WHAT IS SAME DAY ACH?

Same Day ACH is a faster payment option that reaches all U.S. banks and credit unions, and 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 (source: NACHA website).

Same Day ACH offers an option to organizations that want to move their money faster. Same Day ACH will build upon existing next-day ACH Network capabilities and establish a new option for same-day clearing and settlement via ACH. Under the Rule, two new Same Day settlement windows will be added to the ACH Network, increasing the number of settlements between financial institutions from once each day to three times each day. Firstrust is pleased to offer Same Day ACH as a valuable service to allow you to send and receive payments faster.

Are there fees associated with this service? ‍

Yes, in addition to the cost of originating standard ACH items, there will be a per-item originated fee for Same Day items.

Are there limitations to the type of transactions that can be sent via Same Day ACH?‍

Yes, there are dollar limitations, SEC Code restrictions, and non-monetary restrictions on Same Day ACH. These limitations and restrictions are defined below:
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• Transaction Limit: $1,000,000.00
• No single item over $1,000,000.00 will be eligible for same day settlement
• Eligible SEC Codes for Monetary Transactions
• All except IAT
• Eligible Non-Monetary (Zero Dollar) Transactions:
• Pre-notes
• Notifications of Change
• Death Notification Entries (DNE)
• Remittance Information (CCD or CTX)
• Note that Automated Enrollment Entries(ENR) are NOT eligible for same-day processing
• Customer must gain prior approval from Firstrust Bank for Same Day ACH Origination Services
• Receipt of Same Day ACH is mandatory and requires no prior approval

Is Same Day ACH a unique offering by Firstrust Bank?

All financial institutions are required to receive Same Day ACH payments and provide credit for same-day transactions. However, Same Day ACH Origination is optional.
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What changes will customers need to make to ACH files and transactions?

To ensure your transaction is processed properly and that unwanted Same Day ACH fees are not incurred, please make certain you have the appropriate Effective Entry Date.
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How are Same Day ACH transactions identified and what role does the effective entry date have in the file transmission process?

• Same Day Entries will be identified based on the effective entry date and the time sent to the ACH Operator
• Files with a current-day effective entry date, received prior to the deadline, will be considered Same Day ACH transactions
• Coding the field with one or two days following “today’s” date indicates “classic” ACH settlement
• NOTE: If the payment contains a stale (i.e. old) or invalid date in the Effective Entry Date field, the payment could be processed in the next available window, which could be same day or the next day

What will I need to do?

Firstrust customers will need to follow a few steps to prepare for Same Day ACH:

• Request Same Day ACH Origination Services through your Firstrust Treasury Sales Officer
• Secure FTP site for file transmission
• Be pre-approved for Same Day ACH Origination Services prior to use
• Use the appropriate Effective Entry Date
• Understand that applicable fees will apply
• Understand cutoff times that apply for SameDay ACH

What are the benefits of Same Day ACH?

There are several benefits of Same Day ACH. In most cases, Same Day ACH cost would be lower than other traditional payment methods such as wire transmission. This service will also allow you to move money more quickly when needed within that same day. For example, emergency payroll or same day bill payment.

What is the submission deadline for processing Same Day ACH?

The origination of all Same Day ACH files, transactions and batches must be received by 3:00 pm ET to process as a Same Day.

When will I see the posting for any Same Day ACH transactions to my account?

RDFIs (receiving depository financial institutions) will be required to provide funds availability by the financial institution’s end of day processing ET local time for Same Day credit entries.

How will returns and NOCs be handled?

RDFIs will not be required to process returns on the same day that the forward entry is received. The existing return timeframe will still be applicable. RDFIs will have the option of using any of the available settlement windows for returns, as long as the existing return timeframe is met.

What type of transactions are good candidates for Same Day ACH?

• Emergency payments
• Off-cycle disbursements and correction or payouts
• Time sensitive payments
• Account transfers
• Errors/payment re-initiation, etc.
• Expedited credit ACH receipt
• Debit ACH collection
• Error correction
• Flexibility for late and emergency payrolls

Who do I contact if I have questions regarding Same Day ACH?

Please contact either your Relationship Manager, Treasury Management Officer or Customer Care at 800-220-BANK.