ACH (Automated Clearing House) Payments
The Automated Clearing House (ACH) is an electronic payment delivery system which allows you to make payments electronically through the ACH network. ACH transactions have historically been debited the next day when exchanged with other financial institutions. However, effective September 15, the ACH Network will be implementing same-day debits.
What this means is that any electronic transaction you initiate could clear your account that same day. As an example, if you were to write a check in the morning to a merchant who is set up to clear checks electronically, the check could clear your account later that day. Similarly, if you were to make an online payment by providing your account and routing numbers, that payment could be debited from the account the same day.
As it is currently, ACH items take one to two days to clear, but with same-day ACH that will no longer be the case. The option to process payments on the same day is solely at the discretion of the merchant, and First Community does not have the ability to alter this option. We strongly recommend always having the funds available in your account before processing any transactions.