ACH Change

IMPORTANT NOTICE: Same-Day Electronic Payments

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On September 15th, Same Day" ACH payments will be coming to merchants and billing companies. This means that if you agree to make an electronic payment, funds might be debited to your account as soon as the very same day. Previously, it may have taken a couple of days for payments to post. Starting on September 15th, this may no longer be the case.

When making a payment or paying a bill through ACH, available funds must be in your account. If the funds are not immediately available we recommend you wait until funds are available before making the payment. If funds are not available and funds are debited to your account we may charge a fee, and if you do not have overdraft protection, you will also incur a fee from the merchant or billing company.

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.


What is an ACH payment/debit?

They are electronic debits that are commonly known as Direct Payment, Direct Debit, ACH Debit, Electronic Check or e-check, and similar terms.

Why is this changing?

As part of an effort to improve and modernize US payments systems, electronic debit payments can now be processed same-day. It is a regulation intended to provided faster access to funds

What are the benefits?

Many merchants and billing companies may offer you the option to make a 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 an on-time payment, and also have the fund 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 transaction, you will have access to more accurate information about your actual available account balance more frequently throughout the business day.

Who offers same-day payments?

Merchants and billing companies may have an option for same-day payment. As soon as that same day, funds may be debited from your account. We recommend that you DO NOT MAKE A PAYMENT UNLESS SUFFICENT FUNDS ARE AVAILABLE IN YOUR ACCOUNT

What will happen if I make a payment and it is processed before sufficient funds are available in my account?

If you have Overdraft Protection with us the payment will go through, but you will incur a $36 ODP fee. If you do not have overdraft protection the payment will be returned and you will incur a $36 return fee, you may also incur a fee from the merchant or billing company. If you are interested in applying for Overdraft Protection please contact our Member Care center at 732 - 530 - 8100

Will this effect me if I use Bill Pay or have a schedule recurring payment?

If a payment is scheduled to be made on a certain day. The electronic payment will be processed and funds may be debited from your account that day. For example, if a bill/automatic payment is scheduled for the 14th of every month, please make sure funds are available before the 14th.

What can i do to prevent my account from being overdrawn?

We offer account alerts so that you can stay up-to-date on your account status. To register please click here.

We also offer overdraft lines of credit. To apply please call our Member Care team 732-530-8100