Beginning September 15, DFCU Financial—along with every other financial institution in the country—will be required to follow new regulations that allow Automated Clearing House (or ACH) electronic debits to process multiple times per day.
ACH transactions are typically originated by electronic authorization (but can also be a paper check converted by the merchant to an electronic approval) that are posted to your account automatically. Some common ACH transactions include your direct deposit from your employer, or your payment to the utility company. Most member accounts have ACH transaction activity.
Historically, ACH transactions have posted to your accounts on the business day following the authorization. For example, you authorize the utility company to withdraw $60.00 for your monthly bill on a Tuesday morning, but the money isn’t actually debited until early Wednesday morning. This new rule means your payment may come out of your account on Tuesday (not Wednesday morning) essentially eliminating the one-day “float.”
Going forward, please make sure any payment authorizations are not made until the funds are in your account, rather than counting on a direct deposit or check hold release posting the following day. Please note: transactions authorized prior to an anticipated deposit may result in non-sufficient funds (NSF) fees, overdraft fees and returned items to the merchants, often resulting in merchant overdraft fees (see Fee Schedule
If you have any questions or concerns, please call the Member Service Center at 888.336.2700.