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News - Electronic Payments

Electronic Payments just got faster

As a customer of Evergreen Bank Group, we want to let you know a change in the financial industry that may affect you.

Who does this change affect?

Anyone who makes a payment online, receives direct deposits, or has business-to-business payments. The change affects all people and businesses that use ACH (Automated Clearing House) payments or writes a check that is converted to an ACH, including Evergreen Bank Group customers.


What's the change?

All ACH credits and debits are now eligible to be processed same day. This change, implemented by NACHA (National Automated Clearing House Association), becomes effective September 15, 2017, means that those payments that used to take longer might now process the same day.

How does it affect me?

If you make an online payment to a business, it may now be processed faster – within the same day. If your employer uses electronic payroll or direct deposit, a paycheck into your checking account may now be completed the same day. If you write a check to pay for groceries to a Jewel or a Walmart, these companies may convert your check into a same day ACH.

Examples of faster payments:

- Same-day payrolls, supporting business' needs to pay hourly workers, and providing flexibility for late and emergency payrolls and missed deadlines; and enabling employees to have faster access to their pay in these cases;

- Business to-Business payments, enabling faster settlement of invoice payments between trading partners, and including remittance information with the payments;

- Expedited bill payments using both ACH credits and debits, enabling consumers to make on-time bill payments on due dates, and providing faster crediting for late payments; and,

- Account-to-account transfers, providing faster crediting for consumers who move money among various accounts they own.

What does this mean to me?

When you make payments online, over the telephone, and in some cases, by paper check, you will want to ensure funds are there immediately since processing may now be the same day. Float times may be greatly reduced or eliminated.

Quick Facts

• Automated Clearing House (ACH) payments are electronic payments created when the user gives the okay for someone to debit their checking or savings account to pay a bill.

• The ACH Network is a processing system that batches payments – transactions are accumulated and then batched for processing.

• The National Automated Clearing House Association (NACHA) is the steward of the ACH network. NACHA rules used to require ACH credits to settle in one to two business days and ACH debits to settle in one business day. The recent ACH change, which effects virtually all ACH transactions, is meant to enhance the ACH network.


If you have any questions, feel free to call Evergreen Bank Group at (888) 505-2265.