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Phase 3 of NACHA's same-day Automated Clearing House (ACH) implementation is now in effect. This phase establishes a more streamlined funds availability timeline that requires Receiving Depositary Financial Institutions (RDFIs) to make same-day ACHs credits available for withdrawal by 5 p.m. RDFI's local time – credits unions that receive ACHs are all bound by this requirement.

NACHA has published several resources, including a revised Guidance for RDFIs on Meeting Phase 3 Requirements. The guidance can help credit unions determine local time in cases where the RDFI's geographic footprint is not limited to one time zone.

Same-day ACH builds upon existing, next-day ACH network capabilities and establishes a new option for same-day clearing and settlement via ACH. With this rule, approved in 2016, two new same-day settlement windows have been added to the ACH network, increasing the movement of funds between financial institutions from once each day to three times each day.

The first phase of same-day ACH processing went into effect in September 2016; the second phase went into effect Sept. 15, 2017.

More on ACH and phase 3 can be read in NAFCU's Compliance Blog.