Tuesday, July 6, 2010
The new clearing and settlement service will be available to FedACH Services customers only. It will be available on an opt-in basis for Originating Depository Financial Institutions (ODFIs) and Receiving Depository Financial Institutions (RDFIs) that complete the participation agreement.
The service applies to transactions arising from consumer checks converted to ACH, as well as consumer debit transfers initiated over the Internet and by phone. Other debits, as well as credits and government payments, will not be supported by the new service. The FedACH SameDay forward debit transfers will post to institutions' Federal Reserve accounts at 5:00 p.m., and SameDay return debit transfers will post at 5:30 p.m. Eastern Time.
Participation in the service is free for RDFIs, as there are no fees for receipt of forward payments or origination/receipt of these returns. However, monthly minimum fees may apply. Transaction fees will be charged to participating ODFIs for origination items and addenda originations. Returning FedACH SameDay Service forward items using the optional return service is free of transaction fees for ODFIs and RDFIs.
The accelerated service will more closely align with Check 21 premium service deposit deadlines and settlement times. The rules are designed to help financial institutions identify potentially fraudulent transactions more quickly and take corrective action sooner.
Depository institutions seeking further information about this service should contact their Federal Reserve Account Executive or visit www.frbservices.org . To download the Federal Register notice, visit federalreserve.gov/newsevents/press/other/20100621a.htm .
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