The payment industry is ever evolving into a “real time” world. Effective September 15, 2017
there will be changes in how payments will move through the Automated Clearing House (ACH) network. Both credits and debits will be eligible to be processed on the same day they are originated. This is a great benefit when receiving a payment but also means when you make a payment, it will now clear sooner. Here’s what you can expect:
- Payments will appear in your account throughout the day.
- There is a potential for businesses/organizations to move payments in real time.
- When making online or telephone payments it is important to pay attention to the dates which you select for the payment to process.
- Ensure you have the funds available for these payments to avoid overdrawing your account and incurring overdraft fees and/or returned payments.
We encourage you to review your account transaction activity frequently. This can be done by utilizing Farmers Bank’s online banking, mobile banking or telephone banking services. If you have any questions or concerns, please feel free to contact us at 757.242.6111.