The National Automated Clearing House Association (“NACHA”) is making enhancements to offer same day ACH more quickly, allow for larger per-transaction value, and add an additional processing window later in the day. Here’s a brief timeline and explanation of those changes:
- Sept. 20, 2019 – the availability of funds for many Same Day ACH and other ACH credits will occur sooner in the day.
- March 20, 2020 – the per-transaction dollar limit for Same Day ACH will increase from $25,000 to $100,000.
- March 19, 2021 – access will be extended by enabling Same Day ACH transactions to be submitted to the ACH Network two hours later every business day.
So why is fraud expected to increase? Why will it go up when banks are essentially providing the same service to customers that they do today, only giving them their money sooner? Well, the answer is because bad guys love speed and convenience. Same day ACH will enable fraudsters to abscond with money before the bank or its corporate customer even discovers the fraud.