New ACH Rule In Effect

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 for details). 
 
If you have any questions or concerns, please call the Member Service Center at 888.336.2700.
 

 

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While the DFCU Financial Board of Directors intends to pay Cash Back every year, and has done so since 2006, Cash Back is not guaranteed and will depend on our financial performance and other factors. Annual Cash Back payments are limited to an aggregate of $25,000 for each tax-reported owner. The IRS requires that Cash Back for an IRA be paid to the same IRA account, and that it be open when Cash Back is deposited. Cash Back to Business Banking members is subject to additional terms. Anyone who causes DFCU Financial a loss for any reason is not eligible for Cash Back.