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Fed posts new rules for same-day ACH service
WASHINGTON (6/22/10)--The Federal Reserve Board, beginning on Aug. 2, will offer “an opt-in, same-day settlement service” for Automated Clearing House (ACH) debit payments. The new federal reserve service will apply to all depository institutions. The Fed said that FedACH customers may opt-in to the service, which will “be limited to transactions arising from consumer checks converted to ACH and consumer debit transfers initiated over the Internet and phone.” The debit transfers will post to institutions' Federal Reserve accounts at 5:00 p.m. ET and same-day return debit transfers will post at 5:30 p.m. ET, the release added. For the full release, use the resource link.
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