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Same Day Electronic Payments

Same Day Electronic Payments Beginning on Friday, September 15, 2017

Many merchants and billing companies may offer you the option to make a same-day electronic payment, such as to pay a bill or to transfer funds. If you agree, then the funds might be debited from your account as soon as that very same day. For example, if you have a bill due on the 25th of the month, the billing company might allow you to call or use its website on the morning of the 25th to make an on-time payment, and also have the funds debited from your account on the 25th.

So how do you manage your checking account in light of same-day electronic payments?

Simply beware that a same-day electronic payment will not immediately be reflected in your account balance as would a debit card transaction or an ATM transaction. Instead, merchants will submit same-day electronic payments at various times throughout the day. So please, after authorizing a same-day electronic payment, mentally subtract these funds from your account balance. Also, check your account balance frequently throughout the day. At some point during the day you will see the same-day electronic payment debit your account.

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