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Expansion of FedACH SameDay Service

The Federal Reserve Banks recently announced that, effective April 1, 2013; they will offer an expanded FedACH SameDay service for their same-day ACH transactions. Under the expanded service, FedACH SameDay will: 1) permit all SEC Codes except International ACH Transactions (IAT), Check Truncated Entry (TRC) and Check Truncated Entries Exchange (TRX), 2) allow credits as well as debits, 3) accommodate business as well as consumer transactions, and 4) place no dollar cap limits other than those set by NACHA – The Electronic Payments Association on check-conversion transactions. These new services will be available to Originating Depository Financial Institution (ODFIs) and Receiving Depository Financial Institution (RDFIs), including credit unions, that choose to opt in to the FedACH SameDay service.