Bank Forward News

Tuesday September 19 2017

What are the benefits of Same Day Electronic Payments?

As part of an effort to improve and modernize the U.S. payments system, you may have already notice a change in the times during the day that we apply Electronic Direct Deposits to your account. This change was made to help provide you with faster access to funds for same-day Direct Deposits to your account. Beginning on Friday, Sept 15, 2017, we changed the times that we apply certain electronic debit payments to your account.

What are the benefits of Same Day Electronic Payments?

Many merchants and billing companies may offer you the option to make same-day electronic payment, such as to pay a bill or to transfer funds. If you agree, then the funds might be debited from your account as soon as that very same day. For example, if you have a bill due on the 25th of the month, the billing company might allow you to call or use its website on the morning of the 25th to make a one-time payment and also have the funds debited from your account on the 25th. While these types of payments won’t be reflected on your account balance as quickly as your debit card and ATM transactions, you will have access to more accurate information about your actual available account balance more frequently throughout the business day.

What you should know

You should always have sufficient funds in your account to cover every payment you make, authorize, or initiate, and you should frequently review your account statements and transactions.

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