On September 15, 2017, the payment industry made a significant enhancement to help payments process faster in the United States. As of this date, merchants may choose to process your payments immediately resulting in the funds being deducted from your account the same business day.
What does this mean to you?
- A payment made online or via telephone could clear your account the same day you authorize the payment.
- A payment made by check could be converted to an electronic (ACH) payment and clear your account the same day you write the check.
- When making a payment online, via telephone, or by check, ensure that you have available funds in your account on that day to avoid a possible overdraft situation.