On September 15, 2017, Same Day ACH will be available for ACH debit entries (pulling funds). This will enable the same-day processing for any qualifying ACH payment. Same Day ACH transactions for credit entries (pushing funds) rolled out last September.
What You Need to Know as a Silicon Valley Bank Client
1. Receiving
|
- You cannot opt out – be prepared to accept Same Day ACH debit entries.
- Same Day ACH debit entries should be logged as of the settlement date in your accounting system.
- Funds will post to your deposit account on this date.
|
2. Sending
|
- The fee for sending a Same Day ACH transaction is $5.
- No changes are required if you already have the correct date in your file.
|
3. Qualifications
|
- 9am PT / 12pm ET is the same day submission deadline.
- Individual transactions cannot exceed $25K.
- International ACH transactions are not eligible.
|
4. Effective Dates
|
- Transactions will process based on the effective date in your payment file.
- Transactions sent via direct transmission will settle on the earliest available date and be billed as Same Day ACH.
- Effective dates on holidays and non-processing dates will be processed during the next available window.
|
5. Questions
|
|
