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By Marsha Sapino AAP| Published on Sep 23, 2016
Same Day ACH is here! CU*Answers has compiled a list of answers to common questions asked by our clients as it relates to Same Day ACH. Please contact a CU*Answers representative if you have additional questions.
We will only have to post Same Day Credits this year, correct?
- Correct, only credits will be coming as same date transactions right now. Debits only need to be posted once per day at the time slot your credit union selects.
Where do I find the settlement date on the ACH report?
- PACXTB shows this information in the company header line SETT xxx is the Julian date format
What is the “Allow early post/effective date override for specific Company IDs” check box at the bottom of the ACH Posting Controls screen (General Configuration 1 menu MNCNFC)?
- This is to activate the ability to override the posting date, by ACH company. You must then use the Update Company feature in ACH Distribution Maintenance (from the ACH/Payroll Processing menu MNACHP) to mark a specific company to actually use this override. If any individual company is overridden, its transactions will post at the first opportunity and not wait until the settlement date (credits only).
How many times a day will we have exceptions to work?
- You could have exceptions up to three times a day (depending on your configurations): once for each posting time. But you can still work them next day as you do now.
Will exceptions be in the Work Daily ACH Exceptions feature on the ACH/Payroll Processing menu (MNACHP #4)?
What time will the last file come in from the ACH operator with credits to be posted same day?
- 4pm (16:00) ET which is new as of 9/23/16
You said we have to post evening credits? Is that the CU’s responsibility or does CU*Answers do that?
- It is your credit union’s responsibility to configure credits to be posted in the evening. CU*BASE only posts what is configured by your credit union. The recommendation is to post both debits and credits in the evening regardless of the other posting times, in order to remain in compliance.
So how does this affect Xtend SRS Bookkeeping? When will they work the exceptions?
- Xtend SRS bookkeeping services will continue to work credit union ACH exceptions that show on the morning reports. At this time, we are not making any changes to our processing. However, once the activity for same-day transactions start to post, then you may call Xtend SRS to negotiate different terms. Keep in mind that if the account number format for the same-day credits is correct then they will post, so the volume of exceptions is uncertain at this time.
If the CU chooses to post an afternoon file, will there be an additional cost?
Do we have to make sure the configurations are set or will you be setting them?
- It is the responsibility of your credit union to ensure your configurations are correct. Access the ACH Posting Controls via the General Configuration 1 menu (MNCNFC).
How will we know that there are same-day credits posted? Which report would that be?
- There is not a special report for same-day transactions. All detail is available on the PACXTB report and is simply a matter of the settlement day and time the file sent. Posting is still determined by the settlement day.
If we post a midday file and process the returns, when will the returns be processed?
- If you post the afternoon file and work them before the 3:00ET return window, you could still return same day. Otherwise, they will be returned next day as they always have.
By Marsha Sapino AAP| Published on Aug 23, 2016
*UPDATE* We have made a couple clarifying changes to the PowerPoint.
Thank you to all who attended this afternoon’s webinar on Same Day ACH. As promised, I have attached the PowerPoint slides from the presentation. Jeff and I will work on getting answers to the few questions we missed and I will have them posted here shortly.