Good news: Same-day ACH is here. But beware unnecessary bank fees

Same-day ACH will be available on Sept. 23, 2016, and in addition to getting money to its destination faster, it may also mean additional fees.  

If you end up paying more than about 5 cents per transaction, know this: Your bank isn’t doing you any favors. The banks themselves only have to pay about 5.2 cents to send each transaction.

Depending on your company’s size and clout with the bank, you may be able to whittle down the fees they wind up charging you for same-day service.

What happens next

Keep in mind, full-service same-day ACH won’t be available right away. On Sept. 23, 2016, only ACH credit transactions will be available, arriving by 5 p.m. ET. Remember: A $25,000 limit will be in place for single transactions.

After this year, you can expect other changes to come on:

• Sept. 15, 2017: debit transactions will be allowed, and
• March 16, 2018: two settlements per day will be in place.

Benefits of same-day

There are plenty of advantages to using same-day ACH instead of paper checks – or even regular ACH.

A few instances in which you might find it especially handy:

• Tight deadlines. If you’re against a wall trying to get payroll out in time, this service might be your best option. Or, say you made the mistake of forgetting someone’s paycheck. Same-day ACH would fix the issue in a hurry.
• Terminated employees. Many states require you to cut a final paycheck on an employee’s last day in the office, which can create headaches for your department. Using same-day ACH would help you avoid going through the manual check-cutting process.
• Happier customers. While it’s not likely everyone will notice the difference, those who need cash faster will appreciate not needing to wait so long for additional funds in their accounts.