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Same-day automated clearinghouse transactions processed through the FedACH SameDay Service will begin posting to credit union accounts at various times during the day in September under intraday credit policy updates at the Federal Reserve. This is tied in with the shift to faster payments.

These changes are effective Sept. 23 – aligning with the Fed's transition to same-day ACH service.

The board adopted a second posting time for forward same-day ACH transactions of 1 p.m. Eastern to supplement the 5 p.m. Eastern posting time. The Fed also noted that all "returns of future-dated and same-day ACH transactions will post at the next available posting time or following the settlement of the associated forward transactions."

The adopted ACH return posting times are 8:30 a.m., 1 p.m., 5 p.m. and 5:30 p.m. Eastern, with the specific posting time determined by when the item is received by the Fed banks.

"Since these transactions will be posting throughout the day, there is always the possibility that credit unions could temporarily overdraw their accounts at the Federal Reserve Banks and incur overdraft charges," said NAFCU Regulatory Compliance Counsel Benjamin Litchfield. "The fee for an uncollateralized overdraft is currently 50 basis points."