Electronic Payment Changes

The National Automated Clearing House Association (NACHA) is changing how the U.S. electronic payments, or ACH, system will process account withdrawals. This change affects financial institutions — including CEFCU, merchants, and may affect you, too.

Beginning September 15, 2017, check and debit transactions from merchants or service providers could be processed several times a day. This will probably reduce the time between when you authorize a transaction and when it posts to your account. The timing is based on how debits are processed by the merchant/service provider, not CEFCU.

What does this mean for you?

• Electronic withdrawals may clear your CEFCU account faster — potentially the same business day or even within hours.
• Some checks you write may clear faster.
• This change will not affect direct deposits, such as payroll or Social Security.
• You may be able to make last-minute, online payments more rapidly through a provider or merchant web site.

How can you avoid overdrafts?

• Never initiate any debit or check payment before the money is actually in your account.
• Use your records along with CEFCU On-Line® and the Mobile Banking app to keep an eye on your account.
• Plan that debit or check transactions will be withdrawn the same business day.
• Don’t count on a one- or two-day float period between a purchase and when the money is withdrawn from your account.

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