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Federal Reserve Announces Posting Rules for New Same-Day Automated Clearing House Service
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June 21, 2010
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| Circular No. 12222 | |
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The Federal Reserve Board has announced posting rules for a new same-day automated clearing house (ACH) service. The Federal Reserve Banks will be offering an opt-in, same-day settlement service for certain ACH debit payments through the FedACH service effective August 2, 2010. FedACH customers may opt-in to this service by completing a participation agreement. The service will be limited to transactions arising from consumer checks converted to ACH and consumer debit transfers initiated over the Internet and phone. See press release for full details.
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