“We’re seeing robust use of same-day ACH credits,” said Larimer.
As Phase 2 for debit transactions gets underway, the movement represents an option to transition to the two same-day windows now in place for credit transactions. With same-day debit, Larimer said, “consumers know their true balance faster.” This may prove especially useful for lower-income consumers, for whom knowing precisely how much money they have available in their accounts is critically important, Webster surmised.
“In the beginning,” as same-day debit goes live, Larimer posited that “we may be seeing incremental volume.”
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Financial institutions, she said, are likely to be a bit cautious at the outset to ensure that unintentional debits do not occur, noting that “there’ll be a careful uploading.”
Here are the numbers:
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$57 billion | Same-day ACH credit transactions between Sept. 2016 and July 2017
50 million | Same-day ACH credit transactions NACHA projects will occur this calendar year
42 million | Same-day ACH credit transactions between Sept. 2016 and July 2017
71 percent | Percentage of financial institutions making end-of-day funds available as of May 2016
3 | Phases involved in the Same Day ACH rollout process
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