Nacha confirms effective date of Same Day ACH expansion

The US Federal Reserve Board of Governors approved the extension of the National Settlement Service operating hours, which is necessary for the expansion of Same Day ACH.

With the issuance of the notice today by the Board of Governors, Nacha confirms that the effective date of the expansion of Same Day ACH is March 19, 2021. Same Day ACH is a faster payment option that reaches all US banks and credit unions. Same Day ACH enables virtually any type of ACH payment – including payroll and other consumer Direct Deposits, bill payments, business-to-business payments, and person-to-person payments – to be initiated, settled, posted, and funds made available within a single day.

Expanding the hours of Same Day ACH will enable financial institutions and their customers to submit these types of Same Day ACH payments later on any banking day. Expanded hours and a higher per-payment dollar limit have been the two enhancements to Same Day ACH most commonly requested by users of the ACH Network. An increase in the Same Day ACH dollar limit to USD 100,000 per transaction is set to take effect in March 2020.