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ACH Rules Handout to Give to Customers

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Question: 
We have a customer who is asking us to make his direct deposit that is effective on Mondays available to him on Saturday. Is there something that we can give him to show that we are abiding by the ACH rules?
Answer: 

I assume that your Funds Availability Policy (Regulation CC) disclosure says that "Electronic direct deposits will be available on the day we receive the deposit." [Source: Model form C-1]

Although you get the information concerning how to apply the funds earlier, you don't receive the deposit (the funds) until the Settlement Date for the ACH item, which is Monday.

The requirement is that you make the funds available by 9:00 a.m. (later, if you don't open branches and your ATM network until a later hour) on the date the funds are to be available.

First published on BankersOnline.com 1/21/13

First published on 01/21/2013

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