining until the Phase I implementation, we encourage each of our FedACH customers to begin reviewing their origination volume to avoid any unwelcome surprises on their billing statements for September 2016 and beyond.
For additional information on this very important topic and more, please visit the Fed’s Same Day ACH Resource Center.
