As you seek greater control over your payments, our U.S. ACH solutions put you in charge. With these solutions, you can improve cash flow forecasting, increase accuracy through electronic payments and access funds with greater speed and visibility through a full range of options for your business and consumer payments.
NACHA OPERATING RULE CHANGES EFFECTIVE STARTING MARCH 19, 2021
MARCH 19, 2021
Expanding Same Day ACH – Originating Depository Financial Institutions (ODFIs) may originate Same Day ACH transactions using a new, later ACH Operator processing window. For a credit Same Day Entry received in the third same-day processing window, an RDFI must make the amount of the credit Entry available in the Receiver’s account no later than the completion of the Receiving Depository Financial Institution’s (RDFI’s) processing for that Settlement Date, subject to its right to return the Entry under these Rules. An RDFI is not required to make such funds available for withdrawal on the Settlement Date.
MARCH 19, 2021
Additional ODFI Warranties for Debit WEB transactions – To the existing NACHA Rule Subsection 188.8.131.52 (Additional ODFI Warranties for Debit WEB transactions), this Rule adds a sentence stating that the fraudulent transaction detection system must, at a minimum, validate the account to be debited for the first use of such account number, and for any subsequent changes(s) to the account number.
APRIL 1, 2021
Differentiating Unauthorized Return Reasons – Phase 2 – The re-purposed R11 Return Reason Code will be covered by the existing Unauthorized Entry Fee (a fee paid by an ODFI to the respective RDFI for a debit entry, except IAT, that is returned with reason code R05, R07, R10, R11, R29 or R51).
Read the Summary of NACHA rule changes for more details.
U.S. ACH PAYMENT TYPES
Direct deposit: Make a variety of consumer payments, including payroll, expense reimbursement, pension, and dividends.
Cross-border: Send ACH consumer or business payments to Canada, Mexico, Panama, and parts of Europe.
Trade: Pay suppliers via CCD+ and CTX formats while providing payment details such as invoice number, date, and discount.
Tax: Pay local, state, and federal government agencies according to IRS and state requirements for electronic funds transfers (EFT).
U.S. ACH Receipt Types
Consumer debit: Collect one-time and recurring payments from consumers, including utility payments, membership fees, loan payments, insurance premiums, online purchases and more.
eCheck: Convert eligible consumer checks into ACH debits and transmit them electronically for collection processing.
Corporate collection: Collect payments from suppliers via CCD+ and CTX formats, which also relay payment details such as invoice number, date and discount.
Concentration: Use ACH to consolidate funds from your accounts in multiple locations to your Bank of America Merrill Lynch concentration account.
Strengthen your defenses against unauthorized U.S. ACH transactions with ACH Positive Pay, our powerful anti-fraud solution, which lets you view debit transactions online in real time before they post—with the ability to approve or decline them within certain timeframes. In addition, our Blocks and Authorizations service helps you accept transactions on an automated basis from authorized suppliers and return unauthorized incoming debits or credits prior to posting.
All services may not be available in all jurisdictions and are subject to change without notice.