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Same Day ACH Debits
What you should know:
On Friday, September 15, 2017 a big event in the payments industry was implemented; Same Day ACH Debit transactions. This means that mortgage payments, dues, recurring payments, insurance premiums, online purchases, including checks (which are subsequently processed as electronic debits) etc. can now be processed the same day they are initiated. This also means that payments and purchases online or initiated by the merchant/biller could be debited from your account that same day.
If you have pre-authorized an electronic payment, such as a recurring mortgage or insurance payment, there will very likely be no change.
Previously, most ACH payments were settled no earlier than the next business day following the initiation of the payment. Because there is no longer one day of lag time, customers should always have sufficient funds in their account to cover every payment they make, authorize, or initiate.
Minnesota Lakes Bank has several easy-to-use tools to help you manage your accounts, such as:
- Online Banking
- Mobile Banking
- Account Alerts
- People Pay
- SecurLOCK Equip