Currently most ACH payments are settled on the next business day. However, a new rule goes into effect on September 15, 2017 making same-day ACH debit payments an option. Beginning on that date, it is possible that pre-authorized payments initiated through an electronic terminal, telephone or computer, may clear your account on the same day you authorized the payment.
Health Savings Accounts
A few issues back we mentioned that we now offer Health Savings Accounts (HSAs). So while that's not new news, here's what is: Following the failed health care legislation last month, Senator Graham (R-SC) and Senator Bill Cassidy, M.D. (R-LA) drafted a new healthcare bill which, among other things, includes improved HSA benefits, such as decreasing non-medical spending penalties. We cannot predict whether this legislation will pass. What we do think is that including improved HSA provisions in the bill is an indication that current trends showing more employers offering High Deductible Health Plans (HDHP) and more employees choosing them are likely to continue. If you are considering this for yourself or your business, check out our HSA information here or speak to your account officer to learn more.